Insurance 3 3

[lizards2]

37 minutes ago, NoMan said:

I say everyone gets a Safe Deposit Box. I love em!

And still gotta have insurance cause the bank don't insure what's in the box....

IIRC you had some sort of sweetheart deal for an extra large box, that the rest of don't have access to.

[ADAMANTIUM]

But seriously, most of these threads end in someone explaining different companies insurance payout... at least from the one cgc advertises....

But I'm more thankful that ever in this small grouping that not a lot have had to file claims...!

Oh and "coverage" hehe!

[NoMan]

16 minutes ago, lizards2 said:

IIRC you had some sort of sweetheart deal for an extra large box, that the rest of don't have access to.

It's the standard cost. It's what anyone would pay, but yes, I got on a waiting list in my early 20's and after 17 years a large box became available. these large boxes are very, very rare and are often handed down from family generation to generation through wills, or something like that the Wells Fargo guy was telling me. I live adjacent to an old money kinda area and those big families got em all with who knows what in 'em. Things can get dicey tho because the banker is suppose to turn around and not look what you put/take out of your box. There is a very real fear that someone is going to get a gun into the insides of a bank this way, as opposed to walking through the front door or whatever. 

From I gather from my Safe Deposit Box research is that they really aren't that profitable for the bank, but to keep the rich old timers customers happy (at least in my area) they provide the service. Sometimes old folks are in there just fondling stuff. Like one time I saw some old guy just running his fingers over this old lamp. You're really suppose to go in a private room to look at your goodies buy most people don't. 

Edited April 14, 2020 by NoMan

[Lightning55]

25 minutes ago, Bakerbr13 said:

what do you mean by "30K coverage"? I don't know but is $500 a year a lot?

Covered contents of $30,000. 

I guess it depends on what you consider "a lot".  For me, it was an easy decision.  Shipments down to FL were costing me $80/ month for USPS insurance or FedEx insurance.  So that's $1000/year.  Just on shipments down, I'm saving $500/year.  Coming back, there was NO insurance, or $100 insurance, same as zero.  Now it's covered almost completely.  That's a bonus, as well as my stock being covered where it sits.  So no, I don't think it's a lot, nor "usurious" as @lizards2 referred to it.  But I haven't tested the provider on a claim,either.  So, there's that.

[NoMan]

6 hours ago, Greatness said:

Since you said these threads always come up, I'm waiting to see if you have had any or heard of any experiences regarding claims.

No. I’m not sure anyone had that has spoken. Could be wrong. 

[Lightning55]

9 hours ago, Greatness said:

I was asking about more coverage than $30k PER shipment.  What if we bought a book for $50k for example?

Yes, that is a different situation, if you are only concerned about that one event.  You could have it sent Registered Mail, which has full indemnity, tops out at $50,000 coverage.  That's $100.25 just for Registered Mail service, not including the actual postage.  But as soon as you have the book in hand, it's uninsured, unless part of your homeowner's policy.

Or you could just get a higher CIS policy limit for shipments.  It will be more money, probably not a huge increase.  They will quote you on the added coverage so you will know.  You can increase your Shipping coverage in 2 ways.  Ask specifically for more shipping coverage only, or cover your entire collection for a greater amount, like $500,000.  10% of $500,000 is $50,000, so you can order that $50k book and not be beyond your coverage.  And if you are at that level of value on a single purchase, chances are your main collection is high value.  I have no idea what that policy would run.  Maybe the rate compresses as you go up.  At that level, you may have more options open through various commercial insurance providers.

Edited April 15, 2020 by Lightning55

[alexgross.com]

11 hours ago, Greatness said:

Since you said these threads always come up, I'm waiting to see if you have had any or heard of any experiences regarding claims.

several boardies on other threads like this have said that CIS did pay their claims, but that after one or two claims, they cancelled the policy. if you dig around you should find the thread.

i have a policy with them, never made a claim. my collection value is quite a bit higher and my annual premium is something around $600. it covers what i have in the bank, at home, and all shipments to and from, so long as sigs are required.

[NoMan]

speaking of which i guess i have to comic apprasied and that ups the value and ups the premium. Wonder who has to do the apprsial?

[Mr. Zipper]

20 hours ago, lizards2 said:

IIRC you had some sort of sweetheart deal for an extra large box, that the rest of don't have access to.

Try finding a bank with safety deposit boxes these days... May be readily available in some areas, but it is tough in the semi-rural suburbs. 

