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Originally Posted by Snapolit1
As with all insurance questions, it turns on the coverage you have bought and specific policy terms. In high level generalities, I would not expect that arguable negligence by the sellers in breaking down their booth would bar their claim for property loss. They would sue whatever insurance carrier they have and also bring in any other insurance policy conceivably reachable (facility, security company, etc.) Unless the insurance policy sets forth specific conditions that these guys were required to do and did not comply, my gut tells me eventually they would recover the fair value of everything stolen (up to the policy limits).
If the policy says you need to have bonded security guys etc. and such requirements were not adhered to, that's an issue. Some one like Scott might have a better feel for what policies like these generally say.
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Cards are incredibly liquid (new cards in and out of inventory lightening fast via sale and trade at each show). This could increase business value by tens or hundreds of thousands of dollars (the National)) in real time. A house, car, or boat are less liquid (in aggregate-no one dealer is going to sell hundreds of these a day like cards). And unlike most card deals, these assets come with a P&S Agreement and Title. How are prolific card business underwritten and insured? Cards have exploded as a very valuable asset class and the past few years in particular cards have skyrocket in value. So in aggregate are more valuable than ever. So a good takeaway for sellers would be to review and understand current insurance policies, or secure new coverage. It’s a travesty when cards (people’s property and livelihood they’ve put time, talent and money into) are stolen and very good people’s lives are upended due to other people’s lust and greed. Hopefully dealers out there are taking necessary measures. As a buyer, I’d be happy to provide ID, photograph, etc. to put dealer’s minds at ease. Thanks for listening to my TedTalk.