I was just flipping through a bear magazine and saw an ad for a company who insures collections of value. I've seen them before but wondered if it made sense to take out a separate policy for my bear collection. They boast they'll give better coverage and replacement value than a regular home owner's insurance company would.
Anyone have thoughts??? Suggestions??? Experience???
No, I don't have a HUGE collection of bears.... but I might one day! :pray:
Daphne, I have insurance on my doll collection and some of the more valuable bears. I just got mine through my house insurance company - on a separate rider - and it was quite reasonable. Haven't checked into those ones advertising in the magazines as I wasn't sure if they'd be available here in Canada and anyway I am well enough satisfied with what I've got now. I've had it for about 20 years have never had to make a claim but you never know!
Bear hugs, Edie
All I can say is that we had a house fire back in May 2000 with Allstate. They had the house, and then a seperate policy for the contents of our house. At the time all I had was manufactured bears (predominantly Boyds) so no artist bears lost ~ thank heavens!!! However, three years and a dynamic lawyer who won our case, but took half of the settlement in payment (I think it was a fair deal because without him we would have gotten zip!).... Allstate is in my bad books and insurance in general
I think if I had more bears, and especially if I had older, valuable bears, I would be looking into a seperate policy for them. Most insurance agents have got NO clue on the value of bears. In fact, the adjustor for our case originally threw her nose up in disgust and asked if my bears were "Ty beanies". No, they were Boyds, so a bit more money than your insurance company is going to willingly fork over... ....and don't get all snooty over my bear collection !
I've no idea how well these specialty people are with claims. They might be good at taking your money, but not so good at handling the claim or forking over the money should the absolute worst happen.
Below is some info from a site regarding "artworks". When I worked in a gallery (100 years ago ) the owner always suggested doing what's listed here below and keeping the info in a fireproof safe. I'm going to do this with my bears going forward;keeping the invoice, descriptive list, & a photo.
" collector provides as much background paper as possible, particularly invoices from galleries and auction houses. "Object ID" documentation can be provided by specialist insurers for their clients. The description covers the type of object, materials and techniques, measurements, inscriptions and markings, distinguishing features, title, subject, date or period and maker. A photo of each work is advised.
Normal household insurance can include art works, but the amount that can be claimed for these valuables is mostly well below the total value of the objects. Works are not itemized according to individual value. And not all risks related to a collection are covered. An enhancement is a policy that lists specific valuables with an individual worth that is guaranteed in case of claims."
An enhancement is a policy that lists specific valuables with an individual worth that is guaranteed in case of claims
Yes, Chrissi, this is exactly what I have and I have provided the insurance company with photos and documentation as to the current value of each item. Just hope I never have to use it but I feel better knowing that I have that extra insurance.
Bear hugs, Edie