tiki insurance

With all of the storms hitting Florida, I'm wondering if anyone knows how to properly insure tiki collectibles. My friend Wayne at the Hawaiian Inn is working with a claims adjuster for damage to the hotel and a question came up about the value of their Witco collection and other tiki decorations in the showroom.
I told him I would post this and see if anyone had an idea on how to properly insure his treasures.
Mahalo in advance for an serious advice I can give him.
KG

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).

A few years ago we considered taking out a special policy to cover our collectibles.
Our agent said that it would have to be done as a "rider" to our renters policy. It meant that we would have to have an appraisal done for all of the items and this would have to be done by a qualified appraiser. We knew that it would be fairly hard to find a person who fit this description because it takes a lot of years to acquire the specialized knowledge which an advanced collector has. We figured that we would not be able to get an accurate enough appraisal so we did not pursue it further. That does not mean that you couldn't get close or that you shouldn't get an appraisal done. I just feel that often times the collector is more able to know the current values of their items much more accurately than a general appraiser. And the insurance co. may not want to take YOUR word as to the price of what the replacement value of your items is. I suppose that we all just take a chance that we don't get hit by fire, flood, tornado or whatever. Hopefully we don't ever have to suffer the damages of such things as earthquakes, hurricanes or thieves. You do need to have photos of your stuff and keep them in a safe place.

On 2004-09-10 18:06, 8FT Tiki wrote:
A few years ago we considered taking out a special policy to cover our collectibles.
Our agent said that it would have to be done as a "rider" to our renters policy. It meant that we would have to have an appraisal done for all of the items and this would have to be done by a qualified appraiser. We knew that it would be fairly hard to find a person who fit this description because it takes a lot of years to acquire the specialized knowledge which an advanced collector has. We figured that we would not be able to get an accurate enough appraisal so we did not pursue it further. That does not mean that you couldn't get close or that you shouldn't get an appraisal done. I just feel that often times the collector is more able to know the current values of their items much more accurately than a general appraiser. And the insurance co. may not want to take YOUR word as to the price of what the replacement value of your items is. I suppose that we all just take a chance that we don't get hit by fire, flood, tornado or whatever. Hopefully we don't ever have to suffer the damages of such things as earthquakes, hurricanes or thieves. You do need to have photos of your stuff and keep them in a safe place.

hmmm, Tiki Memorabilia Appraiser? Where would one find such a person??

This would be an excellent opportunity for one of the many TC members looking for better or any work, if everyone involved could figure out how to give this appraiser "cred" in the insurance industry. I have no clue. I'm just the ideas gal.

I few years ago my fence blew down and took out 2 stone tikis. When my house insurance guy came out to figure out the $ amount of damage done on the fence, he asked my what happened to my "little statues". I told him when the fence fell, it broke them. He asked me what it was worth approx...he doubled the amount of what I told him and it was no problem. He listed it a "garden art".

Mahalo for the thoughts and ideas on insuring things tiki, and Witco in particular.
I know there are agencies that specialize in writing policies for the antique car hobby, so maybe we are looking for some sort of specialized carrier to write the kind of insurance Wayne needs.
Another thought I had was whether Kiegs, NeptuneTiki or Sven -- all of whom I would consider to be more than qualified to offer an opinion on Witco values -- would be willing to assign values in writing to various items. We could keep the info completely confidential since many of us don't like the idea of publishing a price guide to anything tiki.
Still having a signed and dated letter might help back up ny potential claim in the future.
Also, I want to assure everyone Wayne isn't looking for values because he wants to sell his pieces. He uses them for the show, but he is concerned about future Hurricane damage and the extreme difficulty he would have to replace any of this stuff.
In fact, Marian and I went to see him between hurricanes and he said he is going to take the Witco sofa chairs and table that are in the hotel lobby and use them set up a VIP lounge area in the showroom next to the bar. "Only our special friends will be able to sit there," he said.
Man I was so glad to hear that, I practically fell over. I have watched that furniture sit out in the open for years with all manner of damp tourists perched on it. I was sure one day it would be destroyed by some drunken frat boys, or a tribe of wild children. Nice to see the owner of so many precious tiki relics awaken to their importance and act to preserve them.
KG

This is s topic I have been thinking about for a while. One of these days in the near future, I am going to get pictures of everything in my home. It is important to do that for damage or theft issues I know. Some folks have some pricey collections of what I would consider art (Tikis, Mugs, Lounge Furniture, Tiki Art, etc.). Sounds like some interesting challenges in getting coverage. Any other folks had experience with this?