Best Insurance for coin collection

AndyK

I'm at the point where I need to get some separate insurance for my coin collection. I've getting a quote finalized from my homeowners (State Farm), but I suspect this may not be the best option as I'm storing in a safe deposit box. Looking for any advice that can be offered for good coverage at a fair price. Thanks.

Torey

Hugh Wood

ifthevamzarockin

https://hwinternational.com/us/industries/fine-art-collectibles/fine-art-collection-insurance/coins-numicatics-paper-money/

MrEureka

@Torey said:
Hugh Wood

I lost a FedEx shipment in January. HW paid quickly and fairly. Can’t ask for more than that.

telephoto1

3 S's...Safe deposit box, safe, smith & wesson.

Copperindian

Recommend Hugh Wood (HWI). I sold & shipped a FE collection for $150k & they handled coverage expeditiously. I know others that insure their collections through them. Homeowner’s policies won’t cover for the most part, even with a rider.
PS (edit): I neglected to mention ANA recommended HWI to me.

PeakRarities

Hugh Wood.

PeakRarities

@telephoto1 said:
3 S's...Safe deposit box, safe, smith & wesson.

I agree that those are helpful too, along with a centralized security system, but I don’t consider them to be a substitute for insurance. For those of us who ship frequently, those things don’t decrease the risk of loss.

lkenefic

I see that HW is the insurance company for the ANA... does one need to be an ANA member to get this insurance??

Catbert

@lkenefic said:
I see that HW is the insurance company for the ANA... does one need to be an ANA member to get this insurance??

Yes

oldabeintx

HW for me certainly the best choice. Adding coverage to my homeowners policy was prohibitively expensive for me, and HW is a specialist. ANA membership is a bonus.

PeakRarities

@Catbert said:

@lkenefic said:
I see that HW is the insurance company for the ANA... does one need to be an ANA member to get this insurance??

Yes

Actually, I believe there’s a workaround for that but considering how inexpensive ANA membership is, probably easier to just join.

TomB

Hugh Wood, Inc.

I've been writing this answer for years and years and it hasn't changed. You need to be a member of the ANA, or possibly get around it another way, but their options for both collectors and dealers are very affordable and are typically only a tiny fraction of what homeowner's policies might cost while still giving better coverage.

logger7

Why doesn't Hugh Wood have much competition with insurance such a big business?

VKurtB

@logger7 said:
Why doesn't Hugh Wood have much competition with insurance such a big business?

Subject matter specialists know what they’re doing, and generalists have to build in a huge “I don’t know what I’m doing” premium.

oldabeintx

@logger7 said:
Why doesn't Hugh Wood have much competition with insurance such a big business?

Specialty business isn’t big business compared to more common coverages, such as homeowners and auto. There are many specialty companies that develop expertise in niches that don’t attract the big boys because they have bigger fish to fry. Happens in all sorts of businesses dominated by large concerns, not just insurance. The land of opportunity this.

Barberian

@VKurtB said:

@logger7 said:
Why doesn't Hugh Wood have much competition with insurance such a big business?

Subject matter specialists know what they’re doing, and generalists have to build in a huge “I don’t know what I’m doing” premium.

Welcome to the new, "I don't know what I'm doing" world.

BECOKA

Does anyone know if HW has policies for dealers as well as collectors and if so are the rates reasonable?

MetroD

@BECOKA said:
Does anyone know if HW has policies for dealers as well as collectors and if so are the rates reasonable?

Per @TomB:

@TomB said:
Hugh Wood, Inc.

I've been writing this answer for years and years and it hasn't changed. You need to be a member of the ANA, or possibly get around it another way, but their options for both collectors and dealers are very affordable and are typically only a tiny fraction of what homeowner's policies might cost while still giving better coverage.

"Reasonable/affordable" is subjective. Contacting HWI, would serve to quantify the costs for your specific 'needs/situation'.

Lisa Souders, Sr. Account Executive
888.277.6494
ana@hughwood.com
Source

AndyK

Thanks for the help all, already moved everything to the safe deposit box and will be deleting the post.

MetroD

@AndyK said:
Thanks for the help all, already moved everything to the safe deposit box and will be deleting the post.

You can edit a post, but you cannot completely delete a post. Only the mods can completely delete a 'post/thread'.

Please consider just leaving the original post 'as is'. Someone reading your thread could learn something new about their potential insurance options.

Herb_T

I have Hugh Wood, runs about $900 per $100,000. Covers up to $50k when using USPS Registered Mail. Covers transport of coins. I have 2 homes right now and covers me in both as well as in the bank safe deposit box.

alaura22

@AndyK said:
Thanks for the help all, already moved everything to the safe deposit box and will be deleting the post.

FYI
I don't believe your coins in the SDB are insured by the bank!

lkenefic

@MetroD said:

@AndyK said:
Thanks for the help all, already moved everything to the safe deposit box and will be deleting the post.

You can edit a post, but you cannot completely delete a post. Only the mods can completely delete a 'post/thread'.

