An article on art insurance
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29 posts in this topic

ThothAmon   
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Chubb is expensive but they will pay your claims fast with almost no dispute.  Have had my homeowners and umbrella with them for 15 years and they are rock solid (and probably 2x the cost of some other homeowner policies).  Have a small collectibles rider with them that would probably cover most losses.  as a result of deciding to start getting my collection graded I purchased a larger CIA policy for comics and art.  Salesman was very nice and knowledgeable and the policy seems low fuss, comprehensive and affordable.  Of course you don't know who's not wearing a swimsuit until the tide goes out but in my opinion CHubb's a guarantee and CIA is a hope.  As far as the article goes "blockage" doesn't really sound like an issue for comic books or comic art.  If 10 ASM covers or Kirby FF pages hit the market at the same time  I don't think prices would soften one bit.  Likewise with let's say 20 high grade Hulk 181's.  Just more blood in the water to attract more sharks.

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vodou   
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6 hours ago, cstojano said:

Its a total different policy from homeowners, which covers the stuff. Its for firearms, coins, stamps, guns, jewelry, camera, furs, silverware, instruments and a category they call "fine art." But fine art here means " Artwork, antique furniture, oriental rugs and antique musical instruments or guns that are used solely for display. " When I called they said no to collectibles, no action figures, comics, and things like that. But original art, hand drawn pieces would seem to easily qualify as artwork. I know I asked this when I called initially but I will call again.

That's good, just make sure they agree (preferably in writing) that what you call comic 'art' they call 'art' too, not collectible/ephemera of some sort that they can exclude. If get an answer you feel comfortable with and believe they will payout your stated value, then you've got a good deal there. Even if it's all hot air, most likely you'll never have a significant claim and you bought peace of mind for $56/year. That's what insurance really is - a (false imo) security blanket.

If you don't get an answer you like, ask for your past premiums back as you were paying for coverage that they refuse to (it's in black and white) provide.

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vodou   
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5 hours ago, ThothAmon said:

As far as the article goes "blockage" doesn't really sound like an issue for comic books or comic art.  If 10 ASM covers or Kirby FF pages hit the market at the same time  I don't think prices would soften one bit.  Likewise with let's say 20 high grade Hulk 181's.  Just more blood in the water to attract more sharks.

Blockage isn't 10 it's more like a significant percentage of an artist's entire body of work (or an edition). This go to dealers and hoarders that have concentrations. I think we'd all agree that if 25% of all Kirby, came to market on a single day in a single sale...it'd be blockage ;) If you were buying that much collector to collector...would you ask for a discount? If you were selling that much collector to collector...wouldn't you give a discount, if the deal depended on it, as long as you still have profit in the end? That's blockage.

Unless you mean 10 Ditko ASM covers? That's be something. Not sure what would happen there. But I'm betting more likely they would under-perform than over.

Look what happened two months ago at Hake's when a single Zeck Captain America book was broken up. The final numbers weren't bad, and one could argue that Hake's bidding system left something to be desired (and scared bids off) but the end result was mediocre numbers. Not bad, but not great either. That's one book out of thirty, what if it had been six (20%) at HA?

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comicwiz   
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On 12/09/2017 at 4:40 PM, ESeffinga said:

Thanks for sharing as it is a topic that does interest me. Admittedly, I couldn't get through half of the article because it's terrible and disheartening to read how people who have paid into insurance coverages to protect their property are misled.

Blockage discount :censored:

Edited by comicwiz

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comicwiz   
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On 16/09/2017 at 0:29 PM, glendgold said:

As I recall, there might be some issue with renting vs owning.  As in: if you have homeowner's insurance it might be cheaper than if you're looking to add a rider to your renter's policy.  Or vice versa. 

Renters coverages on items such as this would be dicey. I know here in Canada, as a landlord, I have been refused "rental insurance" coverage unless my tenant got their policy through my company.  I would extend this precaution to anyone living in a condo (even if you own it) - check with your insurance on any restrictions. I'll lead into this point below:

On 16/09/2017 at 7:33 PM, vodou said:

It's not so much that I think they're fulla but more like there is a coverage misunderstanding here, you think it's art (guessing here but probably) bundled in with the rest of your 'stuff' and they think it's just 'stuff'. Read the fine print, is there an exclusions section? Even if there isn't, most likely your art is still excluded. You will lose when push comes to shove (always with insurers, always).

I've remarked about this before, but I guess it bears repeating. Any insurer who will take your premiums, tell you exactly what you want to hear, and go with your direction of value, are the ones who will find a way out of paying. I didn't need to read this article, or the quote from the ump about the insured "agreeing with himself" - it's a classic out. An appraisal by an impartial party would be even more important than any percentage of value, and it has to be replacement cost coverage.

Most people will insure their collections to mitigate the risk of theft, but many are unprepared for water and fire, and this is why insurance would be required. I've retold stories of people being denied based on historical claim activity in their area (even when the insured never put in a claim themselves), but in a multiple loss scenario due to natural disaster, it is sinister and downright despicable to treat people this way.

Edited by comicwiz

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vodou   
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4 hours ago, comicwiz said:

Any insurer who will take your premiums, tell you exactly what you want to hear, and go with your direction of value, are the ones who will find a way out of paying.

Rock solid, and you did in one sentence what I haphazardly tried to express in paragraphs. Good job!

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stinkininkin   
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So between sky high premiums, willful misdirection, and eventual non payment (or underpayment) by insurers, someones suggestion of a rated fire and waterproof safe is really your best bet, do I have that right? Puts those with a lot of their art on their walls in a tough spot though, doesn't it?

Scott

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mxs7   
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11 minutes ago, stinkininkin said:

So between sky high premiums, willful misdirection, and eventual non payment (or underpayment) by insurers, someones suggestion of a rated fire and waterproof safe is really your best bet, do I have that right? Puts those with a lot of their art on their walls in a tough spot though, doesn't it?

Scott

And if you get a safe, be sure it is rated for paper items and that there is a mechanism for controlling humidity inside the safe!

But yeah, even a proper safe doesn't do the art on the walls much good. 

Mike

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vodou   
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13 minutes ago, stinkininkin said:

So between sky high premiums, willful misdirection, and eventual non payment (or underpayment) by insurers, someones suggestion of a rated fire and waterproof safe is really your best bet, do I have that right? Puts those with a lot of their art on their walls in a tough spot though, doesn't it?

Scott

Scott you (the owner/collector) are always your own best insurance policy. Nobody will ever care as much as you, just make sure you care as much as you should :)

A top safe is good, and not in a dank basement or with water pipes overhead. The rest is up to whatever deity you lay faith upon ;)

If you gotta do wall (and don't just about all of us?) then secure the heck out of it but not so much that you can't pull it in a dash-n-grab fire scenario. And never leave home (no worries for the self-employed work-from-homes among us!)

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