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Collectibles Insurance Agency Affidavit
Posted By: Kevin Cummings
I know some of you also have your collections insured through the Collectibles Insurance Agency. Along with my premium renewal notice this year I got an affidavit that I need to sign. The wording is as follows: |
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Collectibles Insurance Agency Affidavit
Posted By: Mike Peich
Kevin, |
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Collectibles Insurance Agency Affidavit
Posted By: leon
Scott and I use CIA for our auction company but I don't have the policy with me. Obviously I am no lawyer but from just reading the disclaimer I am not sure it's a big deal. It just says that this policy doesn't conform to a certain standard. I think if you read the policy and are happy with it then it will not be a big deal. That disclaimer would make me really analyze it more than I normally would though. Maybe a lawyer or expert on such matters will chime in. I don't see great cause for alarm in that statement alone, speaking from a lay persons point of view. regards |
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Collectibles Insurance Agency Affidavit
Posted By: hennessey
I also just recieved my renewal notice. the darn thing was aprox. 20 pages. of course i didnt read it, but i did look for the paragraph you posted and i didnt have one in my packet. mine just advise they where changing the under-writer to LLoyd's of London to keep our rates affordable. they also wanted to up-date their customer's records on myself. nothing else. I live in Indiana..... good luck on yours |
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Collectibles Insurance Agency Affidavit
Posted By: Dave Haas
Kevin, |
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Collectibles Insurance Agency Affidavit
Posted By: James Gallo
I have had a dealer policy with them and they really are great. I have had several claims and the last of 5K and there was not and issue paying out. they changed to Loyds last year I believe. |
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Collectibles Insurance Agency Affidavit
Posted By: Todd Schultz
I don't believe it to be a big deal. As you know, states regulate insurers, who in turn use various underwriting processes to assess risks and charge premiums. The underwriting practices are largely uniform and familiar to those in the insurance industry, at least when you're dealing with standard life, casualty, health and auto insurance. Thus regulators can review insurance policies to see if coverage seems rational, fair, and the type contemplated by consumers, and if exclusions or limitations reflect what is commonly seen in the industry. |
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Collectibles Insurance Agency Affidavit
Posted By: Al
Doesn't your homeowner's insurance cover your collectibles? I am insured with USAA and have had this discussion with them a few times and was told to simply maintain good data on my cards, i.e. scans, cert #s and original purchase prices to verify any claim I may make (hopefully never). |
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Collectibles Insurance Agency Affidavit
Posted By: Jeff O
Al - some homeowners provide coverage for cards and memorabilia; some for memorabilia, but not cards; and some cover neither. Also, many homeowners policies have maximum limits that will be paid for losses involving some types of property - this is particulary common with firearms, cash, stamps, precious metals, etc., but some carriers also have limits on collectibles. Taken a step further, most homeowners policies are "named peril" policies for purposes of personal property - so if the cause of your loss is not included on that list of named perils, you don't have coverage. Named perils normally include things like fire and theft; but if your dog eats your Babe Ruth card and your policy doesn't include damage caused by domestic animals in its named perils, you're out of luck. It's important to understand what is covered and what is not. |
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Collectibles Insurance Agency Affidavit
Posted By: boxingcardman
we have a government entity called CIGA that guarantees insurance against issuer failure, paid for by a levy on each policy written by an admitted insurer. A surplus lines insurer does not participate in CIGA; if it goes belly up, you lose the coverage. However, a strong insurer is a relatively good bet not to go belly up, so a surplus lines insurer is not always a bad thing. It allows for coverage that might not otherwise be available and not at a reasonable price. |
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Collectibles Insurance Agency Affidavit
Posted By: Kenny Cole
As previously stated, most states have funds that protect insureds, up to a certain limit, if they have a claim and the insurer becomes insolvent. At least here, surplus lines insurers aren't part of the state Guaranty Fund so insureds with a surplus lines policy have no recourse against the fund if the carrier goes under. |
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Collectibles Insurance Agency Affidavit
Posted By: Al
Thanks for the pointer on "named peril". I will follow up with USAA and get crystal clear on my coverage. I don't have a dog, kid is long gone, but I will check out my coverage. |
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Collectibles Insurance Agency Affidavit
Posted By: Frank Flood
I usually shake my head at how knowledgeable people are on this forum. With this question, I finally have something to share. |
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Collectibles Insurance Agency Affidavit
Posted By: Larry
Everyone "in the know" realizes that collectibles insurance is just a scam and a waste of money. Like life insurance, if your entire collection gets wiped out and the sum is huge, they'll have investigators find a technicality to deny coverage, regardless of how many years you've been paying premiums. |
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Collectibles Insurance Agency Affidavit
Posted By: Matt
Larry - have you registered yet for the new forum? |
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Collectibles Insurance Agency Affidavit
Posted By: Al
Spoke with USAA this AM... |
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Collectibles Insurance Agency Affidavit
Posted By: James Gallo
Larry- I disagree and I know from experience. My last claims was about $7500 and after the small $250 deductable and the salvage value they paid out without anyone even coming out or looking at anything beyond the list I sent and a few pictures. This company has been around since the 1960s and started out with stamps and coins. |
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