Collectibles Insurance - Stories about claims

[jchcollins]

So. I thought I had read my entire policy. Turns out, what they send you in the mail is just a summary, and some of the first few pages. The actual policy I found in my email is 20-something pages long.

This would seem to be the most relevant language about the situation I could find in the policy that I apparently have:




So what this says to me is what they told me, if sometimes I "incidentally" sell items from my PC, it should not be counted as "Dealer stock."

I'm not a dealer. I don't have an or S-Corp or sole prop. or anything like that setup. I don't get 1099's from Paypal or eBay to report sales income. I've actually done some research on this over the last few years, and per IRS standards, I would actually most likely fit the "collectibles / hobby" description for what I do when I sell, which unfortunately is the least advantageous category when you report income from this kind of thing. My collecting and selling activity at the moment (something I'm trying to change) is basically a rob-Peter-to-pay-Paul scenario. For example:

John sees a random prewar card he wants (happened the other week). Foolishly probably, just buys it and gets the credit card points, then comes home a week later and to pay for it, I find a Mantle to sell. Am I the only one who (at least sometimes) operates in this broken manner? In any event - I don't maintain dealer stock, and I don't have a group of cards set aside at home that I'm secretly planning to sell for a profit. It just sometimes happens that I need to move something to get out from being underwater on what I just bought.

How would CIS see that scenario? I rarely sell a truly "big" card to me - say north of $1,000. But the last few times I have, I have only paid the USPS for signature confirmation, on the premise that if whatever it is got lost in the mail, I would be covered under my CIS policy. If this is not true, it kinda sucks because postal insurance anymore is pretty expensive.

Ugh. I need to just quit selling cards...


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