Question about Collectibles Insurance Services

[CMIZ5290]

I am sending some high end T206s to a Dealer for an upcoming event. Does anyone know if my insurance covers the exposure of his travel, and for the 3 days at the show? I have heard about several thefts that have happened in recent events.....Thanks for any input.....

[4815162342]

I don't think so. I believe they would only be covered during shipping; once they are in the dealer's hands, they would be his (and his insurance's) responsibility.

[Tony Gordon]

I'm of the opinion that this company is a scam. Check out the "Exclusions." They pretty much exclude everything that could go wrong.

http://www.collectinsure.com/exclusions.aspx

[rainier2004]

Originally Posted by Tony Gordon

I'm of the opinion that this company is a scam. Check out the "Exclusions." They pretty much exclude everything that could go wrong.

http://www.collectinsure.com/exclusions.aspx

This company protects you from theft, fire and flooding...I guess I'm not too worried about my cards in the event a nuclear bomb goes off. I'm curious what part of that list you think a company should cover? They would also cover cards, shipped via registered mail or other approved method stated in their guidelines, and I believe they would even cover them while at the show as long as they are declared.

[ibuysportsephemera]

Originally Posted by Tony Gordon

I'm of the opinion that this company is a scam. Check out the "Exclusions." They pretty much exclude everything that could go wrong.

http://www.collectinsure.com/exclusions.aspx

I have used them for years. They cover the most important things for me...fire, flood and theft.

Jeff

[brob28]

•Voluntary parting with covered property

I would hazard a guess that this would apply to your situation Kevin.

[Tony Gordon]

I'd be interested to hear from someone who has made a claim. Theft is clearly excluded because it is a "criminal act" or "mysterious disappearance" and fire and flooding may be excluded from their catch-all phrase at the end that states "This is not a complete list of exclusions and exclusions can vary by policy."

[queencitysportscards]

Most traditional insurance companies will not cover sports cards & memorabilia...they won't touch it. IMO, they are one of the best "shots" at covering your cards & memorabilia at all...

[4815162342]

Tony I'm just curious, do you have cash and gold buried in your backyard?

[ibuysportsephemera]

Originally Posted by queencitysportscards

Most traditional insurance companies will not cover sports cards & memorabilia...they won't touch it. IMO, they are one of the best "shots" at covering your cards & memorabilia at all...

You are right on the money Hank...if I had to insure through my homeowners it would cost me 3x as much.

Jeff

[rainier2004]

Originally Posted by brob28

•Voluntary parting with covered property

I would hazard a guess that this would apply to your situation Kevin.

I guess I didn't interpret it that way. When I talked to a rep at the company, he informed me that it would be covered in the mail and say on display at a museum, not that I have anything like that. It seems like at a show may be covered, but that may pushing it.

[ibuysportsephemera]

Originally Posted by Tony Gordon

I'd be interested to hear from someone who has made a claim. Theft is clearly excluded because it is a "criminal act" or "mysterious disappearance" and fire and flooding may be excluded from their catch-all phrase at the end that states "This is not a complete list of exclusions and exclusions can vary by policy."

You have to read the whole policy..and I spoke to them about the exclusions. Fortunately I have never had a claim, but I am very comfortable with the coverage of the policy.

Jeff

[Leon]

I made a claim for a loss in shipping. They paid fine.

[PhilNap]

Originally Posted by Tony Gordon

I'd be interested to hear from someone who has made a claim. Theft is clearly excluded because it is a "criminal act" or "mysterious disappearance" and fire and flooding may be excluded from their catch-all phrase at the end that states "This is not a complete list of exclusions and exclusions can vary by policy."

You are reading from a punch list of exclusions. If you read the policy it states "Dishonest or criminal acts . . . by you, your employees, your agents, your family, and household members, or any person or persons to whom the Covered Property may be entrusted."

[rainier2004]

Originally Posted by Leon

I made a claim for a loss in shipping. They paid fine.

I'd be curious to hear the details as I have wondered about this if its ok with you.

