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Who Do People Use To Insure Their Collections These Days?

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Posted 10/18/2021   7:25 pm  Show Profile Check rlsny's eBay Listings Bookmark this topic Add rlsny to your friends list Get a Link to this Message
Hugh Wood doesn't mention stamps on their website. Are they still a go-to? Or are there others that people feel can do the job these days?
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Posted 10/18/2021   7:28 pm  Show Profile Bookmark this reply Add rod222 to your friends list  Get a Link to this Reply
Australia : Included in my House contents agreement.
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Posted 10/18/2021   7:35 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
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Posted 10/18/2021   7:43 pm  Show Profile Bookmark this reply Add Petert4522 to your friends list  Get a Link to this Reply
Hugh Wood has a full page ad each month in the APS journal


Peter
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Posted 10/18/2021   8:29 pm  Show Profile Bookmark this reply Add txstamp to your friends list  Get a Link to this Reply
I would definitely use Hugh Wood.
You don't want to go with someone who doesn't know stamps.
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Posted 10/18/2021   8:41 pm  Show Profile Bookmark this reply Add txstamp to your friends list  Get a Link to this Reply
I checked Hugh Woods website and they do offer stamps still.
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Posted 10/18/2021   9:43 pm  Show Profile Bookmark this reply Add No1philatelist to your friends list  Get a Link to this Reply
Rod222, what kind of limit do they place on it? In Canada the regular household insurance limit on coverage is $1000.00 maximum for a stamp collection.
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Edited by No1philatelist - 10/18/2021 9:52 pm
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Posted 10/18/2021   9:52 pm  Show Profile Bookmark this reply Add rod222 to your friends list  Get a Link to this Reply

Quote:
Rod222, what kind of limit do they place on it. In Canada the regular household insurance limit on coverage is $1000.00 maximum for a stamp collection.


I engage Veteran Insurance, that I think use an Queensland Insurance company. (QBE)

As far as I am aware $5.000 is included in the standard contents
agreement without added impost.
Over and above values are then calculated.
That, I am not conversant with.

I have had the $5.000 Stamp Collection covered in the past 10 years at no cost, but written in as a sub paragraph under contents.

My personal opinion, is $5,000 will cover most single Albums I have,
if stolen, I cannot see my steel cabinets forced and hundreds of albums removed.
And in the case of fire, House and contents circa $350,000 should cover replacement.
I am not in a bushfire area.

The West Australian Government, puts $400 towards individual house
security devices.
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Edited by rod222 - 10/18/2021 9:58 pm
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Posted 10/18/2021   10:42 pm  Show Profile Bookmark this reply Add No1philatelist to your friends list  Get a Link to this Reply
Yea, the $1000 limit stated and included in the basic standard policy would not cover even 1 album in some cases let alone all the others albums, stockbooks and face value.
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Posted 10/18/2021   11:41 pm  Show Profile Check rlsny's eBay Listings Bookmark this reply Add rlsny to your friends list  Get a Link to this Reply
Thanks all - and thanks Rog for the link
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Posted 10/19/2021   07:01 am  Show Profile Bookmark this reply Add angore to your friends list  Get a Link to this Reply
I use Hugh Wood through APS.
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Al
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Posted 10/19/2021   08:04 am  Show Profile Bookmark this reply Add gmot to your friends list  Get a Link to this Reply
For Canadian members of the RPSC, Hugo Wood offers a discount.
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Posted 10/19/2021   08:54 am  Show Profile Check revenuecollector's eBay Listings Bookmark this reply Add revenuecollector to your friends list  Get a Link to this Reply
I have used Hugh Wood for over a decade. For anyone serious about insuring their collection I definitely recommend a standalone policy as opposed to a rider on your homeowner/renter's insurance policy. If it's tied to your homeowner's insurance, were you to make a claim even comparatively nominal (e.g., a $1,500 claim vs. say $250,000 homeowner policy), #1 most likely your homeowner's policy deductible would apply, which is typically $500 or $1,000, and more importantly #2, if you make a claim, you run the risk of the rate for your entire homeowner policy going up or being canceled outright.

For the roughly 0.3% of insured value per annum cost, it's well worth it IMO. With Hugh Wood, advance itemization is not required for individual items valued under $25,000. Of course were you to file a claim, substantiation of value would be required. I believe they will insure collections up to 7 figures.

My policy protects material both in my home and in my safety deposit boxes, as well as in transit and incoming or outgoing parcels.
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Edited by revenuecollector - 10/19/2021 08:55 am
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Posted 10/19/2021   09:03 am  Show Profile Bookmark this reply Add jleb1979 to your friends list  Get a Link to this Reply
Hugh Wood with APS membership.
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Posted 10/19/2021   11:47 am  Show Profile Bookmark this reply Add jconey to your friends list  Get a Link to this Reply
Rod222: You might check the limits. Unless its different down under. In the US, household contents insurance covers very little. Here it wouldn't even replace the binders (bare) that I have.

I'd recommend Hugh Wood via APS to anyone looking.
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Posted 10/19/2021   4:11 pm  Show Profile Bookmark this reply Add uboatnut to your friends list  Get a Link to this Reply
Definitely Hugh Wood; I have had a policy with them for years. It covers not only my stamps, but also any stamp shipments I may make. Experience has shown that the USPS insurance office in Kansas City will either refuse to pay off on lost/damaged stamp shipments or do so only after your attorney gets involved. I've had PO clerks tell me flat out that they'll sell me the insurance if I want, but that KC won't pay for lost stamps.

I checked with State Farm Insurance for an additional rider on my homeowners policy. First, the standard HOP only covers $250 for things like stamps, jewelry, other collectibles, etc. Riders are needed for any coverage beyond that. In the case of collectibles (like stamps), they require a complete inventory and appraisal by a recognized professional appraiser. Those folks cost $$, and try maintaining THAT with an ever-expanding collection whose catalog values change annually.

Hugh Woods only requires an appraisal on any single item valued at or above $25,000. Otherwise, they will write a policy for whatever amount you want to pay for, but they suggest you insure for no more than 50-70% of current catalog value. Yes, I'd love to believe that every one of my stamps would grade VF80 or above, but I know that's a fantasy. Unfortunately, the Scott catalogs default to VF80 for their values. Yes, they do have the US Specialized by Grade section, but IMO, it's not worth my time for anything that doesn't already have a graded certificate. YMMV.
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Edited by uboatnut - 10/19/2021 4:15 pm
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