Collectibles Insurance - Stories about claims

[philliesfan]

I also have CIS and had never had reason to file a claim. But for peace of mind, I am glad I went with them.
Bob

[Brent G.]

I got back into collecting last year after a couple decades off, and as I added more pieces, thought it'd be smart to insure it through my homeowner's with State Farm. It was a remarkably low price for peace of mind. I'm in a low crime area with little weather threat, so no doubt that's why it's such a good deal.

[jchcollins]

I'm also with CIS.

I like the schedule the coverage comes with for selling (sending items in the mail, anyway). Rather than springing for costly postal insurance, items up to $200 are generally just covered with regular mail (first class / ground advantage) and then for higher priced items with the USPS you just have to buy $4 signature confirmation to be covered up to $2500.

I have never had to file a claim, knock on wood.

[Exhibitman]

I went with ASIC because it is a lot cheaper than CIS. No claims history to speak of (thankfully) but I am confident of being paid in full if I have a claim (a bonus of being a litigator with lots of experience suing insurers is an unlimited litigation budget).

[Flintboy]

Originally Posted by jchcollins

I'm also with CIS.

I like the schedule the coverage comes with for selling (sending items in the mail, anyway). Rather than springing for costly postal insurance, items up to $200 are generally just covered with regular mail (first class / ground advantage) and then for higher priced items with the USPS you just have to buy $4 signature confirmation to be covered up to $2500.

I have never had to file a claim, knock on wood.

Do you have the dealers coverage with them?

[jchcollins]

Originally Posted by Flintboy

Do you have the dealers coverage with them?

I don’t. But those who are primarily collectors (not dealers) mailing incidental items / occasionally selling things that are no longer desired is covered as well.


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[Snowman]

Originally Posted by jchcollins

I don’t. But those who are primarily collectors (not dealers) mailing incidental items / occasionally selling things that are no longer desired is covered as well.


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That's what I was told as well when I purchased my CIS policy, which I had had for a few years until I learned about what's happening with Ash's claim (they're trying as hard as they can to avoid paying out). So then I decided to actually read what's in my policy. It very clearly states that if you have cards for sale anywhere online, you are considered a dealer, and if you try to file a claim under a collectors policy while having cards listed for sale on ebay, then your claim can/will be denied. Perhaps there is some amount of leniency with that if you're just filing a small claim relative to your coverage amounts (say a $2k claim on a $1M policy), but if you're on a collectors plan and you have cards listed for sale and something catastrophic happens that requires you to file a claim for the full amount, then you'll quickly discover that you do not have the coverage you think you have.

[jchcollins]

Originally Posted by Snowman

That's what I was told as well when I purchased my CIS policy, which I had had for a few years until I learned about what's happening with Ash's claim (they're trying as hard as they can to avoid paying out). So then I decided to actually read what's in my policy. It very clearly states that if you have cards for sale anywhere online, you are considered a dealer, and if you try to file a claim under a collectors policy while having cards listed for sale on ebay, then your claim can/will be denied. Perhaps there is some amount of leniency with that if you're just filing a small claim relative to your coverage amounts (say a $2k claim on a $1M policy), but if you're on a collectors plan and you have cards listed for sale and something catastrophic happens that requires you to file a claim for the full amount, then you'll quickly discover that you do not have the coverage you think you have.

That's interesting, because I had a 10 minute conversation with them on the phone this spring to go over these very points, and they said I was covered. Why is the postal / Fed Ex rate schedule attached as part of my policy then, if I want to mail cards - if I'm not covered?

[NYYFan63]

Originally Posted by Snowman

That's what I was told as well when I purchased my CIS policy, which I had had for a few years until I learned about what's happening with Ash's claim (they're trying as hard as they can to avoid paying out). So then I decided to actually read what's in my policy. It very clearly states that if you have cards for sale anywhere online, you are considered a dealer, and if you try to file a claim under a collectors policy while having cards listed for sale on ebay, then your claim can/will be denied. Perhaps there is some amount of leniency with that if you're just filing a small claim relative to your coverage amounts (say a $2k claim on a $1M policy), but if you're on a collectors plan and you have cards listed for sale and something catastrophic happens that requires you to file a claim for the full amount, then you'll quickly discover that you do not have the coverage you think you have.

This is why I have both a collectors and dealers policy.


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