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    Help with insurance valuation collection only badges!

    Good afternoon All,

    RIDER:

    As I only collect WW2 German war badges I thought this the right forum as opposed to the "collector community forum". If it is still thought to be inappropriate please feel free to move it.

    PROBLEM:

    Having recently started from scratch collecting again (Aug03) after selling my previous collection in Mar 03 I am no longer familiar with replacement values for insurance purposes. Let me make it clear: I'm talking about the cost of replacing the collection (incl P+P etc) rather than the ticket prices. If anyone can give me an idea (preferably in €) of what the following amounts to I'd be grateful. I need this in order to insure the collection as a seperate "valuable" on my house insurance.

    List:

    All are condition 2.

    Heer:

    5 x Silver IAB Maker marked (MM): SHuCo 41, RS, GWL, Werstein, FZM
    12 x Silver IAB Unmarked (UM)
    1 x Bronze IAB MM: SHuCo 41
    1x Bronze IAB UM
    2 x GAB UM (one hollow one solid)
    2 x GAB MM Werstein and small w
    1 x Bronze CCC MM FLL
    2 x PAB MM herman aurich, AS (in triangle)

    KM:

    4 x Minesweeper MM: Schwerin, LM, RS, RK
    2 x Minesweeper UM
    1 x Coastal Art MM: FLL
    2 x Coastal Art UM
    1 x HSF MM: RS
    2 x Aux Cruiser unmarked (F&A attributable)
    1 x Destroyer MM: Schwerin
    1 x Destroyer UM

    Luft:

    1 x PO UM (early heavy tombak type)
    1 x Air Gunner UM
    1 x Wireless Operator MM Demuer Ludenscheid
    1 x Luftflak UM
    1 x GAB UM
    1 x Recon clasp (period repaired)

    Many thanks in advance ! It has been "doing my head in" trying to figure these out!

    Regards to all,

    Angus

    #2
    Hi Angus,

    I think this will be a little complicated.

    Here is what I agreed upon with my insurance company.

    We picked one representative German dealer capable of replacing my collection as bench market. Every 3 months my insurance company gets an update on CD Rom with pictures and a values based upon the dealers prices at the moment. The insurance company than makes the necessary adaptions to our contract.

    The day my collection gets stolen or destroyed I know exactly what my insurance will pay me and it's up to me to go shopping with that budget and try to put my collection back together.

    KR
    Philippe

    Comment


      #3
      Hi Philippe,

      Many thanks!

      Does this require the assistance of the chosen dealer or can it be done without their knowledge? Are you with an antiques/collectors insurance company or as a supplement to a standard home contents insurance?

      Regards,

      Angus

      Comment


        #4
        Hi Angus,

        No it's without the dealer being informed and yes it's a supplement to my home contents insurance. I can't tell you if every insurance company would be willing to do this but with the help of my insurance broker it worked out just fine.

        KR
        Philippe

        Comment


          #5
          But Philippe, how does your insurance company know that what you have is valuable and not repro crap? I mean with that "dealer model" they commit to paying the highest possible prices for ORIGINALS. I know you do not have fakes, but what if?
          Cheers, Frank

          Comment


            #6
            Dear Frank,


            You have a point there, but as you know they don't have to insure a DKIG with diamonds or an RK with oaks & swords.

            I guess they run a risk because they rely on what I tell them but the only expert I ever saw was more interested in the house it's alarm system than in my collection, of which ofcourse he didn't know nothing.

            I guess what it all comes down to is the total value of what they have to insure. If one day that value exceeds certain limits I can image that that would set of some alarm bells and they would send a more knowledgable expert.

            But for now the insured value of my collection in relation to the total risk they have to cover is fairly limited.

            KR
            Philippe

            Comment


              #7
              Hello Gentlemen,


              Great question and one that I asked Stephan Wolfe about when I went out to visit him. He said he uses the company, can't rememberthier name sorry about that. But they are always at the Max as well as the SOS show with a booth. They specialize in Militaria collectables, that is why if you order from Harden and Wolfe the parcel is not postally insured.

              I tried the homeowner thing as well as other avenues,in short it was a pain in the butt and the companies were clueless as to how to assign a value, meaning what medium to use.

              Best,
              JD
              What we do in life ehoes in eternity.

              Comment


                #8
                Hi Guys,

                Great info as always, thanks

                The reason for the original question was that my home contents insurers will insure a collection under "non-specific valuables" up to €4,950. If above that amount then they have a specialist "antiques/collections" department (which charges far higher premiums per €1,000 insured ).

                As always, it is interesting to see how various members cope with the whole insurance issue.

                Regards to all,

                Angus

                Comment

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