[Wipple]

I have 250k policy with CIS. premium is around 1100 a year. They insure my home and safe deposit box. Never had a claim. You need to disclose any one item worth in excess of 25k. Lots of small print as well. My wife made me buy the policy, but it helps me sleep at night. 

[alexgross.com]

8 hours ago, Mr. Zipper said:

Try finding a bank with safety deposit boxes these days... May be readily available in some areas, but it is tough in the semi-rural suburbs. 

in LA its also very tough to find ones big enough for comic slabs.  i was ecstatic to find a few big ones here after no luck at many banks. most banks here just have tiny ones that are only good for jewelry or cash. 

[NoMan]

i just paid my comic book insurance for the year. 

[lizards2]

1 hour ago, NoMan said:

i just paid my comic book insurance for the year. 

Sorry for your loss.  

[NoMan]

11 minutes ago, lizards2 said:

Sorry for your loss.  

serious question here: I should get the book, umm, forgetting the word now. Apprasied that's it. right? I figure it's gone up or maybe down but it's a pretty stable mega key. Who do I hire to do that? And that means my rates go up cause it's worth more.

Edited April 17, 2020 by NoMan

[Wipple]

31 minutes ago, NoMan said:

serious question here: I should get the book, umm, forgetting the word now. Apprasied that's it. right? I figure it's gone up or maybe down but it's a pretty stable mega key. Who do I hire to do that? And that means my rates go up cause it's worth more.

You can schedule any individual item worth more than 25k. Yes , if it is worth more to replace(gone up in value), naturally the rate to insure it might cost more   .  We also have access to price guides, GPA , other auction house results etc.. to prove current market value. I do not see a need to hire an appraiser for a stable mega key. One of a kind items are a horse of a different color. Hope you are safe and healthy!

[NoMan]

1 hour ago, Wipple said:

You can schedule any individual item worth more than 25k. Yes , if it is worth more to replace(gone up in value), naturally the rate to insure it might cost more   .  We also have access to price guides, GPA , other auction house results etc.. to prove current market value. I do not see a need to hire an appraiser for a stable mega key. One of a kind items are a horse of a different color. Hope you are safe and healthy!

i guess i gotta call my insurance and ask. Do you know the second I unlock the key and open the door to my Safe Deposit Box the book is no longer insured. It's only insured in the box, door locked. It sounds insane. Maybe I'm wrong. I should call. 

I would like legendary comic book expert/collector/lock & stop dancer Magik Woo to appraise my comic. But he won't even give his fax number to somebody to give me yet he'll go to conventions in Canada and talk and talk and talk about himself and his collection until people grow tired of him and wish he'd shut the F up. And here I am WANTING to talk to him but he won't talk to me!?

Somebody please make this situation right......,

Edited April 17, 2020 by NoMan

[loganparker]

I pay for an annual membership to an online price guide and have my entire collection uploaded to it. I’m able to then download an Excel file that includes every book I own with a “relatively” accurate value. For those books that at are not accurately valued based on industry standards/ current sales, I can manually update the value. I then send the entire file with all my books to my insurer and they update my policy (normally every year or so). 

[NoMan]

20 minutes ago, loganparker said:

I pay for an annual membership to an online price guide and have my entire collection uploaded to it. I’m able to then download an Excel file that includes every book I own with a “relatively” accurate value. For those books that at are not accurately valued based on industry standards/ current sales, I can manually update the value. I then send the entire file with all my books to my insurer and they update my policy (normally every year or so). 

I'm not understanding how you "manually update" an in demand key, the value of which is reflected poorly in a price guide. I'm sure the insurance company would have a hundred problems with your "manually" listed value when and if pushed came to shove and you had to file a claim. I'm just guessing so please help educate me, because it's kinda exactly where I am.

Thanks in advance.

[loganparker]

1 minute ago, NoMan said:

I'm not understanding how you "manually update" an in demand key, the value of which is reflected poorly in a price guide. I'm sure the insurance company would have a hundred problems with your "manually" listed value when and if pushed came to shove and you had to file a claim. I'm just guessing so please help educate me, because it's kinda exactly where I am.

Thanks in advance.

I manually update my top tier books where the value in the price guide is off by a thousand or more. The other books I don’t worry about too much. I figure with my collection size the rest all even out relatively speaking (some a little more/some a little less than the online guide value). 

[NoMan]

1 hour ago, loganparker said:

I manually update my top tier books where the value in the price guide is off by a thousand or more. The other books I don’t worry about too much. I figure with my collection size the rest all even out relatively speaking (some a little more/some a little less than the online guide value). 

I'm not understanding how you just arrive at a price (without proof) and give it to your insurance company and they say "OK."