Mike, insure. It isn't expensive and the application is easy. It buys the peace of mind you want. Plus you get to have your cards. I personally do not want to own a card that I don't feel I can secure properly. But that's what a safe deposit box is for. Insure 'em, keep 'em in a safe deposit box, fugedaboutit.
Other factor to consider: if something 'bad' happens to PWCC and someone seizes their assets, the cards may go with them unless you have some sort of UCC filing in Oregon to establish your ownership of the cards. That was one of the problems that consignors to Mastro had when it went belly up: the cards became potential assets of the entity for bankruptcy purposes even though they were consigned.
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