Insuring Vintage Cards

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Posted By: Jeff Lichtman

I'm about to contact my insurance company to get my cards covered. Any suggestions on how to value graded and ungraded cards? And what sort of inventory system, either by written word or through pictures, is required? Thanks.

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Posted By: warshawlaw

As you know, you have to think defensively when it comes to insurance. When I was doing claims investigations a decade ago as an insurance defense attorney, I actually had a baseball card claim referred for analysis. The insurer will try to dissect your claim on the basis of card condition via the examination under oath procedure. I inventory all of the cards by the usual parameters (including the serial # for graded cards) on Excel. I also keep all receipts from grading services to prove I submitted the cards. The single best defense you have is to scan every single insured card, or at least all valuable ones. Use a high resolution setting. It is a total pain in the butt, yet it will save you countless hours of hassling if you have to make a claim. It is especially important for any valuable raw card.

I'd also recommend you look into insurance that does not require an inventory and valuation. The collectors insurance that advertises in SCD is like that. I say this because if you are an active card trader and/or buyer, an inventoried insurance policy may be problematic. Many of these policies do not cover you for additional cards beyond the inventory or added value for new acquisitions. I had one for several years and always had difficulty adding new cards to the policy. Every year I had to submit a voluminous inventory and then had to spend hours going through the schedule to the policy fixing the errors the monkeys made when inputting the data. What you want is a policy that lets you state an overall limit of value and worries about specific inventories at the time a loss is claimed. These carriers defer analysis of your collection until the claims process. If you have the visual inventory and your records, it should be relatively painless to make a claim, and if the insurer hassles you unduly, the visual inventory will look marvelous blown up on a screen in front of a jury in a bad faith trial.

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Posted By: Jeff Lichtman

Adam, thanks for the help. As a criminal defense attorney, it never ceases to amaze me as to how little I know about anything other than my narrow, chosen field.

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Posted By: Todd (nolemmings)

Do you have a short list of preferred carriers?

Also, thanks for the note in the other thread. As for my stolen cards that may stand out, look cautiously at any sales of DOZENS of m101-4 and m101-5. Also, if someone is selling Mall Theatre cards--very scarce- 4 of those were stolen-I have the names at home.

Most cards I lost were raw, but a few others include PSA 7s of several m101-4, most with Sporting News backs (serial numbers available), Here's a partial list:
GLOBE CLOTHIERSBBJUDGE, JOE93SGC84-NM
HERPOLSHEIMERBBHOBLITZELL, DICK83SGC84-NM
SPORTING NEWSBBLEWIS, DUFFY103PSA7-NM
SPORTING NEWSBBSCHANG, WALTER155PSA7-NM
SPORTING NEWSBBBUSH, JOE21PSA7-NM
SPORTING NEWSBBFISCHER, BILL57PSA7-NM
M101-5 BLANK BACK BBWILSON, J. OWEN193SGC86-NM+
SPORTING NEWSBBWEILMAN, CARL187PSA7-NM
BOSTON STOREBBHARPER, HARRY69PSA3-VG
BOSTON STOREBBSEVEREID, HANK155PSA3-VG
BOSTON STOREBBYERKES, STEVE196PSA5-EX
SPORTING NEWSBBMORGAN, RAY126PSA6OC-EX-MT
SPORTING NEWSBBO'MARA, OLIVER134PSA7-NM
SPORTING NEWSBBBYRNE, BOBBIE24PSA7-NM

Also a handful of Fan Craze in PSA 8, including Harry Pulliam, a Boston Store Marquard PSA 7 (noticeable diamond cut), m101-4 Standard Biscuit Maranville in SGC 50, m101-4 raw and Nm examples of Mordecai Brown and Ed Walsh with Globe backs, PSA 7 Cy Young Sweet Cap/Domino Px7 disc, a handful of PSA 8 discs (these + Cy I bought from Greg Schwartz in the past few months--there can't be lot of them out there in this shape even if unslabbed), PSA 7 Howie Camnitz m116; ex-mt 1928 Tabacalera la Moreno John McGraw; 1939 Play Ball Lefty Gomez in SGC 84; 1940 Play Ball Mickey Cochrane in SGC 86; 1958 HIRES TEST Mays in SGC 80, MINT 1973 Harmon Killebrew Topps Comic (nearly a whole run of Killebrew cards, including 1955 Doubleheader nm and 1961 Post Cereal SGC 88) the list goes on
Thanks....Todd

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Posted By: RCM

Hello Everyone! Long time lurker, first time poster.

I've been an independent insurance agent for over 25 years and Adam is correct in stating that you need to document your collection in the event of a loss. Start by keeping an itemized written inventory of your collection. Keep all receipts and invoices. Scanning your more valuable cards is also an excellent way of documenting your collection.

Please remember one thing: A HOMEOWNERS POLICY IS NOT THE WAY TO COVER YOUR BASEBALL CARD COLLECTION!!!

My recommendation is to buy a separate valuable articles policy that will provide you with Special Risk perils protection. It covers perils such as, fire, theft, an accidental discharge of a plumbing or heating system as well as, mysterious disappearence.
Mysterious disappearence means that you've lost your cards and you can't remember where you put them. Please be aware that a special risk peril valuable articles policy also has exclusions. These generally include: mold, gradual deterioration, earthquake, mine subsidence, flood, wear & tear, neglect, back up of sewers and drains and intentional acts to name a few. Breakage is usually a covered peril if you're talking about china, crystal and glassware but not if your baseball card breaks apart in two from soaking it in water.

In my opinion, Chubb is the best in the business when it comes to insuring card collections. Why?

1).They offer the best coverage.
Mine subsidence and back up of sewers are covered perils.

2).They're flexible. You can specifcally itemize an expensive individual card or set for its agreed value of $50,000 or you can blanket a thousand common $10.00 cards up to $10,000. Also, if you paid $5,000 for a card in an auction but it only "books" for $3,000, Chubb will pay the agreed value of $5,000 if you have proof via of an invoice.

3). Their claim handling is fast and fair.

4). Chubb's Masterpiece Manager allows you to use Chubb's secured website to load scanned color photos of your card collection which greatly enhances your documentation capabilities when a claim occurs.

5). Their rates are very competitive.

6). They're "A+" rated by A.M.Best.

Jeff and Todd,I hope this answers some of your questions.
Todd, Sorry to hear about your theft loss.

Rich

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Posted By: Todd (nolemmings)

for the kind words and the advice. I will call Chubb and hopefully have that in place soon.

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Posted By: Hal Lewis

Here is a good Chubb link:

http://www.chubbcollectors.com/Vacnews/index.jsp?form=2&ArticleId=119

I use Chubb ... but they ain't cheap!!