A Couple Of Thoughts Re Today's APS Board Meeting

This is the first time I felt depressed after sitting in on an APS Board meeting that was provided via Zoom.

The first thing that stuck in my craw was hearing that Hugh Wood was not going to renew their lease and, worse yet, that no reason for their leaving was given. I was under the impression that as the suppliers of insurance to members, HW was inexorably linked to the APS. To receive the "privilege" of having them service our insurance needs, it is required of us to be APS members in good standing, yet here they are bailing on the Match Factory! We're supposed to support them...meanwhile they're pulling their rent support from the society (it was said during the meeting by Scott English that due to its prime location, this Match Factory space should find itself a replacement renter in fairly short order, FWIW). I suspect this was a 'business decision' of some sort, but I wonder how many members will continue to use them now. I for one wish I would have known about this a couple of months ago when I renewed with them, but next time around, that won't be happenin' and I'll be looking elsewhere.

The other item on the agenda that made my intestines churn was the discussion on changing/eliminating Circuit Sales. As a member of over 25-years, I've been supportive of the society in many respects (donations, albeit small ones since I prefer to donate to causes for the less fortunate, sending out their Business Reply cards with all my ebay & HIP sales, writing articles for the AP, and the like) but if the Circuit Sales were ever to be discontinued, I would have to think long and hard about retaining my membership. Current income of $60K per annum via Circuit sales, although down considerably from previous years, isn't exactly peanuts so this prospect even being a consideration simply amazes me! The AP magazine, although generally an enjoyable read, still isn't my favorite periodical (ASC&D firmly holding that spot), so I could learn to live without it, especially if that's one of the few remaining tangible member benefits to be had were the circuits to be pulled. I can but hope that if the possibility of doing away with Circuits ever comes to the forefront that enough members will make enough noist that the idea is dropped.
...I need a bourbon...or three...

Income of $60k/yr, but how much in expenses?

I think Hugh Wood's business was sold to someone else recently.

Yup. This may have to do with consolidation following the buyout than anything pro or con APS.

https://www.reinsurancene.ws/risk-s...national-b-v

And there was a comment in another thread reporting the HW staff had very limited hours in that space anyway, so if they had effectively abandoned holding office hours there, why pay for the space?

What else was said about the APS circuit sales? Was the Zoom call recorded/posted? I too appreciate the circuit books. The benefits, to me, outweigh the costs. I find a lot of useful stamps through the circuit books, including often cheaper stamps that I need that aren't listed on ebay and that dealers don't bother to stock. And for the better items, I like being able to look at the stamps at my leisure at home with my good quality lighting versus what I might see at a dealer or at a show. The APS circuit books is a great service for buyers and sellers.

The only thing I would change is the size of the selection. Usually I get 10 circuit books at a time, in a Small Flat Rate Priority Box. It takes me about an hour to go through each group, though I have 7 days to send it on to the next member on the circuit. I would like to have an option for more books at a time to save on postage costs. I can fit 40 circuit books into a medium flat rate box which is 2x the postage cost for 4x the number of books. I think the postage cost is the biggest deterrent for people wanting to use the APS circuit sales.

Besides individuals, circuits go to APS Clubs where the books are looked at and purchased from by many collectors in one stop. One of my clubs have gotten circuits for years. In those sendings, sales are always made to many of our members, ranging from inexpensive to three figure items. Entire books can die at our club as a member buys it all as it hit their missing area, e.g, a 30 year range of modern one county was snapped up by a member who only had the country to the mid-1980s. I personally snap up some serious pre-1915 WX (Christmas seals) stamps and covers from one book. For our club, the circuits are a major member draw for all of our members, who as a group, collect US, worldwide and topicals.

The circuit loss would be upsetting. It subject was discussed a few months ago when circuit termination was first floated.

Given that this APS Board meeting just happened, the minutes haven't been posted yet, but eventually will be on the APS website at:

https://stamps.org/about/business-f...-and-agendas

The agenda for this meeting can be seen at:

https://stamps.org/Portals/0/Minute...Xyhuww%3d%3d

I have no issue with Hugh Wood not going to rent space if keeps premiums down but that may be a saving I never see.

Edited.
I read Foster Miller's report on the circuit presentation and the decision as I read it was to review it. It was noted as positive income but participation way down.

May as well acknowledge that HW is not a viable option for stamp coverage any longer having been swallowed up vis-a-vis banks eating each other. It never means better anything for the customer IMO. Notice that stamps barely garner a mention in the new websites and press releases. I believe that HW was the last stamp-centric insurance option which is no small thing because you need agents that understand philately. It's like Haggerty for collector car insurance. They understand that replacing or repairing a 1952 Buick is NOT remotely like doing the same for a 2022 Tesla. It doesn't surprise me though that the new owners are cutting costs. That is the merger and acquisition business model de jour.

I am pretty sure USAA has insurance policies that cover collectibles including stamps and coins. Maybe APS can contact them and ask them if they want to rent out space at the Match Factory.

I can say that I've been with Hugh Wood for 20+ years. I don't think my premium has changed much if at all during that time.

The buyout (now over a year old) is something to watch from a service perspective, but I don't view leaving the Match Factory as an issue by itself. There are other collectibles insurance providers in the market (including the successor to the company that used to be Dan Walker's) but I don't have first-hand experience with them or their service quality.

Obviously. My point is that none are stamp-centric as HW was. The company that purchased HW insures collectibles but if you review their websites and marketing stamps can hardly be found.