Please consider just leaving the original post 'as is'. Someone reading your thread could learn something new about their potential insurance options.

This... I learned that I'll be joining the ANA soon...

humanssuck

@Herb_T said:
I have Hugh Wood, runs about $900 per $100,000. Covers up to $50k when using USPS Registered Mail. Covers transport of coins. I have 2 homes right now and covers me in both as well as in the bank safe deposit box.

Wow. That's more than double what I pay from another specialist company, Collectible Insurance Services ($390 per $100k coverage). They're backed by the Hartford group, and they're great to work with. I had a break in several years ago, and they were extremely fair and paid promptly on a six figure claim. I highly recommend them.
www.collectinsure.com

One word of warning, they don't cover gold, so depending on your collection they may not be suitable for you.

justindan

HW +1. Best option.

horseyride

@humanssuck said:

Collectible Insurance Services ($390 per $100k coverage). They're backed by the Hartford group, and they're great to work with. I had a break in several years ago, and they were extremely fair and paid promptly on a six figure claim. I highly recommend them. www.collectinsure.com

One word of warning, they don't cover gold, so depending on your collection they may not be suitable for you.

Im looking right now. "Gold and Platinum coins" are a standard category they insure

That said, a rider on homeowners is about 2/3 their price

Copperindian

@horseyride said:

@humanssuck said:

Collectible Insurance Services ($390 per $100k coverage). They're backed by the Hartford group, and they're great to work with. I had a break in several years ago, and they were extremely fair and paid promptly on a six figure claim. I highly recommend them. www.collectinsure.com

One word of warning, they don't cover gold, so depending on your collection they may not be suitable for you.

Im looking right now. "Gold and Platinum coins" are a standard category they insure

That said, a rider on homeowners is about 2/3 their price

Wow - that’s great. My insurance agent won’t even consider a rider for ANY coins!

seatedlib3991

I don't have a "Coin Rider" per se, but my home owner policy has a policy line that states:"Insured is known to have collectibles and is covered for a loss up to $100,000 dollars."
I am insured by a small insurance company called North Star. Their home office is 12 miles away so I guess they are close if i run into a dispute. Don't have a 100 G anyway in coins. james

TomB

@humanssuck said:

@Herb_T said:
I have Hugh Wood, runs about $900 per $100,000. Covers up to $50k when using USPS Registered Mail. Covers transport of coins. I have 2 homes right now and covers me in both as well as in the bank safe deposit box.

Wow. That's more than double what I pay from another specialist company, Collectible Insurance Services ($390 per $100k coverage). They're backed by the Hartford group, and they're great to work with. I had a break in several years ago, and they were extremely fair and paid promptly on a six figure claim. I highly recommend them.
www.collectinsure.com

One word of warning, they don't cover gold, so depending on your collection they may not be suitable for you.

Be careful when you attempt to compare what someone claims they pay in rates to what you might pay in rates. It will almost certainly be apples to oranges and might be wildly deceiving. There are various levels of coverage through HWI and some of these are more expensive than others. As an example, you may choose a policy that covers coins in an SDB only, coins in your home, other designated storage, coins covered during shipment via various methods (eg: Express Mail, Priority Mail, UPS, FedEx, etc...), coins covered while in transit to your storage area, coins covered anywhere on your person or vehicle in the US and Canada, coins covered while attending coin shows, coins covered if you have a table, etc...

So, unless you have the policy in-hand, you don't really know if your compared premiums are the same or not. This is why folks should simply contact HWI or others to get quotes instead of relying on well-intentioned numbers thrown out by other members.

telephoto1

@DeplorableDan said:

@telephoto1 said:
3 S's...Safe deposit box, safe, smith & wesson.

I agree that those are helpful too, along with a centralized security system, but I don’t consider them to be a substitute for insurance. For those of us who ship frequently, those things don’t decrease the risk of loss.

I ship all over the country. USPS insurance is usually sufficient when applicable. Small amount items we self insure.
Personal collections- Hugh Wood is one of the better choices if you want a traditional style insurer.

MrEureka

@logger7 said:
Why doesn't Hugh Wood have much competition with insurance such a big business?

They do have competition. Willis Towers Watson has a fair share of the coin insurance market, and there are are probably a few more.

humanssuck

@horseyride said:

@humanssuck said:

Collectible Insurance Services ($390 per $100k coverage). They're backed by the Hartford group, and they're great to work with. I had a break in several years ago, and they were extremely fair and paid promptly on a six figure claim. I highly recommend them. www.collectinsure.com

One word of warning, they don't cover gold, so depending on your collection they may not be suitable for you.

Im looking right now. "Gold and Platinum coins" are a standard category they insure

That said, a rider on homeowners is about 2/3 their price

That must be new, last October when i last renewed my policy, its explicitly written in there that gold and platinum are not covered. Thanks for the heads up!

logger7

@lkenefic said:

@MetroD said:

@AndyK said:
Thanks for the help all, already moved everything to the safe deposit box and will be deleting the post.

You can edit a post, but you cannot completely delete a post. Only the mods can completely delete a 'post/thread'.

