+- Beckett Message Boards (https://www.beckett.com/forums)
+-- Forum: Hobby Talk (https://www.beckett.com/forums/forum-1.html)
+--- Forum: Hockey (https://www.beckett.com/forums/forum-8.html)
+--- Thread: Insurance question (/thread-1564042.html)
Insurance question - shierydana - 08-12-2014
Hi all,
Do any of you have your collections insured? If so, is it through your homeowner's policy, or some other type of insurance?
Thanks,
Dana
RE: Insurance question - Maverick06 - 08-12-2014
Im in Canada and have looked into it. I was told it would fall under homeowners insurance but I was also informed that a certified appraiser would have to establish a value of your collection.
RE: Insurance question - greg2424 - 08-12-2014
I am told by my wife (an executive in an insurance brokerage) that purchasing a separate rider for a collection is extremely expensive and does require an appraisal. Therefore when my house flooded (the day Bettman cancelled the season on Feb 16th) I included my lost cards (several hundred dollars worth) under our contents insurance along with the furniture and other losses. I was not required to show anything more than the damaged cards and a Beckett to establish the value. That said, if I lost my entire collection, I am sure they may play hardball; although I do have the earlier claim as a precedent. The other thing to consider is that my collection now exceeds the upper limit of our policy and a loss would be assured.
RE: Insurance question - stadium sports cards - 08-14-2014
We do valuations of collections for insurance purposes and it is my understanding that a separate rider is required once the collection is worth more than $1000.
RE: Insurance question - fredericgagnon86 - 08-15-2014
My assurance in canada:
Assure with my house.
500$ max for each collection of coin or sport card.
1000$ for stamp
If I want go greater, I must give an evaluation by a pro and pay an extra.
RE: Insurance question - bigbadbert44 - 08-15-2014
I inquired on my insurance as well, and I'm covered to a max of $1000 for sports cards.
I'm going to be getting a valuation done for them as well as my game used memorabilia to purchase extra insurance. Just my McLean cards alone I've spent $4500 on them.
RE: Insurance question - jonathani - 08-17-2014
I talked to my broker in the US, and he has a client with a $250,000 collection he carts to sport shows. That he would recommend insuring under a separate policy. Short of that, he said I need not bother beyond the insurance I have on my house right now.
RE: Insurance question - phildo37 - 08-17-2014
https://www.collectinsure.com/covered.aspx
RE: Insurance question - shierydana - 08-17-2014
Would an appraiser look at the value according to Beckett? How else would they be able to "accurately" provide a value for the insurance coverage?
Thanks, everybody. I've asked our insurance agent several times about this, and he told me a few years ago that I wouldn't need any extra coverage. But my collection has increased in value quite a lot since then.
RE: Insurance question - phildo37 - 08-17-2014
(08-17-2014, 05:26 PM)shierydana Wrote: Would an appraiser look at the value according to Beckett? How else would they be able to "accurately" provide a value for the insurance coverage?
The way Collectibles Insurance Services works (as it was explained to me), is that you can only claim a total loss - so, to a certain degree an appraisal isn't necessary. I have my collection insured for $X, and I have an inventory of that collection along with as many sales records (paypal, invoices, etc) as I could retroactively collect, and when you couple that with a third party site such as worthpoint.com or Beckett, or eBay - that's just as good, if not better than a third-party "appraiser". Seriously, any card appraiser would go to worthpoint, ebay, and beckett anyway, so what's the difference?