Collectibles Insurance Agency

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Posted By: John S

Just a quick question for any members that currently hold a policy through CIA. My current policy expires on 1 March and I have yet to receive a renewal offer. I spoke to a representative from CIA this past Tuesday and she said that renewals were late this month and I should be receiving it shortly. Have any of you experienced similar delays with renewals? I would have to assume that if my policy lapses and something happens to my collection I would be out of luck regardless of CIA's inability to deliver my renewal on time.

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Posted By: Mark Holt

I'm in exactly the same position. No renewal notice and March 1st policy date. Doesn't exactly give you confidence that they will pay claims if they can't even collect revenue for themselves.

Does anyone use the other collectibles insurance company? Has anyone ever made a claim from these guys and gotten paid?

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Posted By: robert a

I use them as well and my policy also expires on March 1.
Maybe I'll give them a call too.

Robert

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Posted By: David Vargha

Aren't most policies like this in force for 30 days after the "lapse" date? Regardless, send in a certified letter with return receipt renewing the policy and include a check for the amount you paid in 2005. It's not officially a "binder", but would probably hold legal standing in light of the fact that you have not received any notice of cancellation. Then they can bill you for any difference.

DavidVargha@hotmail.com

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Posted By: Frank Wakefield

I think David's idea above is not a wise plan of action.

Don't send money to a company that you perceive might have financial problems.

And I would not bank or bet on that 30 day stuff...

I've just begun my 13th year as a state court district judge. Practiced law 6 1/2 years before that.

I'm not offering legal advice... But golly, I'd be looking for a new company. Here in Kentucky they say you gotta dance with whoever brung ya... but we have enough sense to abandon a sinking ship, instead of buy more tickets on it.

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Posted By: JimB

I have only been insured by CIA for about three months, but I believe it is just an automatic credit card deduction that will keep renewing itself monthly until I indicate otherwise. I have to check my records which are not handy at the moment, but that is my memory.
JimB

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Posted By: Frank Wakefield

Besides, why would a company be late in asking for money???

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Posted By: Colt McClelland

I work in the insurance industry and practiced law for 7 years. I have been meaning to get this insurance, and this is a good reminder for me. Anyway, I just researched Collectible Insurance Agency a bit on-line. The bottom line is that they say they use an AM Best A+ XV company (they don't name it on their web site), so there should be no worries about the ability to pay claims.

They are just the agent - selling you paper issued by a major insurance carrier who pays the claim. They apparently do handle claims as third party administrator and/or managing general agent to some extent, but ultimately the AM Best A+ insurance carrier is liable if there is a claim. They may not do a great job of administering claims based on their demonstrated inability to administer collection of premium, but that would probably just mean a slight delay in getting a valid claim paid.

My guess is they are a decent agency (they've apparently been in business for quite a while), and they just get behind from time to time in their administrative stuff. Like any small business, they must balance their marketing efforts with their servicing efforts on existing business. I would not worry too much about the delay in processing the renewals. Just wait it out and my guess is it will be handled properly.

By the way, most insurance policies can be renewed for up to 30 days after expiration without a lapse in coverage under state law. Check the policy and see if there is a "No Lapse Guarantee" or similar provision. It will probably be in the boilerplate small print.

I am going to try to obtain coverage from them this week. I've been meaning to do this for quite some time. I am curious who the A+ XV carrier is that issues the policy. Can any existing customers provide that info. Thanks.

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Posted By: robert a

CIA is Hartford.

Colt,
There's a past thread that details some other collectors' experiences with CIA.
It's very easy to get your policy started with them.

Robert

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Posted By: J Levine

I just paid them and they were very fast in getting my policy started and sent to me. It was fairly cheap (much cheaper than a Rider with my Homeowners), there is nothing in the policy talking about renewals other than the amount due will be calculated by CIA. It is underwritten by The Hartford, one of the most respected insurance agencies in the country. I would certainly call them and make a credit card payment if possible. I hope it all works out.

Joshua

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Posted By: jay behrens

I realize that my collection isn't worth anywhere near the value of many people on here, but insurance agent claims that my modest collection is covered under my renters insurance. At what point do you need to get seperate policy?

Jay

I've just reached Upper Lower Class. I am now officially a babe magnet for poor chicks.

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Posted By: Colt McClelland

I looked into this several times on my homeowners with several different carriers. My guess is the answer is the same with renters insurance. The bottom line is that you probably have a small amount of coverage under the "collectibles" category, but it is probably limited to like $2,500 at most and subject to your deductible. That would mean if your place burned to the ground or was ripped off, you would have $2,500 total coverage for all of your cards. I asked about adding my collection as a scheduled item, and the rates were way high, plus it was something like a $50 decuctible per card, with a limit on coverage of $250 per card. I think the Collectible Insurance Agency product through Hartford is probably the best deal out there.

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Posted By: jay behrens

I had to list what the value was for my cards and I didn't esxceed the limit. I think the limit on my policy is $25k.

Jay

I've just reached Upper Lower Class. I am now officially a babe magnet for poor chicks.

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Posted By: John S

Just as a followup to my original post: I did not receive a renewal notice in the mail today and could not get in touch with anyone via the telephone today (busy every time). I am hoping that all is well but my policy expires tomorrow at midnight

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Posted By: Frank Wakefield

Reckon a fellow who lists a small fortune in collectables in an insurance schedule might be leaving a trail of information about his assets, so that when he dies the tax man would be wondering why the collectables aren't listed in an inventory... if they were sold during his lifetime a tax should have been paid on the gain as income...

When were the collectables first scheduled (basis), when were they no longer listed (time of sale?), or if never sold, then the collectables must be an estate asset.

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Posted By: Frank Wakefield

Well it seems my 2-27-06 comment brought this thread to a screaching halt....

So did you guys above get your insurance renewed???

Frank.

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Posted By: David Vargha

Well Frank, as a person who has NEVER made a dime on my card transactions, I'm sure you are aware that Uncle Sam won't let me declare my hobby losses on my 1040. And that is why they only showed up on my insurance schedule. Making money buying and selling baseball cards . . . is that even possible?

DavidVargha@hotmail.com

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Posted By: sam

i tried to get an online quote from cia,
but their website indicates that this is
not currently possible in that their rates
are being revised. i was wondering if
the collectors who had policies expiring
on 3/1/06 for which they had not received
renewal invoices have since been able to
renew with cia or had to go elsewhere for
coverage.

i was also wondering approximately what a
$25,000 sports card collection should cost
to insure and whether the insurance offered by
cia is for the cost of the items insured or
the replacement value of those same items.

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Posted By: John S

I did receive my renewal notice last week with the explanation that the entire system was being overhauled. My current policy (which expired 1 March) was extended to March 31st to account for CIA's tardiness. I renewed my policy with little reservation based on references from fellow collectors. Premiums have increased by about 40% but rates are very reasonable compared to a rider. My assumption based on my premium is that a 25,000 policy would cost around $130 - $140 annually to insure.