Insurance for Collection

[billy]

Hi am sure we have all looked into this and found various ways of Insuring our collections? But is there an actual Insurer who deals in Collections? at one time I did look into it what with being posted and at the time being single my gear went to my next unit long before I did! It always arrived O/K but have heard of not so fortinate occurances, but being so far back cannot for the life of me remember how I sorted this out, taken out a policy with A-plan or something?

Personally mine is under the House Insurance! Now whether this is Good? or Bad! I don't want to find out.

But! is there a better way of safeguarding our collections? One of the reasons I take so many pictures of what I find, but have been hacked (Lost all my photo's and had to do them again), and just recently been locked out of drive by something infecting my drive extorting cash to fix problem -Spam-mail, beware! It does make one think?

Many thanks Billy

[manchesters]

Billy,

I use the following:-

H.W. Wood Limited (HWI) - www.hwiuk.com

email: -- collectibles@hwiuk.com

regards

[David Tremain]

I think however you go about it you need to put a value on the collection, or maybe even individual items, what is known as 'fair market value'. That means getting them appraised by a reputable dealer. You may know how much you paid for each one, if you keep a record, or what certain badges typically sell for, but most insurers would want to know what they're worth. Unless there's some really exceptionally rare items which may need to be insured separately, you can probably add it as a rider under the house insurance, as you have done.

David

[54Bty]

My Mother looked into this many, many years ago as my collection was held in our home (I being off places). A couple of reputable dealers visited at different times, and left there opinions. The Insurance man was then called round to explain the cost of a separate insurance, it turned out the premium for the collection would be nearly as much as that for the House, so it was passed by.

Marc

[magpie]

I'm sure I was told they would only pay out £1000 for a collection if it was on the household insurance.

[Deejayuu]

Originally Posted by manchesters

Billy,

I use the following:-

H.W. Wood Limited (HWI) - www.hwiuk.com

email: -- collectibles@hwiuk.com

regards

Totally agree with Simon,
H W Wood highly recommended. Not sure if it is still the case but they use a medals policy adapted to suit cap badges which works nicely. Premiums modest for the value of the collection,

Regards, Dave

[billy]

Do not like the idea of £1000 for a collection! Best I check out Simons suggested Site!

Many thanks all, this was for a friend but perhsos I had best heed this also! Cheers billy

[badjez]

When I was living in the UK our house contents was taken out with Lloyds Bank. Their view was not to consider a collection as a whole, but to look at individual pieces. If no one piece was valued at more than an agreed amount they would then insure for a total value including badges within the total house contents. All they needed was a list of items when I first took out the policy. Each renewal I upgraded the total value as needed.
This proved to be much better value than specialist insurers.
I appreciate that things may have changed in the last five years.

Stephen.

[mac mcconnell]

My house insurance covers any single item up to £2500. Other more expensive items are insured separately for a few quid a month more.

[billy]

Mac I think this is similar to the one I have, but have never supplied lists! Which makes sense but I can imagine the query "but Mr Girvan why do you need 75 Royal Irish Fusiliers badges?"

Am going to have to check into this, Magpie mentions £1000 as a whole collection, yet you have it as I had thought! that our house insurance had it covered. Though do not want to put it to the test I would like peace of mind!

Will post results, all the best and thanks one and all!

[Traist]

Originally Posted by 54Bty

My Mother looked into this many, many years ago as my collection was held in our home (I being off places). A couple of reputable dealers visited at different times, and left there opinions. The Insurance man was then called round to explain the cost of a separate insurance, it turned out the premium for the collection would be nearly as much as that for the House, so it was passed by.

Marc

I had the same problem, and they also stipulated that I had to build a vault in my house for the collection. If I had a vault, surely I wouldn't need the insurance????

[magpie]

I'd just like to add that it must have been over 10 years since I got my information and the 1000 mentioned, also if I remember correctly the household insurance was of unlimited value so you didn't have to worry about upping your insurance every year and not having enough to cover you if you lost everything in a fire say, the £1000 was for the collection as a whole one item as it would have been classed, perhaps Mac and anyone else should ask their insurer to clarify the £2500 per item or as an entire 3000 badge collection say.

[REME 245]

When I brought my new house last year I enquired over the phone for a quote and having received one for the house I then asked about my collection. The operator then got very funny and said every single item would have to be listed and valued. I said that would be huge job so I won't bother I will just take the House Insurance. At this stage she refused to offer any insurance for the property. Quite if she thought I was trying some kind of scam I do not know but very strange behaviour.

[billy]

Checked with the wife, when we reinsure each year I have to place a value on my collection for replacement, so if I consider it to be £5000, - £30, 000 this goes onto the House Insurance, while serving I took out a personal plan against the collection, primarily for when I was posted as that was when it was more likely to go astray, and personal effects did go astray! am sure ex service on here can vouch for some horror stories, I didn't have as much then as now but! some had memories if you understand me?