Was the card shipped to or from you? I am assuming it was shipped in one of the policies approved methods like reg mail, etc.? If the card was over 5k, did you have to declare it with them as a scheduled item prior to ship? Any help is always appreciated.

[Leon]

Originally Posted by rainier2004

I'd be curious to hear the details as I have wondered about this if its ok with you.

Was the card shipped to or from you? I am assuming it was shipped in one of the policies approved methods like reg mail, etc.? If the card was over 5k, did you have to declare it with them as a scheduled item prior to ship? Any help is always appreciated.

I don't have the insurance personally, it's through our auction company, B and L. We shipped 2 cards, approximate value $1100 total. Anything over $400 needs signature confirmation and we had it. The cards never made it to the recipient. We filed a claim with all supporting documents (not many really)...and approximately 60 days later we got paid. There was a $200 deductible. We had sent the package through USPS first class with sig confirmation. So that was it.....no problems.

As an aside to the story, quite some time later I got a call from a US Postal Agent. They investigate internal crime in the USPS as opposed to a Postal Inspector who investigates external crime. It seems the 2 "lost" cards showed up on ebay and were being sold by one of those ebay consignment shops. The problem was, was that the true consignor was a Postal Employee. It seems he me might have been the culprit. I don't know how that part of the story ended.

[GregMitch34]

Someone claims it doesn't cover theft? Surely that's wrong or what's the point? I presume "mysterious disappearance" means when the cards are gone but you do not file police report etc. Correct? And it does cover actual theft?

[smtjoy]

I had $700 worth of cards stolen out of my truck a few years back, they paid me in full about 60 days later. I have had a policy for about 6 years now and feel its well worth it.

[dabigyankeeman]

Originally Posted by ibuysportsephemera

I have used them for years. They cover the most important things for me...fire, flood and theft.

Jeff

Me too, thats exactly how I feel. Fire, flood, theft, thats what I am worried about. I have heard good stories about them dealing with these problems.

[the 'stache]

Can anybody with this insurance, or knowledge of their policy, comment if cards in a storage facility, or a bank, would be covered? Or do they all have to be in your domicile if not being shipped? My high value cards are going to be stored in a safe deposit box at my bank. I would like to put a safe full of my pre-war and vintage cards of lesser value in my locked storage unit as it's climate controlled, and has a sprinkler system. It also has a video surveillance system, and access to the facility is restricted to people who store with them. That seems to trump any kind of protection I could have at home.

I know that Uhaul offers insurance on things in storage, but I would prefer to have one policy covering the totality of my collection.

Thanks!

[Exhibitman]

No carrier will cover theft by embezzlers or by people you entrust the cards to unless you have them under a fidelity policy or fidelity bond. Thefts by strangers and mysterious disappearances are covered.

You must read the policy to understand the scope of its coverage. I am very comfortable with the scope of coverage offered in the policy I have.

[4815162342]

Originally Posted by Exhibitman

No carrier will cover theft by embezzlers or by people you entrust the cards to unless you have them under a fidelity policy or fidelity bond. Thefts by strangers and mysterious disappearances are covered.

You must read the policy to understand the scope of its coverage. I am very comfortable with the scope of coverage offered in the policy I have.

+1

[rainier2004]

I use and like this company as well. They have always treated me well, with patience and were very open and thorough on the policy. I did just get my annual policy renewal and it increased 16% for some reason w/o declaring any added value to my collection yet...I need to give them a call.

[JamesGallo]

I have had two claims with them under my dealer policy which MAY vary some from a personal policy.

One was a theft at a show the other was a pipe breaking at my workplace. They cover 75% or so of both claims with no problems.

There is no doubt in my mind they are the best around.

As for the original question, the cards would be covered in shipping, but as stated I think once the dealer had them they would be under his policy.

James G

[dabigyankeeman]

Originally Posted by rainier2004

I use and like this company as well. They have always treated me well, with patience and were very open and thorough on the policy. I did just get my annual policy renewal and it increased 16% for some reason w/o declaring any added value to my collection yet...I need to give them a call.

They up my policy 1% or so a month in value, you must have a clause like that in your policy. I have been letting that happen, but I think its about time to call them and stop it from going up when its due again.