Collection Insurance

cacheman

It's time for me to seriously entertain purchasing an insurance policy for my collection. I just contacted my homeowners insurance company and by their estimate I would be paying $2000 annually for a policy to cover the bare minimum.

I seem to recall receiving in past mailings some info regarding private companies, I believe, that offer insurance specifically for numismatic/exonumia collections. Does anyone recall who these people might be? It may have been associated with a coin show mailing, I don't recall. Any help would be appreciated.

On another note, the local insurance company is also looking into some sort of coverage if I were to actually start up a business...can anyone tell me if taking this step is worthwhile? Not just in the insurance realm, but in the big picture too? I do plan on paying a large outlay of money for the development of my website and if I start selling more stuff perhaps it would be smarter to look at it as a business. Again, any help would be appreciated.

cosmicdebris

Hugh Wood Inc.

secondrepublic

I also recommend Hugh Wood, if you are an ANA member their rates are very reasonable. Much less than $2,000

dougwtx

Another company is Collectibles Insurance Agency, CIA. They will not insure coins with gold or platinum in them nor bullion, unfortunately.

Refrema

Hugh Wood, thru the ANA is the only way to go.

Bob

rhound1977

<< <i>I also recommend Hugh Wood, if you are an ANA member their rates are very reasonable. Much less than $2,000 >>





I use Hugh Wood through the ANA, not sure how much coverage you need, but mine runs around $1.17 per thousand insured for a year, that covers me while coins are in residence, in safe deposit box, and while in transport with me.... Acts of War Terrorism etc... are not covered. You can get an info pack from them.

cacheman

"Acts of War "

In this case I'll just use the medallions as weapons....heh

BTW...I emailed an inquiry to Wood already.

So, any advice as to starting a legitimate business as to not?

spinaker2000

Who would want to steal "coasters" anyway?? Plus they had better bring a forklift!!

cacheman

<< <i>Who would want to steal "coasters" anyway?? Plus they had better bring a forklift!! >>



Good point...I think even I, in my state of fatness, could run and catch the perps trying to stagger away with the goods.

On a serious note though, their size and number could be cause for alarm if there was a fire...that's my biggest fear.

laurentyvan

Scott, my wife spent 16 years in the insurance business and she explained it this way:

The policy to cover your coins and medals from a normal insurance carrier would be called an "in-land marine policy", i.e. covers the pieces regardless of their location. You could lose them on a boat going overseas, or from theft in your home. Same policy would cover a diamond that slipped off your wife's finger if it was cold outside, or the mysterious disappearance of a piece from your home, without anyone knowing how or why. This explains why the cost of the policy is so high.

It sound like the ANA policy is the better bet because they understand that for the most part collections remain under lock and key, whether in the home or elsewhere, and are not necessarily subject to " mysterious disapearances" like other valuable articles.

theboz11

Insurance aside, setting yourself up as a business require that you adhere to the Patriot Act and have plans drawn up to insure that you are not selling to terrorists or money laundering as I understand the new rules..

harasha

Also speaking as an insurance "professional," another type of coverage is the "Personal Articles Floater." This is attached to your Homeowner's Policy (at St Paul Travelers, Inland Marine policies primarily cover care custody and control issues; also called bailment).

One way I keep my costs down is to insure only those pieces above a certain value.

coinkat

Cacheman:

You have two good leads and in terms of $$$, you are likely better off getting two quotes from both of them AND COMPARING THE COVERAGES.

cacheman

a quick quote back from Hugh Wood came in at $1250 a year!! Still shocking if you ask me...

1jester

Insurance sounds like an ideal way for thieves to find out about and target your valuables.

Is it within your capabilities to install a fireproof (and perhaps hidden) safe?

cacheman

<< <i>Insurance sounds like an ideal way for thieves to find out about and target your valuables.

Is it within your capabilities to install a fireproof (and perhaps hidden) safe?

>>



Only if I build a bunker....

laurentyvan

Still shocking if you ask me

Well, just out of curiosity what $$ cost per annum are you seeking?

Also, I may have missed this in someone else's post but doesn't the ANA offer insurance?