Collection Insurance - Canadian Specifically

[Darrell]

People,

I recently talked with my House Insurance Company and got the scoop on insurance for "Collectibles" such as medals. There was a set cost per $100 value.

However, they mentioned:

a. Any items over $2500 have to be accompanied by an "appraised" value.

b. Items under $2500 have to have some type of "proof" of purchase price.

OK ... who exactly in Canada would be an accepted "Appraiser" that would be accepted by insurance companies? What does this require, the person actually handle an item and report a value (similar to a Detlev COA)? What the heck does THAT cost?

What about if you don't have any of the original receipts for medals you have purchased?

I'd like to hear what others have done. Seems like alot of red red tape that could be more of a pain in the butt than anything.

Thanks.

[ApathyL]

What happens if the collectors just swap there items between them selfs. I belive that Detlev COA would be alright, because thats reall document and i think it doesn`t cost more then 20-30 Euro, check out the site its on there i think, but doing a COA on all items in a collection well.....you also have to ship it there.....

Good luck with it, i would be interested in how you can insure it really...


Regards, Les.

[Sean.E]

Darrell as a fellow Canuck I would like to know how this works out!!
Cheers,
Sean

[Darrell]

The other issue. YOu buy Medal A in 2001 for $1000. In 2009 it's worth $2000. What good does the invoice or receipt from 2001 do?

Does this mean you have to get EVERYTHING appraised? In the end it maybe cheaper just to let the whole works burn with the house

[Mat Holloway]

Best protection against theft!
Apparently he killed a gator

[SiPo]

The whole situation regarding insurance is a nightmare.

Personally, I collect extremely rare Gestapo and Kripo ID cards.

During one attempt to get my collection insured, I was asked to obtain a valuation from an expert antiques/militaria appraiser? How ridiculous! These items are so incredibly rare that 99.99% of dealers have never even seen one in the flesh let alone have one for sale, or be able to appraise one. I frequently receive emails from other collectors, and sometimes dealers, regarding these items and their values and, without sound of being big headed, am one of only a handful of people knowledgeable enough to do so. But can I give my own valuation...no!

There are literally only a handful of people knowlegeable enough to be able to genuinely appraise such items, and these are fellow collectors and, unless they are accepted as being "qualified" to be able to give such appraisals, their or my expertise in this field, count for nothing.

On the rare occasion one of these has been sold on the open market via a dealer, it has been sold way, way below it's correct market value so in this case an accompanying receipt would be of little help.

I suppose I could always ask a dealer to provide me with a certificate of valuation after I have TOLD him the real value of the item, but that would be like paying someone a lot of money for a service I have actually provided MYSELF which the insurance company would not accept in the first place!

Absolutely ridiculous!

So, now its in a bank vault but how safe are banks these day's?

[Darrell]

Yeah, I hear what you mean. Then what happens if you sell a couple of the insured items. You spend another 2 months trying to get the insurance you pay reduced

[Darrell]

I'm surprised at the lack of insight. Doesn't anyone insure their collections?

[Mike H]

...

Yes, but I live in the USA ...

We have an excellent company here (always at SOS as well) -- Collectibles Insurance Agency. None of that "appraisal" crap.

Mike