Comic Book/Collectibles Insurance

[TMNTDude]

I'm seeing this thread talk about comic books, but was wondering if any of you have any original comic book art insured. If yes, what company are you using (please provide web links)?

 

My comic collection isn't that amazing, about 2 long boxes, 1 short box, mostly TMNT books. However, my original art collection is pretty nice. A lot of original TMNT pages, commissions, etc. I also have some toys/action figures in their original boxes.

 

Is there anything special you need to do for signed stuff? I have a TMNT 1 (3rd print) signed by Eastman and Laird.

 

Thanks for the info

[cbbcomics]

Thanks to everyone who contributed in this thread. This is a great topic and very important for anyone who has a decent amount of money (relatively speaking) in their hobby.

 

For anyone browsing this thread, Collectibles Insurance Agency (CIA) is one-in-the-same as Collectibles Insurance Services (CIS). CIS appears to be the parent organization with variations that include "CIA" for Michigan and "CSIA" for New York.

 

Being an expert procrastinator, for years now I've internally debated safe storage options, insurance, or both. But my inventory has grown to a point now at which it's time I drink the cool aide and stop procrastinating. Although keeping my inventory in a humidity controlled safe is a viable option, I think I'll start with the insurance and go from there.

 

Okay, I took the long way around a short track to say THANKS for the info, boardies!

[comicwiz]

In my experience as an accredited appraiser, and as helpful and well intentioned as it might seem, I have to agree with Nico's earlier statement about not taking some of the blanket suggestions here and apply them to your specific insurance needs. While CIS does appear to offer a no-hassle type of insurance product as far as making it easy to take your money, there are many things you need to consider with the items you are covering for loss as hassles will very likely present at the time of loss, and when you need to be properly paid for lost or damaged personal property.

 

Replacement cost coverages are in my opinion what everyone should be using with their collections. CIS has also cancelled several people's policies after loss claims were filed (the two I'm thinking off the top of my head were less than 3 claims in a year, and these were legitimate thefts, amounting less than $1000 for all their claims). While an insurer does reserve the right to cancel a policy based on the level of risk it is willing to accept, it's important to know what criteria is used to determine when they won't renew policies, and if it's based on claim activity, how much is acceptable, etc. This should be a concern to anyone should a substantial loss claim occur, especially in the event of fire or water damage.

 

While it is true to flooding does require additional coverage, most insurer have an add-on coverage now that covers everything in this regard, including water damage caused by inclement weather disasters. If you live in an area with a high amount of claim activity for wet/leaky basements or sewer backup issues, your policy will likely score you high on the risk scale, and your premiums will reflect this. This sucks for someone who has taken the time to properly protect their house with a grading plan that properly manages water flow away from the home, and or has a sump pump, but remember, this is likely because of poor grading by the builder, natural landscape, higher water table, etc., and it's for these reasons why insurance exists, so accept it as one of the extra steps and costs you need to take to insure your items are protected in the event of a loss.

 

For people with only example items, and/or items worth over $5,000, I would highly recommend an appraisal report with replacement cost value. Check with your insurer as I know many are looking for a report drawn up by an accredited appraiser to provide proper coverages. While an insurer can flat out deny your claim for not having a report, it's always a good idea to take individual photographs/scans of those items, and have at least 3 comparable listings showing their value (Buy It Now's or Asking Prices don't count - they have to be actual sold listings) saved in a folder somewhere in the event of a loss. Even in a situation where the insurer is asking for a report, it could reduce the handling time for an appraiser who would otherwise have to bill you hourly to take those individual photographs.

 

A spreadsheet isn't going to help when an insurer wants proof you owned the item. It goes without saying that higher value collectibles are the items your insurer should know about before anything else you have, and to hold back this information for fear of rising premiums is the wrong way to think. If anything, once you have this all done properly, you can shop around and arm yourself with knowledge and information to better ensure your claim won't be denied, and/or you won't be in a jam finding out your policy didn't properly cover your items.

 

While it is true that reciepts can help, it's usually in depreciated cost scenarios which don't always apply in our hobby, and they certainly won't be helpful in the cases where an items value has risen considerably since the time of original purchase. If I could be of any assistance through my appraisal service, you can reach me here or at the link I provided above.

 

[mattn792]

For people with only example items, and/or items worth over $5,000, I would highly recommend an appraisal report with replacement cost value. Check with your insurer as I know many are looking for a report drawn up by an accredited appraiser to provide proper coverages. While an insurer can flat out deny your claim for not having a report, it's always a good idea to take individual photographs/scans of those items, and have at least 3 comparable listings showing their value (Buy It Now's or Asking Prices don't count - they have to be actual sold listings) saved in a folder somewhere in the event of a loss. Even in a situation where the insurer is asking for a report, it could reduce the handling time for an appraiser who would otherwise have to bill you hourly to take those individual photographs.

 

Sounds like a great reason to use the registry for detailed record keeping (which as previously mentioned is also quite fun) and to keep a credit card handy just in case you suddenly need a subscription to GPA.

