Valuing a Collection for Insurance Purposes

thats weird because when we had a fire they replaced my barry sanders signed football………I think I too will be putting some ANA insurance on them.
And just an FYI, My dad collects guns and every single gun in the gun safe had black sut on them, The two that he had in the next room over in just plain jane cases were perfectly fine. So if your relying on a safe to protect coins I would make sure that safe is very well sealed……..

 

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Your about the 100th person to say that, I dont think I could collect anymore, My collection consist of far more than just money spent, theres alot of work/passion that goes into a collection.

 

Yea I kinda understand that…..It was only $250, the one that burnt I got signed in person so it kinda stunk.

 

so were they just thieves looking to cash in???? Or were they targeting coins?

 

Yep in the US you can get insurance without anything but a check but getting paid after a claim is the hard part. Like most things spending the money is easy but getting it is the hard part
An appraisal is all you need for proof of your collection I believe and it's up to the appraiser to make that price. So if you have paid 10x for a coin because of toning then tell the appraiser before he starts to work on it. He could put that into it if he agrees to it's worth so in your case find a toning fan

As for statequarterguy's comment I never thought about what makes a qualified appraiser. And would love to hear what they say.

And Dimefreak a Barry Sanders is a small item and would not pull up any red flags so the adjuster probably just went ahead and did it or there is a small amount in your policy for it. Insurance company's really want to keep us happy but it's the large loss's that get's their attention.

 

This is correct. I took out a policy less than a year ago. They only want to know of any single coin worth 10K or more and what % of the collection is bullion. They only cover 1% of the total value of the collection in bullion.
Hugh Wood understands that a collection is always changing and that a list would be worthless in the future.

Wish I had every receipt. I was not smart enough in my younger days to know I would need them in the future.

 

This is just some marketing line a salesmen would give to sell a policy. When it get's to and adjuster they will have a different view. It's easy on the front side for him to say statements like that and the saleman would get away with it 200 time. Until that one claim where he'll get to have a conversation with his E and O insurance.

What did they say you would need for a claim to be filled?

 

They don't care what you once had. As Doug said, they only want a receipt to back up the claim at the point of loss. They really do understand this hobby and that's why so many dealers and collectors use them.

At the same time, I would love to here from folks that have actually had to file a claim. I don't see all the answers in my policy or the website.

I'll contact them soon and post the answers I get but I'm sure if they were not taking care of folks we would have been hearing about it all over the coin forums for years.

 

With a policy like this there are not a whole lot of them out. Then when you think about how many claims they get from them the numbers keep duwendling. So I dont think that there would be that many actual claims on these kind of policy's.

Doug did you have insurance when it happened? If so what did they ask for and how did it turn out?

 

its a shame why the guns

 

plus ur coins were conservatively graded try explaining that

 

Easy to sell... or better yet, to commit crimes that can't be legally traced back to you.

 

And even with receipts, most insurance companies want addtional proof that you just didn't turn around and sell the same coins the day after purchasing them. Insurance companies are big because they just don't throw money out the door everytime someone says to do so. And with coins, guns, knives, etc. you really have to find some way to prove you still had them during a fire, robbery, flood, etc. Insurance companies are well aware of all the attempts to take them for more than they should.
During commuter train, buss, etc types of crashes there is usually many times more claims from people that could possibly fill those vehicals.
And auto that is totalled was completely, almost new will say the claimant. And the tow company must have taken the thousands of dollars worth of items in there.
During house fires most people had only antique furniture worth a fortune.
I suspect if you worked for an insurance company and anyone put in a claim for coins, you would just say OH NO, not another one.
So with coins it may be necessary to have and annual inpection of your possesions if excessive in value. As already noted each person should verify what is and what isn't necessary for proof with THEIR SPECIFIC insuance company.

 

...it would be nice to have an insurance agent chime in on this subject

and address some of the questions asked. like, for example, what if you

just don't HAVE any receipts! what then? let's face it, you get the insurance

to help recoup the worth of your coins. you need to know what to expect

when the worse case scenario happens BEFORE it happens. perhaps knowing

THAT would SAVE you money on insurance by not buying it in the first place

because of what you may get in return. perhaps you'd re-think the whole

idea of insurance. jmo :smile