Insuring one's collection and inventory

Here's a good one for you. I have talked to a few makers and collectors and have been unable to get a definitive answer to this question.

How can one insure their personal knife collection, or in my case any inventory I may have. I mean my collection is not static, I get and sell knives all the time, how do I make sure my knives are insured properly. I have heard that I can't add their value to my renters insurance. How then Do I do it?

I know some of you folks have your stuff insured. I hope so. Let me know have a few thousands worth of knives I would much rather have covered.

Thanks

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Peace

Paul
Custom Knife Purveyor
Circle P Knives
 
L

lifter4Him

Joined
Sep 30, 1999
Messages
4,229
Hi Paul,
A few years ago I had some knives stolen from my house. My home insurance paid but only because I had good documentation, pics on the computer, and receipts. For a dealer I'm not sure how it works but I remember an ad in Blade mag for someone who insured knives.
Dave
 
In some of the NRA magazines and gun mags (including Shotgun News, Gun List, etc.) there are insurers who will cover both guns AND knives. Some specifically mention commercial operations, others are for hobby collectors. If I come across the specific ads, I'll post them.

Best Insurance: Around 900 pounds of hardened steel wrapped around them.

DPD

[This message has been edited by DPD (edited 06-07-2001).]
 
Based on my experience and depending on the value of your collection, you can get a rider to your home owners insurance. It's not cheap,in my case about 10% of the value of my collection annually.
 
Try http://www.collectinsure.com/guns.htm

They are much cheaper than my homeowner's insurance rider would have been. Read through their detailed web site and ask them to send you a blank sample policy and read all the fine print yourself.
They appear to me to be reputable. Hopefully I will never really need to find out for sure.
 
<font face="Verdana, Arial" size="2">Originally posted by alex:
...send you a blank sample policy and read all the fine print yourself.
They appear to me to be reputable....</font>
Click to expand...

Thanks for the link, Alex. They sound like they are willing to cover all kinds of collectibles. I wonder if they would provide a reference from a satisfied customer whom they have reimbursed after a loss? No matter who provides the coverage, the secret in making a successful claim is documentation - receipts, serial numbers, digital photos, emails from makers, etc.

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Holger :c{{{&lt;
AKTI Member No: A001324
CKG-F
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www.cockroachfarm.com
 
What Cockroach said ;-) Thanks Alex, I will explore my options with these folks they appear to be what I am looking for, unless someone can show me a better source.



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Peace

Paul
Custom Knife Purveyor
Circle P Knives
 
I have what's called a "Personal Articles" policy with State Farm. It insures my firearms and knives. I provided complete descriptions of each item, value, serial numbers (firearms) etc. As my collection changes, I simply fax the changes to my agent and the policy gets updated. The cost is small; about $150 annually to insure around $15K worth of stuff. Gives me peace of mind, and hey-if it ever DOES get ripped off I get to go on the buying spree of my dreams!
-Paul
 
My stupefying ignorance in this area has always killed me.

I lost a knife about 14 years ago in a burglary. A nice hunting knife my father had bought from "an old Norwegian" near Missoula. He gave $5 for it in 1947.

I tried to explain it to the insurance agent. I said it wasn't "pretty" and it was different than any other knife I'd ever seen. I said it was the sharpest, best knife I'd ever seen. They gave me $100 for it.

I know now it was a Rudy Ruana. Still would much rather have it for sentimental reasons, and now "collector" reasons. Oh well.

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Asi es la vida

Bugs
 
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