Memory Lane sold cards they didn't have per SCD

[G1911]

Originally Posted by Carter08

That would be “interesting” insurance policy language if it required a fake auction to establish value or the recovery would be zero. If the items are covered there would be many alternatives to determine value that wouldn’t involve wasting customer time.

+1. I find it extremely difficult to believe the insurance policy requires a fake and fraudulent auction following a theft. Can anyone show an insurance policy like this? Please !

[Mark17]

Originally Posted by G1911

+1. I find it extremely difficult to believe the insurance policy requires a fake and fraudulent auction following a theft. Can anyone show an insurance policy like this? Please !

+2

If insurance companies did this, pretty soon reputable AHs will start advertising their auctions as "Guaranteed Phantom-Free"

[Snowman]

All collectibles insurance policies have caps on the amount they will pay out for a claim for items shipped via FedEx et al. These limits are relatively low with respect to one's overall policy coverage limits. It's also why other auction houses use armored trucks to deliver high valued packages. I'd be surprised if ML is in fact covered should they indeed have to file the claim.

[Peter_Spaeth]

Originally Posted by Snowman

All collectibles insurance policies have caps on the amount they will pay out for a claim for items shipped via FedEx et al. These limits are relatively low with respect to one's overall policy coverage limits. It's also why other auction houses use armored trucks to deliver high valued packages. I'd be surprised if ML is in fact covered should they indeed have to file the claim.

Fed Ex did not lose the package. The question is coverage under an "away from premises" provision such as in the policy Lorewalker posted. Without knowing the policy language, or the course of dealings between the parties, we can only speculate. It may be that one or more posters here actually know.

[nolemmings]

Originally Posted by Peter_Spaeth

Fed Ex did not lose the package. The question is coverage under an "away from premises" provision such as in the policy Lorewalker posted. Without knowing the policy language, or the course of dealings between the parties, we can only speculate. It may be that one or more posters here actually know.

I would have to believe they carry "away from premises" coverage via a rider of some kind. They are displaying their upcoming offerings throughout the country from time to time, and there are a variety of scenarios that could lead to a claim; e.g., theft, damage by movers/handlers or casualty, etc. As you said, the extent of that coverage is unknown to us, as is the issue of whether there are multiple policies involved.

[Snowman]

Originally Posted by Peter_Spaeth

Fed Ex did not lose the package. The question is coverage under an "away from premises" provision such as in the policy Lorewalker posted. Without knowing the policy language, or the course of dealings between the parties, we can only speculate. It may be that one or more posters here actually know.

As evidenced by their policy coverage amounts, insurance companies place relatively large amounts of trust with policy holders themselves, and significantly less trust with mail carriers. If you were the one drafting policies, how much trust would you place, relative to FedEx overnight delivery, in a random rotation of day crew and night shift staffers at a Best Western over the course of multiple days?

I know my answer would be 'less trust' and I suspect yours would be as well.

Without having access to the actual policy itself, the best we can do is speculate and estimate what the likelihood is that an insurance company would actually pay out on such a claim.

Perhaps Jeff has already read the policy and is the one representing them though? Because otherwise, I can't figure out why he'd be so confident that ML is in fact covered should the cards never surface.

[Lorewalker]

Originally Posted by Snowman

All collectibles insurance policies have caps on the amount they will pay out for a claim for items shipped via FedEx et al. These limits are relatively low with respect to one's overall policy coverage limits. It's also why other auction houses use armored trucks to deliver high valued packages. I'd be surprised if ML is in fact covered should they indeed have to file the claim.

That is why there are riders to temporarily increase coverage under a policy for a certain event. And the coverage for what is being shipped will be mandated by the policy.