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What Do You Do About Insuring Your Collection?

 
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Posted 07/20/2019   1:29 pm  Show Profile Check revenuecollector's eBay Listings Bookmark this reply Add revenuecollector to your friends list  Get a Link to this Reply
funcitypapa, I disagree.

It depends on the depth and market (not catalog) value of your collection, and how much you have spent on it over time. Since at least with Hugh Wood, the rates scale, it doesn't hurt to start low and increase coverage annually as your collection grows.

Collectibles insurance is most certainly not just for dealers (which cannot purchase collector policies anyway; they need commercial coverage which is more expensive) and not just for collectors with high-ticket items.

The policy also covers your stamps in your home, in safety deposit boxes, and in transit in between. Additionally, it will cover incoming philatelic shipments/parcels. The one claim I had that Hugh Wood paid on was for an expensive revenue stamp accumulation that was lost in transit.

I encourage everyone with any substantive collection to look into APS-affiliated coverage. It's far less expensive than for other collectibles out there, e.g., coins and currency.
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Posted 07/20/2019   1:53 pm  Show Profile Bookmark this reply Add funcitypapa to your friends list  Get a Link to this Reply
Revenue collector::as you say, this is something for someone with a "substantive collection"ómeaning of high value, not volume. The point I was trying to make is that, unless I am dreaming, this applies to a very small percentage of the collecting public. Your claim with Hugh Woods you self describe as an expensive revenue accumulation. Obviously for your level of collecting this insurance is a good idea. For the bulk of collectors, including maybe a not insignificant number of members of this specialty board, that may not be the case. All depends on the total value of your collection and the value of the most expensive items you collect.

I can't speak to Hugh Wood but I am say that CIA is not limited to stamps but insured many other types of collectibles including coins, currency etc.
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Posted 07/20/2019   2:04 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
Heck, if somebody has a $5,000 collection flooded, fired of stolen it pays to have coverage. No?
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Posted 07/20/2019   3:01 pm  Show Profile Bookmark this reply Add pennyblackie to your friends list  Get a Link to this Reply
I think the $10k+ oyster perpetual that my wife wears for work, exercise and marketing is exposed to a greater hazard of theft and damage than my stamp collection which is tucked away in one quiet corner of my flat. I just never heard of anyone insuring a $10k watch, maybe stamps are more deserving of an insurance certificate?
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Posted 07/20/2019   3:05 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
When the watch is parked at home it is insured. If you take your stamp collection to excercise you have larger issues.
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Posted 07/20/2019   3:25 pm  Show Profile Check revenuecollector's eBay Listings Bookmark this reply Add revenuecollector to your friends list  Get a Link to this Reply
funcitypapa, we'll just have to agree to disagree. IMO, even if someone has a collection worth only $500 or $1,000, assuming that the minimum policy costs from the insurance carrier are not onerous, the collector should consider obtaining coverage.

Despite your claims to the contrary, this type of insurance is NOT just for rich people or specialists. It's prudent for collectors of all means, again assuming the rates are comparable.
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Posted 07/20/2019   7:24 pm  Show Profile Bookmark this reply Add Climber Steve to your friends list  Get a Link to this Reply
I'm again aligning with revenuecollector. My collection is worth what it is worth. It is just common sense for me, to have it insured. There is too much sweat, toil, and an occasional tear, in the primary collections that I've worked on for up to the 59 years I've been a collector, not to have it insured.
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Posted 07/20/2019   7:27 pm  Show Profile Bookmark this reply Add rod222 to your friends list  Get a Link to this Reply
2011

1983
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Posted 07/20/2019   8:04 pm  Show Profile Bookmark this reply Add funcitypapa to your friends list  Get a Link to this Reply
I didn't realize that revenue collector and I were in some sort of competition where one person has to be right and the other person has to be wrong. The OP asked a question and both revenuecollector and I offered our opinions. As happens, the opinions were divergent; but maybe not as disparate as some would think. In the end of course each individual collector needs to decide for him or herself as to the benefits of obtaining collectibles insurance. To me the value of the items being insured is the only parameter worth considering, not the blood, sweat, toil or length of collecting since when sold none of those other issues will figure into the price you will realize.

I have a fairly long experience with CIA; I have none with Wood, any advice I would give however to someone else is dependent on what exactly is to be insured, which of course nobody wants to reveal. I have said all I am willing to say on this subject on a public forum but am receptive to continuing this discussion privately by email.
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Edited by funcitypapa - 07/20/2019 11:03 pm
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Posted 07/20/2019   9:42 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
To insure or not to insure, that is the question. A personal decision most certainly. I choose to err on the side of caution, be conservative, take a belts and suspenders approach, screw it AND glue it and so I am contacting Hugh Wood and Co.. I will also take a lead from Chris and build a bug out bag. Good stuff all.
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Posted 07/21/2019   06:08 am  Show Profile Bookmark this reply Add angore to your friends list  Get a Link to this Reply
If you can afford the loss and not miss the money to replace it, you do not need insurance. The rates are lower if you have a monitored system.

I initially had CIA when they were the APS insurer but switched to Hugh Wood when CIA raised the rates and other factors. I have no claim experience with either.
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Posted 07/21/2019   06:13 am  Show Profile Bookmark this reply Add pennyblackie to your friends list  Get a Link to this Reply
rogdcam, I am curious to know what sort of premium they are charging you and how much you are insuring for.
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Posted 07/21/2019   08:18 am  Show Profile Check revenuecollector's eBay Listings Bookmark this reply Add revenuecollector to your friends list  Get a Link to this Reply
I don't know that it's proper etiquette to ask how much people are insuring their collections for. While I won't reveal how much I have my collection insured for with Hugh Wood, I will provide the rate, which is 0.275% of insured value per year.
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Posted 07/21/2019   08:49 am  Show Profile Bookmark this reply Add funcitypapa to your friends list  Get a Link to this Reply
I wonder if those who have submitted claims can expand on how that process occurs. Here I am referring not to postal transactions where it is generally sent certified with a declared value by the seller but something you already owned and was either lost, damaged, or stolen. The reason I am asking is the cjpalwrmo has already indicated that Wood asks for no documentation; only your asserted value. My experience with CIA over a long period of time has been the same. Naturally I have receipts to back up my asserted value. But what if there is a disagreement on the value of an item you have been paying insurance on year after year, on your value not their adjusters? Seems crazy to me to insure items for significant value that may never have been seen or proven to existóbut that has been my experience too. Based on revenuecollector's stated rate for Wood, I can tell you that CIA is comparable
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Posted 07/21/2019   09:22 am  Show Profile Check revenuecollector's eBay Listings Bookmark this reply Add revenuecollector to your friends list  Get a Link to this Reply
When the insurance company says they don't require itemization except for items above $XX,XXX in value, that means you don't have to keep or maintain an itemized list on file with them in order to obtain or renew the policy.

But yes, when you file a claim, you do need to document and itemize what is being covered by the claim.
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