Posted By:
Jeff ObermeyerI'd be very curious to see that policy. I am not familiar with any carrier that provides a true "all-risk" policy for personal property - it is usually on a named peril basis.
There are some major carriers (Farmers, for instance) whose policies do not limit collectibles or trading cards, and you can purchase additional coverage which is just added on to your regular homeowners policy. Other carriers (like State Farm) have limits on the maximum that they will pay out on certain type of property (like trading cards) and will require you to purchase additional coverage specific to this class of property... they may also make you provide documentation for each item.
I recommend that every collector have a detailed inventory of their collection, with special emphasis on higher valued items. Not only should you have a list, but photographing and/or videotaped evidence is STRONGLY recommended. By documenting what you have you can make things a lot easier for you should you ever have a claim.
Insurance adjusters are not the most trusting people in the world - I know, it's what I do for a living. We get lied to on a daily basis. But I love it when an insured can provide me documentation that allows me to pay for their loss - makes my job that much easier.
If you have ANY questions as to whether or not your policy of insurance has limits on collectibles, you should contact your agent ASAP and let them know the situation. It's better to find out before you have a loss...
Jeff