BorderlineHoarder Posted August 22, 2018 Share Posted August 22, 2018 I remember one of the dealer reports in a recent Overstreet price guide discussing claims issues with collectibles insurance that gave me pause, but I don't think he dropped the company name. Link to comment Share on other sites More sharing options...
wombat Posted August 23, 2018 Share Posted August 23, 2018 Do you have to give them a detailed list of your collection? Link to comment Share on other sites More sharing options...
skypinkblu Posted August 23, 2018 Share Posted August 23, 2018 1 hour ago, wombat said: Do you have to give them a detailed list of your collection? No, just a list of anything worth more than $5k zosocane 1 Link to comment Share on other sites More sharing options...
wombat Posted August 23, 2018 Share Posted August 23, 2018 15 minutes ago, skypinkblu said: No, just a list of anything worth more than $5k Well, that won't take long. Link to comment Share on other sites More sharing options...
skypinkblu Posted August 23, 2018 Share Posted August 23, 2018 8 minutes ago, wombat said: Well, that won't take long. I understand perfectly Link to comment Share on other sites More sharing options...
zosocane Posted August 23, 2018 Share Posted August 23, 2018 13 hours ago, wombat said: Do you have to give them a detailed list of your collection? As Sharon said, you have to disclose individual books that you would value at $5,000 or more, assuming you want coverage for a particular book at that amount or higher. I think a lot of collectors don't understand this, and in fairness maybe they could explain the underwriting process more clearly. But it's all relatively easy. Of course, if you have mega-keys galore, then you have a lot of work to do in disclosing a ton of books at $5K and up. But for most of us, that's probably not the case. Also, if you have a run of a title you want fully insured that exceeds the $5,000 threshold, you disclose the title of the run and what you value it. Thus, "Amazing Spider-Man collection" and assign an estimated value. I'm very happy with them after using them 5 years or so. Their customer service is very good, no wait times. Kinda like the old days, they answer the phone pretty quickly. Link to comment Share on other sites More sharing options...
rogue14 Posted August 23, 2018 Share Posted August 23, 2018 4 hours ago, zosocane said: As Sharon said, you have to disclose individual books that you would value at $5,000 or more, assuming you want coverage for a particular book at that amount or higher. I think a lot of collectors don't understand this, and in fairness maybe they could explain the underwriting process more clearly. But it's all relatively easy. Of course, if you have mega-keys galore, then you have a lot of work to do in disclosing a ton of books at $5K and up. But for most of us, that's probably not the case. Also, if you have a run of a title you want fully insured that exceeds the $5,000 threshold, you disclose the title of the run and what you value it. Thus, "Amazing Spider-Man collection" and assign an estimated value. I'm very happy with them after using them 5 years or so. Their customer service is very good, no wait times. Kinda like the old days, they answer the phone pretty quickly. Did you get the boot after filing a claim? Link to comment Share on other sites More sharing options...
zosocane Posted August 23, 2018 Share Posted August 23, 2018 4 minutes ago, rogue14 said: Did you get the boot after filing a claim? Never said I filed a claim. Knock on wood that I won't have to. Link to comment Share on other sites More sharing options...
rogue14 Posted August 23, 2018 Share Posted August 23, 2018 9 minutes ago, zosocane said: Never said I filed a claim. Knock on wood that I won't have to. My mistake. 5 hours ago, zosocane said: I'm very happy with them after using them 5 years or so. Their customer service is very good, no wait times. I misread this part. zosocane 1 Link to comment Share on other sites More sharing options...
stippy52 Posted August 23, 2018 Share Posted August 23, 2018 On 8/21/2018 at 3:08 PM, rogue14 said: I was just about to start a thread on this very topic and company, good thing I did a search first. I’m on the fence too. Don’t have to many high grade books but hope to in the future. Things can and do happen so it’s disappointing to hear that they don’t want to renew your policy considering that’s what insurance is for. It’s their right yes, but what’s the point of you can’t use it again? Did you get another policy with a different company or just relocated the collection? Still in the basement. Just up higher on the shelves. Much Higher rogue14 1 Link to comment Share on other sites More sharing options...
Aman619 Posted August 24, 2018 Share Posted August 24, 2018 One should find out exactly what is covered, and what isn’t. The Insurance biz has certain views and “rules” about what they cover or exclude that don’t follow what we laymen THINK is bein* insured. Ask questions and get. True sense why to expect is you come home one evening and find your comics are gone, or underwater. for instance recently someone posted about how when a framer damaged accidentally damaged their original artwork, CIS told him it was not a covered event. He needed to pursue the framers insurance, and he didn’t have any.. insurance coverage does not cover your collectibles when they are undergoing “work” to them. This is also true when comics are being pressed. Buyer beware... HENRYSPENCER 1 Link to comment Share on other sites More sharing options...
marvelmaniac Posted August 24, 2018 Share Posted August 24, 2018 On 8/22/2018 at 10:16 PM, wombat said: Do you have to give them a detailed list of your collection? I gave them a complete list of all my books when I first got the policy then sent them a list of books/figures added each year since. Probably a lot easier for me since I do not sell/replace/upgrade, once I have it and it is in the collection it is there for life. Link to comment Share on other sites More sharing options...
atomised Posted August 24, 2018 Share Posted August 24, 2018 Do you know if these folks use Overstreet to value your collection in the event of a claim or do they reflect market prices via gpa? I'm concerned in the event of a claim some adjuster is going to leaf through guide to get values, which is not a total loss but sucks. Link to comment Share on other sites More sharing options...
rogue14 Posted August 24, 2018 Share Posted August 24, 2018 15 minutes ago, atomised said: Do you know if these folks use Overstreet to value your collection in the event of a claim or do they reflect market prices via gpa? I'm concerned in the event of a claim some adjuster is going to leaf through guide to get values, which is not a total loss but sucks. Good question. What do insurance companies use as a reference to determine the value of the items that are insured.. Link to comment Share on other sites More sharing options...
Hero Restoration Posted August 25, 2018 Share Posted August 25, 2018 On 8/21/2018 at 12:08 PM, rogue14 said: I was just about to start a thread on this very topic and company, good thing I did a search first. I’m on the fence too. Don’t have to many high grade books but hope to in the future. Things can and do happen so it’s disappointing to hear that they don’t want to renew your policy considering that’s what insurance is for. It’s their right yes, but what’s the point of you can’t use it again? Did you get another policy with a different company or just relocated the collection? I have CIS, and I find they are great for a dealer policy. However recently I found a better deal for personal collections. These guys are backed by a big Fortune 500 company, but much less rate. http://www.herorestoration.net/insurance/ rogue14 1 Link to comment Share on other sites More sharing options...
marvelmaniac Posted August 25, 2018 Share Posted August 25, 2018 My CIS policy reads that the actual insurer is... Lloyd's of London Link to comment Share on other sites More sharing options...
wombat Posted August 25, 2018 Share Posted August 25, 2018 Prices certainly seem reasonable. Just doing the quick online quote it was about $65 a year for a $10,000 collection. Link to comment Share on other sites More sharing options...
HENRYSPENCER Posted August 25, 2018 Share Posted August 25, 2018 2 hours ago, wombat said: Prices certainly seem reasonable. Just doing the quick online quote it was about $65 a year for a $10,000 collection. The prices are very reasonable for average collectors, but it gets expensive real quick if you sell online and are a full or part-time dealer. Then you are talking hundreds if not thousands of dollars per year. Link to comment Share on other sites More sharing options...
