Insurance on coins and bullion

I am a new member of ANS @ www.money.org. That is how I learned about CT.

I noticed that ANS offered a referral to a company for coin and bullion insurance.

I phoned the company identified. I was pleased with the receptionist's knowledge about their products. She is sending me an application.

My inquiry today is rather general. I was curious to what others have to say about the topic of "getting insurance on safety deposit boxes" and other special security spots.

Hopefully, no one has had to file a claim. If so, I would be interested in that. We had one bank get taken off the map a couple years ago (Greensburg,KS). When I spoke with my banker, he made sure I understood that the bank would not be liable for that type of unlikely event.

I have closely read my rental box contracts. Even the contract clearly states that I must acquire my own insurance if I desire any form of coverage.

Sorry if this is a boring topic. I do feel it is an important. I have invested a great deal of our family assets into coins. Much of my collection addresses my concerns for managing financial risks. It seems that the topic of insurance might also address an important, but different form of risk exposure as the result of loading up on coins.

Any takers?dd:

 

Log in or Sign up to hide this ad.

When you get your information, ask for a quote on the box as well. They will quote for home, box and in transit to and from. It's not that expensive to add.

 

Very important issue!!

 

Thank you. I did not think to ask about the "box". I am not sure if I would be responsible for the box. I was mostly concerned about the contents and in keeping some form of confidentiality.

I was also not sure if I wanted to insure under my Trust, or as an individual. These particular safety deposit boxes are currently set up with the Trust title. As a result the initial contact person, said to title as "Tust", and send approp. documents listing who the trustees were.

I have a limited piece count of high dollar stuff (over 4,000, and under 10,000). I was concerned about these too. I do not take computor photos, or use digital cameras. (I do have my original receipts - which I should probabley photocopy and place in a different location from my coins.).

My uncle's gold and silver melted in a locked security file cabinet many years ago - mostly pre-1933 stuff.

Thanks for the input. I will keep checking for more updates from you wise owls of the coin and currency world.

 

I used to work in the claims department of The Hartford, and it was really depressing to see how many people didn't have proper insurance for their coinage and jewelry. The policy there is to give face value for most coins, and there's usually a low limit limit to total coverage ($200 was most common). It was painful to price out someones Mercury dime collection at $0.10 each. So if you have significantly valuable coins, you will definitely want to check what your insurance policy covers, and you'll probably have to get separate insurance for your coins.

 

Yes, the lady did mention the option of adding home and transit also. Thanks. It turns out they have some added security requirements for purchasing home coverage. Looks like we would quality based on our current system of managing risk. (i.e. locked safe, silent alarms, etc).

 

@Gao: You are wise. Your personal experience tells the story well.

The insurance contact did advise me about this topic to some degree. It turns out, that high dollar items (in the $10,000 range) have to be declared very clearly ahead of time. With my very rare items (under 100 population), I realize I will want to do this. I feel lucky to have located an insurance company that seems to truely understand the real dynamics of insuring a coin collection properly, because I do not. I do however, value my coins. It is not just the monetary value. I value their inherent aesthethics the most. It is remarkable about just how grand a small coin can truely be.

Additionally, my sets are worth considerably more as a SET than as individual pieces. I have been fortunate to have a few very special and unique coins from a few very unique individuals who now reside beyond the pearly gates.

 

The referenced company probably has the best rates you'll find since they specialize in insuring collectables such as coins (and stamps).
Check with your homeowner's (or renter's) insurance broker and see what they would charge. You'll choke.

I haven't had to make a claim so I can't comment on that part.

 

I did a comparison with my homeowner's insurance broker. Choke is exactly what she did when I told her how competitive her rate was; not even on the same planet.

 

I was going to suggest homeowners insurance, but I guess someone already has done the homework. They probably do not want to deal with personal items such as coin collections. There is also a fairly high risk of insurance fraud on things with relative value such as rare coins. Thanks for the information, I am considering insuring my collection sometime in the near future.

 

Before you go and spend money on insurance, check your homeowner policy. I know on mine I have multiple riders that don't cost much more at all. I have 100K on furnishings/electronics and 200K on luxuries. Together the cost me an extra $40 a month. Peanuts compared to a seperate policy just for valuables.
Guy~

 

A person would have to assume you would need a professional appraisal and photos of your collection to get a fair settlement, should the unthinkable happen. Correct?

 

Yes, you assumed correct. They're not going to insure anything like that without an official appraisal.
Guy~

 

can someone supply the name (web or phone) of the insurance company recommended by ANS ... or any reputible coin/bullion insurance company?

 

In order to get what they call Silver Coverage, it only requires you to list single items of $10,000+ each, below this it can be categorized. They also include a Fraud Warning Notice if you are entertaining any illicit thoughts. Do a search for Hugh Wood Inc. for information.

 

no i have no desire to go to jail! so no fraud thoughts from me

however i am old and believe in insurance ... although the car, house, liab insurance i have i have never used

i always say better safe than sorry

 

Yes, it was Hugh Wood Inc. that I originally phoned. Regarding the 10,000+ each for single items: since a few of my pieces are in the 6,000-8,000 range alone (worth more in their sets), and because they could likely cross over the $10,000 range without me realizing it, the contact person with the company thought that it might be beneficial to declare them.

Regarding photos: I do not have this, but I do have original receipts on most. Some of these receipts include exact dates. The higher dollar stuff is graded and comes with serial numbers. Some of my items are accompanied with a written appraisal along well a specific description of the pieces.

Thank you for contributing to this post.

 

My first thoughts were for tornados, and fire.

 

sunflower; Photographs were never an issue or even required, but your receipts should spell out clearly what each is for. I would attach notes to each receipt with the Slab ID# or grade. I would hope you have some type of document from your inheritance to show as well.