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Bit the bullet and bought coin collection insurance….

Herb_THerb_T Posts: 1,634 ✭✭✭✭✭

Cost about 1% of insured amount. Bought it from Hugh Wood Ins. Those of you might recall I had a registered mail insured package go missing. Got some insurance $, but not all. Never again will I get caught by that again. I got the gold policy that covers up to $50k if sent by registered mail. No need to insure via PO as policy covers you.

Gold policy will cover collection in transit as long as coins are always within arms reach. Will cover in bank boxes as well as in home. You can designate other locations like we have home in Maine so will cover there as well. A bit pricey…but I won’t get caught again without coverage.

Comments

  • ShaunBC5ShaunBC5 Posts: 1,631 ✭✭✭✭✭

    Insurance is almost always a bet against yourself. The hope is always that it’s a bad financial decision (you don’t have to use it).
    When you need it, though, it’s soooo worth it.
    Glad you’re happy with your policy. I hope they make a killing off of you! (Because you never need to make a claim)

  • logger7logger7 Posts: 8,069 ✭✭✭✭✭

    How much did you lose, Herb, with the shortfall? That was really a shocking story as registered is supposed to be the most safe. Did the usps do anything for you and any idea where the theft happened?

  • P0CKETCHANGEP0CKETCHANGE Posts: 2,232 ✭✭✭✭✭

    I recently purchased some as well (different provider), as the USPS Insurance costs can get quite costly. I'm not sure it's actually saving me any money, but it does allow me to ship high value packages Express (greatly reduced transit time from Registered) and gives me the peace of mind that I won't have to deal with the USPS bureaucracy machine in the event of a claim.

    Nothing is as expensive as free money.

  • oldabeintxoldabeintx Posts: 1,629 ✭✭✭✭✭

    For a collector, that policy is a real bargain compared to adding coverage to one's homeowner's policy. Another level of security for those of us who like to examine our goodies at home.

  • yspsalesyspsales Posts: 2,205 ✭✭✭✭✭

    An lightly covered topic that needs more discussion on this forum.

    Yeah my homeowners policy route was eye opening.

    BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out

  • sellitstoresellitstore Posts: 2,476 ✭✭✭✭✭

    Don't underestimate the value of your investment by forgetting the stress reduction. A good investment that pays dividends in multiple ways.

    Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip.
  • humanssuckhumanssuck Posts: 317 ✭✭✭✭✭

    Make sure you have read the policy and ubderstand exactly what records you will need if you ever have to file a claim. Some of the specialist policies require an appraisal above a certain value, or require you to schedule specific items. If you fail to comply, they wont cover a loss.

    Hopefully you will never need it, but the last thing you want to do is find out after the fact that they won't pay because you failed to read your policy fully.

  • SwampboySwampboy Posts: 12,880 ✭✭✭✭✭

    @DeplorableDan said:
    I’ve been beating the drum on this issue whenever the topic arises, it’s really a no brainer when the premium is 1% or less of the value of your collection. Well worth the piece of mind.

    Ditto

  • TomBTomB Posts: 20,724 ✭✭✭✭✭

    @humanssuck said:
    Make sure you have read the policy and ubderstand exactly what records you will need if you ever have to file a claim. Some of the specialist policies require an appraisal above a certain value, or require you to schedule specific items. If you fail to comply, they wont cover a loss.

    Hopefully you will never need it, but the last thing you want to do is find out after the fact that they won't pay because you failed to read your policy fully.

    One of the positive aspects of an HWI policy is that you don't need an appraisal on the collection or individual pieces, but you do need to list individual pieces or sets that are above a certain dollar threshold.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • Herb_THerb_T Posts: 1,634 ✭✭✭✭✭

    @logger7 said:
    How much did you lose, Herb, with the shortfall? That was really a shocking story as registered is supposed to be the most safe. Did the usps do anything for you and any idea where the theft happened?

    Well….I had two NGC that I bought at auction, they covered my costs as I bought on eBay so there was a financial track of the payment/shipment. I had one coin I bought from Sheridan Downey that they didn’t take his invoice. So I just appeased it with more documentation as well as a copied canceled check that was made out to him. The rest I have to eat…I had bought raw coins from various forum members and paid in cash. If they pay on the Sheridan coin, I will get back about 35% of insured amount.

    My local PO got the Cleveland office OIG Special Agent involved and I spoke with him. He wasn’t sure what happened as all processes From Norwalk (local PO) were followed and nothing looked out of place in Cleveland. He told me to file the claim.

  • @logger7 said:
    How much did you lose, Herb, with the shortfall? That was really a shocking story as registered is supposed to be the most safe. Did the usps do anything for you and any idea where the theft happened?

    I believed registered was the way to go for decades until a PO clerk told me don’t do it. He told me they’re supposed to go from cage to cage, but in reality it doesn’t always happen. He then said registered packages stand out and so are more likely to be stolen. He pointed to his bin behind his register station. There were two brown taped registered boxes clearly visible in the overflow of packages. He said, see what I mean, ain’t nobody walking this to a cage, we’re busy.

    All other pursuits currently on hold while I have fun completing my Dansco 7070.

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