Hello, I am in the market for additional insurance for my collection. I ran across http://www.collectinsure.com/cost.html They seem reasonable and the BBB gives em an A- (due to the little time they've been signed into the BB [March 2009]. Any one else have any experience with these folks? They say they DO NOT insure gold bullion, but then again I only have a 10 gram bar, not worthy enough to care about that. Does anyone have a better recomendation if this one is a bad seed? For $7,500 the want $45/yr. rad1964
I would suggest you read every aspect of that policy, and have a full understanding of the limitations in small print. There were some previous post on that very subject recently. I think it had to do with a recent homeowner who was robbed.
Chicago burbs robbery Try to find a replacement policy, that would pay you what it would cost to go out and reacquire the lost items at current cost, not just a coverage program that leaves reimburses the denomination value of the coin. Consider the cost of a bank Safe Deposit Box vs. a policy and the trouble of filing such claims or trying to buy back what you lost should you experience a loss.
To be accurate, it's usually called a 'replacement policy' not reimbursement and insurance is spelled with an "a" like this, i-n-s-u-r-a-n-c-e.
You might read this thread concerning ANA approved insurance. They are usually structured to protect the person and their collection with the more favorable conditions. If you are an ANA member, you might check on who their current providers are. http://www.cointalk.com/forum/t60710/ Jim
Here is the wording in the contract: 14. Loss Settlement The basis of valuation for settlement will be: a. We will pay the lesser of: (1) The market value of the Covered Property immediately prior to the loss ; or (2) The cost and expense of restoration plus any resulting depreciation but not exceeding the full value of that item as in (1) above. In no event will the underwriters be liable for more than the Policy Limit of Insurance shown in the Declarations, plus any applicable increase under the Automatic Monthly Increase Coverage Extension. b. If part of a multiple piece is lost or damaged, we will pay the difference in the value of the multiple piece immediately prior to the loss or damage and its value after the loss. But we will not pay more for the total loss than the market value of the multiple piece immediately prior to the loss. c. Following payment of the full amount insured for any item, pair or set, the underwriters will become the full owners and reserve the right to take possession of the item, pair or set.
True, cheaper, but a bank does not guarantee the value of your coins in the way you assume they should. Its just a more secure place to put them.