 

I'm glad I ran across this thread because it reminded me to e-mail my insurance agent since our homeowner's policy is up for renewal soon. My understanding has always been that my comics fall under personal property coverage for full value, but it never hurts to make sure of that. I'll follow-up if I get any pertinent information that would be of interest, with the caveat that I live in Illinois and your insurance experience may vary by state.

 

UPDATE: So here's some pertinent info I received in reply -- "Things that your policy would cover are fire, theft, smoke, vandalism, and other listed under named perils coverage. A covered loss under your personal property coverage will pay to replace or repair/restore comics with like kind and quality up to your policy limits."

 

(All State is my insurance company)

 

 

[W16227]

 

I'm glad I ran across this thread because it reminded me to e-mail my insurance agent since our homeowner's policy is up for renewal soon. My understanding has always been that my comics fall under personal property coverage for full value, but it never hurts to make sure of that. I'll follow-up if I get any pertinent information that would be of interest, with the caveat that I live in Illinois and your insurance experience may vary by state.

 

 

double check that for sure ---- "full value" - is where many policies require the appraisal on file with the company.

 

I was looking for something attached to my homeowners - and I do generally have coverage - but at the FACE value of the books - unless I have full appraisals. And with appraisals - they need to be on file and may require additional riders as many individual claims have limits (example - I had to add a special rider for jewelry to cover my wife's engagement and wedding rings). It is how the policy is worded.

 

If you are counting on homeowner - make sure you have a copy of the policy and have the agent direct you to the specific areas where collectables are covered - and look over exclusions, limits and any documentation requirements.

 

comicwiz may be able to expand on what he generally has to provide for appraisals - three is probably a standard for homeowners policies that he follows.

 

 

 

[Modernagecollect]

TMNTDude,

You can check out our page on original art insurance to learn a little more, http://comicbookinsurance.weebly.com/original-art-insurance.html, but generally most carriers will allow you to insure all of you collectibles on one policy. We act as a broker for our clients to find the right carrier, but in general original art is just as easy to insure and like comics you would need to schedule any one page worth over $2-25k depending on the carrier...

[Modernagecollect]

double check that for sure ---- "full value" - is where many policies require the appraisal on file with the company.

 

I was looking for something attached to my homeowners - and I do generally have coverage - but at the FACE value of the books - unless I have full appraisals. And with appraisals - they need to be on file and may require additional riders as many individual claims have limits (example - I had to add a special rider for jewelry to cover my wife's engagement and wedding rings). It is how the policy is worded.

 

If you are counting on homeowner - make sure you have a copy of the policy and have the agent direct you to the specific areas where collectables are covered - and look over exclusions, limits and any documentation requirements.

 

comicwiz may be able to expand on what he generally has to provide for appraisals - three is probably a standard for homeowners policies that he follows.

 

 

I agree, just like limits on guns, jewelry, etc. most homeowner policies only cover collectibles up to a certain percentage of your home. For example, if your home is $100,000 and your policy has a 10% cap, the policy would only pay $10,000 for ALL of your personal property. That's why many collectors turn to specialty carriers. Just make sure to educate yourself and READ your policy/quote.

[SoCalComics]

I filed a claim with CIA in 2007. My store suffered a flood; $13,000 in Modern comic book damage. CIA contacts another insurance agent to do the leg work. That agent wanted a detailed loss of each and every comic book, requiring us to the store the moldy books. Also, the agent depreciated the comics at current 15%, which was a cheap shot since -year old comics don't physically depreciate, only market and replacement value impact prices.

I complained to CIA that I was being stonewalled and a check for most of the loss was issued. I cancelled my policy after.

One aspect of CIA coverage that wasn't clear was shipping protection. The original policy was from 2007. It might not be the same now. The problem was there were gaps in coverage that were almost vague in description, limiting of CIA's responsibility.

I want to trust the shipping companies out there.

We shipped a $300 book to CGC with insurance. It was damaged in transit. USPS wanted proof of purchase, a specific purchase receipt. This comic came from a collection held by the owner for years. No such receipt could possibly exist. We could mock one up, how would they know? But it's not that easy. We've tried repeatedly to authenticate the value to gain coverage from USPS, but to no avail.

I contacted a USPS supervisor responsible for claims. She was posed this question: If I own a $300 comic I've had for years and USPS loses it will you cover me without a bonafide purchase receipt? She said we would need the receipt. I responded that never existed. The comic book increased in value over time.

I attach values to comics for a living and do formal comics appraisals. Still not good enough. She literally said these forms of collectibles may not be covered. She had no answer that provided uncontested coverage from USPS.

The USPS supervisor could not guarantee me protection if I mailed a collectible.

All this time I dutifully purchased insurance for outgoing packages through USPS. I filed a claim once before when you could submit at a branch office. It was a small amount that was judged at the window.The claim was quickly validated and I was compensated.

Everything is now online.

One comment that was made is that I had little prior activity so they didn't suspect me of cheating or abusing their system. They obviously track us.

Now I have a collection worth sending to get graded. No conventions are scheduled for San Diego with CGC/CBCS as vendors until February in L.A.

Who has the penultimate solution to guaranteed shipping coverage without hassle?