Posted By:
Dan MathewsonJeff just gave you a really good outline of the coverage. Very cool, and: thanks Jeff, also, for pointing that stuff out to me, too. A layperson can always use a set of more skilled eyes when looking at legal docs.
The reason the polciy is great for me is:
1. My collection is not all in one place (which this policy allows...I can keep items at home, in my office, in a safe deposit box...) so I will likely never have more than $50,000 lost in one occurrence.
2. Apart form nuclear fission, atomic war, and a few other odd exclusions, I feel the all perils coverage is great.
3. The exclusion of "damage from handling, wear and tear, etc." (dropped cards, creases, etc.) doesn't bother me in the least. All my cards are graded/slabbed already for protection and cataloguing, and ease of handling. Any other handling (mail, UPS, etc.) I always do insured. I had one pay-out from damage through USPS already this year. They were slow, but very fair and equitable when considering market values of collectibles.
4. I have no other coverage (homeowners, etc.) that will include my cards, so I need this kind of coverage.
5. I sent them an entire catalogue of my collection from an Excel Spreadsheet. I already have that, so sending that list to them took about 2 seconds of my time. Also, when I get anything new, it's automatically covered as long as I advise them within 30 days of buying it.
6. Comparatively, it is VERY inexpensive. For $65K in coverage, I've had other quotes (not all-peril quotes) of around $1,000/year. This policy is costing me $201/year. I love it!
Bottom Line: I never want to use this, so I'm glad it's not too expensive. I can't think of one Mathewson item I'd ever sell for 10x it's market value. But, if "sh-- happens", at least I'm not out what I have expended on my collection. My pocketbook won't get hit, just my sentimental attachments to whatever I might have lost. And, that would suck enough without the financial loss, too.
So, for what it's worth, after what Jeff and I have told you, either of us can connect you with policy info if this appeals to you. Neither of us would want our friends doubly hurt by a collectible loss. This one seems to be a good solution, in my opinion.
-dan