How to insure a collection?

[Onehandclapping]

Hello --

I recently changed my homeowner's insurance. I asked the obvious question any collector would ask -- is my collection covered? I was told it is, up to an amount far less than the actual value. I then asked how to get my knife collection covered for what it is really worth. I was told such a "rider" needs to have an expert appraisal done to determine what it is worth, by an appraiser they recognize.

So, I ask another obvious question -- can you give me the name of a "knife appraiser" you use? GUESS WHAT, they have never had to do this before, and they do not have anyone who can appraise my collection.

Now, I've been collecting knives since the early 1970s, and know a lot about them. Not as much as Mr. Levine (who might recognize my name -- we have done business before, and he has been very kind and generous. by helping me with some knife openers) but more than most -- I take my collecting seriously.

How do I get an insurance company to recognize ME as a knife expert, so I can do appraisals? It's not like there is a college offering a degree in knife collecting. If they accept me as a person who can do appraisals for them, I can then do my own and get it properly protected. I'm very confident I can prove competence.

As a fall back, if anyone can give me a name of an appraiser who works near Cape Cod, MA I may need to use him. My collection has grown to the point where it would be a disaster if anything were to happen, be it a theft, fire or flood.

I'd be interested in a story where this problem has been solved. Thank you for the help.

Scott Bieg
sbieg@aol.com

 

[Mike990]

Before you bother give them a hypothetical value and ask what the insurance rate would be if that was determined to be the value. You will soon find out that you cant afford to insure it. Best way is to put them in a really good safe. Its not worth insuring guns. You could buy a new one every ten years for the price. Good luck, but they really don't want to mess with it. Same with camera gear. A few guns a few knives a few computers are under your home owners. Any more and its cost huge money. Making it stupid considering the risk. A large gun safe is far cheaper. You may to snoop around for specialty insurers. Sounds goofy but Lloyds of London, does really high end collections. Might scan the internet for specialty companies. Most major home owner companies just really want to place so many hoops in the way as to get you to forget about it. I think if your talking 15-20 thousand, you will have a tough time, double that and maybe you might find somebody to seriously look at insuring it. But hey check around with other collectors of anything. Trains, vases, art, whatever. all the same to the insurance companies.

 

[Mark J]

You might try these folks.

http://www.collectinsure.com/

I came across their ad in Blade magazine when I was looking for insurance for my knife collection (they are also in the current January 2003 issue - page 102). I haven't purchased any insurance from them, but it looked interesting. IIRC they also insure knives in transit (shipping) as part of their coverage.

When I was looking, I called our home insurance agent and didn't get too far either. It seems like if it's not a house, vehicle, or life, they don't know too much about insuring it and aren't particularly interested.

- Mark

Edited to fix grammatical error

 

[Onehandclapping]

Hello guys --

Thanks for the responses. You both make a lot of sense. I once thought about a gun safe, but to be honest, I'd need to get two of the big ones -- my wife is already a bit "concerned" about my collection and its ever-growing size. Adding two safes, each the size of a big refrigerator, and it may push her over the edge. As it is, I’m lucky she stays out of my den and never looks into “all those drawers” I keep looking through. I know some of the safe companies make an actual safe door, which replaces the normal door to the room, but this too may cause my wife to have put into a rubber room somewhere. Her opinion of my sanity is not very high, but I’m good with the kids (they too are becoming good judges of quality knives, so our hobby has a great future).

I think you are right – insuring such a collection may be too expensive in the long run. I may have to settle for an alarm system better than the one I already have installed. The police in my small town are very good and respond quickly (at least they do to health problems. My heart had the unmitigated nerve to stop on me one day a couple of years ago, and I was amazed how quickly they got to my house, and then me to the hospital. Whether they will move so quickly to a break in is something I do not want to find out about.) Maybe I should move everything into a windowless basement room, but that will make it less fun to bring friends to the collection.

Am I the only one who sees a potential new business opportunity here? Become a certified knife expert and do per Diem work for insurance companies to determine the value of collections???? Last I looked, knife collecting is one of the fastest growing hobbies in the country. There has to be a lot more people on Cape Cod than just me who is wondering about his collections value. Maybe we can talk Bernard Levine into starting a web-based school to certify appraisers for insurance companies to refer to for requests like mine?

Come on Bernard! What do you think? There is a need here to be filled! Again, if anyone out there has any stories about dealing with an insurance company about a knife collection being lost, and can stand to tell the painful details, I’d like to gear from them. Depending what I hear will determine what I end up doing for my collection.

Thank you all for thinking about this. It’s a sad fact we all must consider such an event happening.

Scott