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Author Topic: Insurance  (Read 201 times)

wallie

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Insurance
« on: September 07, 2018, 11:07:11 PM »
Do people here insure their collections? If so, do you mind sharing a few details as to rough costs and which insurers you use?

FlashGP

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Re: Insurance
« Reply #1 on: September 09, 2018, 07:10:35 AM »
You might be able to insure your collection with a commercial Insurance policy, but I doubt house hold policiies cover collections.

my policy specifically excludes gemstone rough and cut gems that are unset.

I thought about making a line "jewellery" that you could easily set and unset the gems in, but it is easier to put them in the safe. 

The insurers have fairly low caps on the value of jewellery covered in a policy, so most people would not have cover for all their jewellery and probably not realise it.

regards
Gordon
Yours Sincerely
Flash (Gordon)

MrSydney

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Re: Insurance
« Reply #2 on: September 09, 2018, 11:28:42 AM »
What FlashGP is saying is correct.

Most standard household policies have a very low limit and you would want to have photo evidence of everything you have. 

Many lenders have the ability to cover specifically listed items but generally they would want a formal appraisal of some kind in the way 'jewellery' or any special type of collectable.  But what would qualify as an acceptable appraisal could be difficult for a general rock and mineral collection.  While this would work for a static collection (or part that is static) if you are cutting and selling stones even semi regularly it may struggle.

I know there is a specific scheme run for jewellers which includes unset gems but I'm not sure if you have to be registered / qualified in any specific way.  Assumedly there is a jewellers association or similar you could perhaps just search online and then reach out too and see whether you have capacity to qualify even if you have to consider becoming a member.

That's all I can think of.

Gemster

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Re: Insurance
« Reply #3 on: September 09, 2018, 09:11:01 PM »
My 'Tenants' insurance will cover Collections up to the value of $2000... But you must tell them that you have a Collection and photograph everything....

 Gemster.... beers
I swing a 12-pound hammer,smash gibbers by the ton
I used to think it convict work,but now i think it's FUN

Aussie Sapphire

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Re: Insurance
« Reply #4 on: September 10, 2018, 07:03:46 PM »
The other issue is that sometimes even if you list a collection on your insurance policy, the company will insist that you upgrade your home security accordingly.  I know my boss got caught out trying to insure his wife's jewellery (quite a few expensive pieces that were important to them) - the insurance company would add them (listed, photographed, valued) BUT wanted him to put proper security screens on every single window and door plus a whole bunch of other upgrades.  The cost of doing that was exorbitant.  Not sure he went through with it in the end.


Something to check on.  No point paying for a lot of extra premium to cover your collection if they end up refusing to pay a claim because they think your house wasnt secure enough.


cheers
Leah





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