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Insuring a collection... How?

  • 06-10-2011 12:30pm
    #1
    Aln_S
    Registered Users, Registered Users 2 Posts: 148 ✭✭


    Just a question about insuring collections,

    I have what is now starting to grow into a sizeable collection of coins, so I really need to think about insuring them.

    I assume I can get them added to my house insurance, but what about getting accurate values? Will the insurance company accept values based on what they can be still bought for, or will they look for valuation certificates?

    Is there anyone specialising in this kind of insurance or how would I put a current value on them?

    Some of you folk in the Militaria forum have posted up impressive collections of various things from Iron crosses to ribbons to knives. How do you have them insured?


Comments

  • #2
    DMcL1971
    Registered Users, Registered Users 2 Posts: 1,444 ✭✭✭DMcL1971


    I'm no expert but I did do this recently.

    My contents insurance policy specifically stated that the term 'contents' did not include any collections, suchs as stamps or coins or jewellery etc. It also stated that no single item or collection of items valued over 1,350 Euro was covered by the policy.

    However these types of items would be covered if they were specifically listed as high value items. So I rang them and told them i had a collection of coins, they confirmed they were not currently covered but if I listed them as a specific high value item they would be covered. They asked how much it would cost to replace the whole collection of coins, I gave them a figure and they put this on the policy. I didn't have to provide any evidence to back it up or list of coins or anything like that.

    I was issued a new policy by post specifically stating that a value up to the amount I told them would be paid out in the event of the loss of the collection. If the value of the collection goes up, I just ring them and ask them to increase the value. They did say that once the value of the collection becomes too high I would have to increase the overall policy value. As a guide line they said if the collection is worth more than 10% of the contents policy value, then I would have to increase the overall policy value.

    My Insurer had no additional charge for adding specific high value items but I believe some of them do.


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