Can a coin consignment gone bad be covered by insurance?

Coinstartled · February 26, 2018 5:20PM

Just wondering as the insurers seem to make coverage for most contingencies available.

CCKing · February 26, 2018 5:23PM

Maybe, define "bad"?

blitzdude · February 26, 2018 5:25PM

Not usually

coinkat · February 26, 2018 5:33PM

It will depend on the facts and circumstances of the loss and the type of policy. If coverage is obtained under an IM (inland marine) policy, there is a greater likelihood there would be coverage for most perils. Usually IM policies offer the broadest coverage subject to exclusions. If it is something that does not involve direct physical loss to covered property, then coverage will not likely be afforded.

Coinstartled · February 26, 2018 5:46PM

@CCKing said:
Maybe, define "bad"?

I can think of two cases, one, the auctioneer absconds with the coins or more likely, runs into financial difficulty and cannot (or will not) pay the consignor after the sale.

bronco2078 · February 26, 2018 5:52PM

1st world problems

shorecoll · February 26, 2018 5:58PM

I wonder if the collection insurance people have coverage for that?

Coinstartled · February 26, 2018 6:09PM

@bronco2078 said:
1st world problems

Catchy name for an insurer.

BAJJERFAN · February 26, 2018 6:48PM

@CCKing said:
Maybe, define "bad"?

Kryptonite!

coinkat · February 26, 2018 7:03PM

Theft in most instances, theft is covered if time, place and opportunity can reasonably be established. Mysterious disappearance can be more problematic and some policies exclude it.

TomB · February 26, 2018 7:38PM

In general, I would suspect that all but the most expensive policies would not cover consignments to be held by others. This is one reason that if you are to do a consignment, you should do your homework first.