Insuring your collection

[cmcclelland]

I had a large claim with collect insure about 4 years ago as a result of a fire at my home. It's a long story, but they denied my claim because of an exception clause in the policy related to "dealer stock." Essentially, if you don't have their "Dealer Policy" and you sell items on ebay or elsewhere, this clause could come into play. My policy with them had been in place for over 10 years, and my ebay selling had evolved over time, but I never considered myself a "dealer." In addition, the "dealer stock" clause specifically states that the exception does not apply if you are selling doubles or excess stock. Also, NONE of the items I was claiming as damaged were the items I had listed on ebay.

Nevertheless, they said my claim was not covered. Fortunately, my homeowners insurer, Chubb, covered my collectibles loss in full (side note - Chubb is amazing and worth the extra premium - I highly recommend them). As a result, I never had to completely go to the mat with collect insure over the claim, which I would have done if Chubb had not bailed them out. I now have a "Dealer Policy" with collect insure in an abundance of caution, which costs twice as much.

It is also important to understand that collect insure is simply the broker for the insurance policy. They are not the actual insurance carrier. Early on, I remember that the insurance carrier they used was Hartford. At some point that must have changed (maybe more than once) because the insurance carrier at the time of my claim was an obscure insurance company I had never heard of, but I was not paying attention. It is also important to understand that the insurance policy can change each year when you renew, and will most certainly change if they use a new carrier. I don't have my original policy from many years ago when I started using collect insure, but I think it is very likely that it did not include the "dealer stock" clause. The bottom line is that collect insure is a broker and their allegiance is to the insurance carrier, not to you. They want the claims experience for this book of business to be as low as possible. They won't fight you on a small claim when a card gets lost in the mail, but when you are dealing with a large claim, I would expect a fight. They will do anything they can to try to avoid paying these large claims.

I've been meaning to research and find a better option, but haven't gotten around to it. If anyone has positive claims experience for a large loss like this with another carrier for collectibles, I would love to know about it.

[ncinin]

https://www.thefia.com/

They have a collectibles insurance division and the owner is a collector and understands the insurance needs for a collector and dealer.

[conor912]

Originally Posted by cmcclelland

They want the claims experience for this book of business to be as low as possible. They won't fight you on a small claim when a card gets lost in the mail, but when you are dealing with a large claim, I would expect a fight. They will do anything they can to try to avoid paying these large claims.

I always assume this is the case with any insurance company. That said, I’m sorry you had to deal with that. As if a fire isn't stressful enough. Glad to hear Chubb came through for you....even though it’s a horrific name for a company

[joed25]

Does anyone have experience with Collect insure with a big claim? I’m curious how they value something. How do they determine market value? Thanks

[Blunder19]

when you set up your policy you must list any items over $25,000 in value.... the value is provided by the collectors.. items under $25K in value do not need to be individually listed.

[Johnny630]

Do these companies cover losses or damage during shipping ? Like on a purchase or sale ?

Thanks

[sycks22]

Collect insure will insure packages up to the amount you want covered when shipping items.

[Johnny630]

Originally Posted by sycks22

Collect insure will insure packages up to the amount you want covered when shipping items.

Thanks Peter.

[Jobu]

There are specific types of shipping you must use based on the value of the package, but it is still a good deal because you can insure anything and, unlike insurance through the shipper, it will actually cover the full value of the package.

Originally Posted by sycks22

Collect insure will insure packages up to the amount you want covered when shipping items.

[Exhibitman]

Originally Posted by cmcclelland

I had a large claim with collect insure about 4 years ago as a result of a fire at my home. It's a long story, but they denied my claim because of an exception clause in the policy related to "dealer stock." Essentially, if you don't have their "Dealer Policy" and you sell items on ebay or elsewhere, this clause could come into play. My policy with them had been in place for over 10 years, and my ebay selling had evolved over time, but I never considered myself a "dealer." In addition, the "dealer stock" clause specifically states that the exception does not apply if you are selling doubles or excess stock. Also, NONE of the items I was claiming as damaged were the items I had listed on ebay.

Nevertheless, they said my claim was not covered. Fortunately, my homeowners insurer, Chubb, covered my collectibles loss in full (side note - Chubb is amazing and worth the extra premium - I highly recommend them). As a result, I never had to completely go to the mat with collect insure over the claim, which I would have done if Chubb had not bailed them out. I now have a "Dealer Policy" with collect insure in an abundance of caution, which costs twice as much.

It is also important to understand that collect insure is simply the broker for the insurance policy. They are not the actual insurance carrier. Early on, I remember that the insurance carrier they used was Hartford. At some point that must have changed (maybe more than once) because the insurance carrier at the time of my claim was an obscure insurance company I had never heard of, but I was not paying attention. It is also important to understand that the insurance policy can change each year when you renew, and will most certainly change if they use a new carrier. I don't have my original policy from many years ago when I started using collect insure, but I think it is very likely that it did not include the "dealer stock" clause. The bottom line is that collect insure is a broker and their allegiance is to the insurance carrier, not to you. They want the claims experience for this book of business to be as low as possible. They won't fight you on a small claim when a card gets lost in the mail, but when you are dealing with a large claim, I would expect a fight. They will do anything they can to try to avoid paying these large claims.

I've been meaning to research and find a better option, but haven't gotten around to it. If anyone has positive claims experience for a large loss like this with another carrier for collectibles, I would love to know about it.

What BS; just because I sell cards doesn't make my collection inventory any more than driving a taxi makes a taxi driver's personal car into a cab. I'd relish a crack at them in court if they pulled something like that on me.

[familytoad]

I set up a policy to insure all the plastic PSA and SGC slabs I have in the house.

My new agent Jake says it’s ok that there is cardboard pictures inside most of them, he says the contents don’t really matter.
What does matter is now I can be comfortable in knowing that I’m fully covered if something horrible happens to my plastic collection.

Formerly I had to worry about water damage, theft and fire.
Now that I have weighed my collection and signed all the paperwork, even if fire melts the plastic, I am covered (once it cools of course) as long as the weight is within tolerable thresholds of my initial inventory claim.
Jake said to save space it might be a good idea to melt them now, proactively. I’m going to wait for better weather and try it. He said that having stacks of plastic in boxes is still ok for now.

I love the insurance company that offers options!