Post #113652 by dangergirl299 on Fri, Sep 10, 2004 3:40 PM

I've never dealt directly with insuring specialized collections, but any normal insurance which protects against damage to personal property (e.g., jewelry) should cover it. It's always good to call the insurance agent to make sure such a collection is insured under the current insurance plan, and not excluded in any way. Insurance policies are painful to read and understand for laymen as well as us professionals as well!

The trick of course would be, if damage ever occurs, and the insurance company disputes the value of the collection, for the owner to "prove up" the value and the ownership. It's highly recommended to take detailed pictures of each item and have anything in writing (such as in invoice from the original sale, or a print out of similar sales like on e-bay) of what the thing is worth or is currently being sold for. Also, make sure such records are updated annually or whenever something important is bought or sold.

Also, confirm whether the insurance would give the owner money to cover its original cost, or its current value at time of destruction which is the replacement cost (which is generally higher than the original cost).