Please consider just leaving the original post 'as is'. Someone reading your thread could learn something new about their potential insurance options.

This... I learned that I'll be joining the ANA soon...

Thanks for sharing. I tried "Ship and Insure" which was onerous, ie entering all the relevant details before midnight of the day you ship plus box in a box. I found Hugh Wood's rep. not very friendly or helpful. A dealer I know who had a rare $8K or so loss in the last year said all the money he's paid out to HW, though giving him peace of mind, dwarfs the claim payout, plus they jacked up his premiums substantially. They have an incentive or discount if you don't make claims. With the hurdles the usps puts up even on registered/insured alternatives need to be sought.

PeakRarities

@telephoto1 said:

@DeplorableDan said:

@telephoto1 said:
3 S's...Safe deposit box, safe, smith & wesson.

I agree that those are helpful too, along with a centralized security system, but I don’t consider them to be a substitute for insurance. For those of us who ship frequently, those things don’t decrease the risk of loss.

I ship all over the country. USPS insurance is usually sufficient when applicable. Small amount items we self insure.
Personal collections- Hugh Wood is one of the better choices if you want a traditional style insurer.

"USPS insurance is usually sufficient"

Sure....until you need to file a claim. There was a dealer battling USPS recently for a $20,000 claim on a REGISTERED package that was lost. Yes, that's right, REGISTERED. He had to go back and forth with them for several months until they finally agreed to his valuation, prior to that they only approved a partial payment. I completely understand the self insuring on smaller value items, but USPS charges and arm and a leg.

To insure a $3000 coin, IIRC they charge is about $50. If the coin gets lost, you'll lose hours of time having to prove the value, despite the fact that they happily took your money in the first place.

My policy has since increased substantially, but initially in 2023 my policy was for $100,000 total coverage. Any individual coins over $10,000 needed to be itemized, but the policy covered all types of coins, gold included. $75,000 was bronze coverage, meaning that amount was covered at my house, in my SDB, or transportation between those two locations. $25,000 was gold tier, meaning the coins were covered during shipping, and anywhere in the country, as long as they were on my person. Collector policies stipulate that you must use USPS priority, priority express, or registered with a signature. No Identifiers or insurance markers visible on the box, and every seam must be taped.

In summary, I could ship a $25,000 coin with that policy by simply using a small flat rate priority box with signature confirmation, total cost is $11 and change.

Here was my policy at the time, the yearly premium was $588. Please note, I have a 700 lb safe bolted to the concrete, impact glass for every window and door, 24/7 guard gated security, and a centralized security system, so everyone's quote will be different. Considering the cost of the premium, if you shipped ten $3000 packages a year, the policy would pay for itself, not even taking into consideration the extra peace of mind knowing I'll never have to file a claim with USPS.

General insurance rates have gone up over the past year so i dont know if this type of premium is still available. My new dealer policy costs substantially more, but I also have substantially more coverage and I ship far more often than I did a year ago. Not trying to twist your arm, but It makes entirely too much sense to not rely on USPS insurance, and I wouldn't wish the rigamarole of a USPS Insurance claim on my worst enemy.

edwardjulio

https://bluewater-ins.com/

I use this firm. Worth a look.

horseyride

@edwardjulio said:
https://bluewater-ins.com/

I use this firm. Worth a look.

Bluewater insurance was a fun chat. I asked if they would pay out a claim on the cost, value at time of inventory, or current worth and got back a long email about committing insurance fraud and how that was a crime. I decided if that is just the sales process, they were not for me

"We can only insure the collection limit which you indicated on your submission ... Insuring a collection above the actual limit falls in the category of insurance fraud. Hope this helps"

telephoto1

@DeplorableDan said:

"USPS insurance is usually sufficient"

Sure....until you need to file a claim. There was a dealer battling USPS recently for a $20,000 claim on a REGISTERED package that was lost. Yes, that's right, REGISTERED. He had to go back and forth with them for several months until they finally agreed to his valuation, prior to that they only approved a partial payment. I completely understand the self insuring on smaller value items, but USPS charges and arm and a leg.

...General insurance rates have gone up over the past year so i dont know if this type of premium is still available. My new dealer policy costs substantially more, but I also have substantially more coverage and I ship far more often than I did a year ago. Not trying to twist your arm, but It makes entirely too much sense to not rely on USPS insurance, and I wouldn't wish the rigamarole of a USPS Insurance claim on my worst enemy.

I understand your points and don't disagree that there are cheaper alternatives available. That said- Outliers aside, Registered is still arguably the safest method overall for larger value imo. Most everything else of significance we do priority insured. In the last 36 years I can count the number of filed insurance claims on one hand and all were paid in a reasonably timely manner save one, which ended up not needing to be paid at all as the package was finally found. I like priority insured for most things as my philosophy has always been that the less time the package spends in the stream, the better. Perhaps we've been lucky, and we might be leaving a few bucks on the table the way we do it but, "if it ain't broke"... and frankly based on our comparatively meager ebay related shipping of late, it hasn't really impacted us much lately anyway.