Bad Collectors Insurance

[Yoda]

One further point about insuring your collection under your HO policy: We all have had a situation whereby a precious card suddenly can't be found, gone as if by mystic forces. We search everywhere, we are close to a panic attack, however, we remember our cards are covered by HO insurance, so we submit a claim. The insurer will always automatically reject it under the policy defense of "mysterious disappearance".
What is needed is a fine arts personal floater policy, Cobbs rather than Picassos, so that the cards are covered both inside the premises and out. "Mysterious disappearance" claims still may not be covered but the loss adjuster will at least listen to the circumstances and you might have a chance.

[egri]

Has anyone used USAA for collectibles insurance? I’ve never had a problem with them for my auto and home insurance.

[Gorditadogg]

Originally Posted by egri

Has anyone used USAA for collectibles insurance? I’ve never had a problem with them for my auto and home insurance.

I called USAA but was not impressed with their understanding of the risks and ability to explain coverage. I called CIS too and they were very knowledgeable but I ended up buying from Finklemeier Insurance Agency (FIA). They basically created the collector insurance market so they have a lot of experience, and I like that they place coverage with major insurance companies (my policy is issued by Markel).

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[carlsonjok]

Originally Posted by Gorditadogg

I called USAA but was not impressed with their understanding of the risks and ability to explain coverage. I called CIS too and they were very knowledgeable but I ended up buying from Finklemeier Insurance Agency (FIA). They basically created the collector insurance market so they have a lot of experience, and I like that they place coverage with major insurance companies (my policy is issued by Markel).

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Interesting. Did you have any discussions directly with Markel? If so, were they knowledgeable?

The reason I ask is because my wife and I have horses and our homeowners policy is actually a farm policy issued by Markel. I'd love to add a collectibles rider on if I could. And, FWIW, my experience is that Markel is real easy to work with. I had to replace the roofs (rooves?) on my house and barn and the contractor was amazed at how easily Markel approved the claim and issued the check.

[Gorditadogg]

Originally Posted by carlsonjok

Interesting. Did you have any discussions directly with Markel? If so, were they knowledgeable?



The reason I ask is because my wife and I have horses and our homeowners policy is actually a farm policy issued by Markel. I'd love to add a collectibles rider on if I could. And, FWIW, my experience is that Markel is real easy to work with. I had to replace the roofs (rooves?) on my house and barn and the contractor was amazed at how easily Markel approved the claim and issued the check.

Yes Markel has a good reputation. FIA is their managing agent so you should work through them. Jodi Muller is who I talk to.

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[Klrdds]

I have used Finkelmier ( FIA ) for 15 years and have been very satisfied with the rates , the coverage provisions , and their customer service . Plus Tom the father was / is a collector as well and understands the market and issues that collectors encounter . I highly recommend them . They’re issuing policies thru Markel now and so far no problems .

[todeen]

Originally Posted by egri

Has anyone used USAA for collectibles insurance? I’ve never had a problem with them for my auto and home insurance.

USAA contracts with American Collectors Insurance. I have USAA for checking and insurance. I asked about insuring my wife's classic car, and they told me to go through ACI. So I got collector car insurance with them, liked them for that, and decided to get card collectors insurance too. But as I said, their two divisions are night and day different.

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[chadeast]

Originally Posted by todeen

USAA contracts with American Collectors Insurance. I have USAA for checking and insurance. I asked about insuring my wife's classic car, and they told me to go through ACI. So I got collector car insurance with them, liked them for that, and decided to get card collectors insurance too. But as I said, their two divisions are night and day different.

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I am also with USAA, and they referred me to ACI as well. My conversation with ACI was disappointing. They wanted an itemized list of EVERY card that would be covered (no minimum value), and even worse they said that any time a card is out of my possession, any individual card could only be covered to a maximum of $2,000. This limit applied to sending off to be graded, having a purchase sent to you in the mail, basically any time a card you own was not directly in your hands. This is not what I'd heard about their policies before when readings posts on this forum. Something must have changed. Needless to say, I was unimpressed and chose not to use them.

[dfletch00]

well this is timely ... looking at it now ..

I have a rider with home on Chubb but also looking at Finkelmeier where underwriter is Markel insurance ...

Still wonder how they determine FMV ( fair market value ) in a market like this .. if they rely on dated publications or something more dynamic ....

Any help is appreciated
thanks

[todeen]

Originally Posted by dfletch00

Still wonder how they determine FMV ( fair market value ) in a market like this .. if they rely on dated publications or something more dynamic ....

Any help is appreciated
thanks

My claim handler had me send in three different pricing sources to verify my estimate of value. ACI accepted VCP's average sale price, although I also submitted Ebay comps and Beckett (not updated since 2018). Ask up front with the Finkelmaier(sp) broker how they do this. It seemed strange to me that my claim handler couldn't do this himself. But I guess that is similar as taking it to a body shop for an estimate.

[jingram058]

I have a rider with Allstate, updated with an itemized list that has photos, site valuation by my local agent, and coa's (specifically, Babe Ruth ball and Bob Cain ball about Eddie Gaedel). We also have itemized some of our other stuff, not just baseball. But just to be safe, I opened a local bank account in order to set up a safe deposit box. Moving some of the real high-value stuff there from time to time. As Leon says above, you pay for these services. But it isn't unreasonable.

[conor912]

Originally Posted by Yoda

One further point about insuring your collection under your HO policy: We all have had a situation whereby a precious card suddenly can't be found, gone as if by mystic forces. We search everywhere, we are close to a panic attack, however, we remember our cards are covered by HO insurance, so we submit a claim. The insurer will always automatically reject it under the policy defense of "mysterious disappearance".
What is needed is a fine arts personal floater policy, Cobbs rather than Picassos, so that the cards are covered both inside the premises and out. "Mysterious disappearance" claims still may not be covered but the loss adjuster will at least listen to the circumstances and you might have a chance.

Really?! The odds of me mysteriously losing a Cobb are about the same as me mysteriously losing one of my kids.