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 Replies: 15 / Views: 2,033 |
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Valued Member
Canada
413 Posts |
I think my collection has reached a point where it would be worthwhile to insure. Spoke to my agent recently when renewing the Condo insurance and he indicated that the collection would need to be appraised but had no suggestions as to where I would have this done in London.
Where would one take their collection to have an appraisal done that would satisfy the insurance company? I don't want to send in every coin, banknote and NCLT in for grading - the costs would be astronomical.
Would an LCS do this type of appraisal, what sort of expense would I be expecting for this? Pretty much have the 20th century covered with coins missing a few key dates, many Banknotes from 37 to the current series and probably about 50 NCLTs
Most of my coins and banknotes are lower grades G to EF up until 1960 but all coins are PL or better afterwards and I try not to buy anything less than AU in banknotes - again there are a few exceptions for rarer issues.
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Pillar of the Community
Canada
1747 Posts |
Did he mention the premiums? When I looked into adding coverage the cost was exurbanite. the regular coverage covered up to $1000 for coins and $1000 for bullion, not sure about Bills.
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Pillar of the Community
Canada
3049 Posts |
I would recommend going to an LCS... I think gatewest here in Winnipeg will do it for around $70 if you need something done up in writing...
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Valued Member
Canada
496 Posts |
Lucy , in London you can take it to Bill at
London coin . (call first to make sure he is there )
You are welcome to come out to a meeting as the local
numismatic is growing in popularity . People there can
tell you what you have but can't appraise
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Valued Member
 Canada
413 Posts |
Hey Bill thanks for the info - where and when do you guys meet, I'd love to come out and check out the local scene
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Pillar of the Community
1844 Posts |
you might want to ask your agent how much it will cost in extra.. When I asked I was told I needed a seperate ryder clause and the cost was 100.00 per 1000.00 of value .... So if you have a 100,000 + collection then you extra ins. will cost you 10 g's yearly ... Much cheaper to get a safety deposit box. Also for the older rare stuff you have to factor in replacement cost and thats if you can find it ? so lots to think about... I have the bank box and also an inground safe not to mention the highest security system you can have .. Premises protected by Rottweilers INC. and Armed owner who loves his place  and of course the local PD monitered alarm.... |
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Moderator
 Canada
10458 Posts |
Try Hugh Woods, they insure numismatic collections at a very reasonable price. They usually advertise in the CN Journal.
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
 United States
1949 Posts |
I agree with SPP give Hugh Wood Inc. a call, if you try insuring via your regular homeowner's/renters insurance cost is very high
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Valued Member
Canada
496 Posts |
I agree with artdio ( minus the dogs ,too messy)
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Valued Member
Canada
496 Posts |
Lucy we meet the first Tuesday of every month at the
Masonville Loblaws (upstairs ) 7:30 pm. Lots of info
and nice knowledgeable people. Will try to post the
topic when I find out.Need directions?
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Pillar of the Community
Canada
1980 Posts |
put your really valuable stuff in a safety deposit box and the rest in a good safe at home,
if you insure your collection you need to appraise it every year pay so much per $1000 worth every year, not worth it, the money you spend over a period of time will easily pay for you collection a few times over, my sister is an insurance broker and she told me dont do it, not worth it
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Pillar of the Community
Canada
5394 Posts |
absolutely stupid money to insure a collection. A safe home security system and a bank SD or two should do the trick.
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Valued Member
Canada
413 Posts |
Thanks for all the replies and advice, I now think that a home safe and security system is the way to go Quote:
Lucy we meet the first Tuesday of every month at the
Masonville Loblaws (upstairs ) 7:30 pm. Lots of info
and nice knowledgeable people. Will try to post the
topic when I find out.Need directions? Thanks for the info Bill, unfortunately that won't work for me as I start work at 11 pm Sunday to Thursday and I quit driving years ago. It's Luc V not Lucy Edited by lucv13
07/24/2014 11:45 pm
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Pillar of the Community
Canada
5417 Posts |
My collection is worth a fair bit now, but I don't have it insured, I have a home security system and a Quarter-Ton Bullet-Proof safe (Try carrying that out of the house) hidden, I keep my other valuable stuff in there too. You'll do fine without insurance, it's just too expensive for a coin collection unless yours is $100,000+ (In which case there is real risk of theft), get a decent security system and don`t advertise your collection and you should be fine.
Edited by zxcccxz
07/24/2014 11:38 pm
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Valued Member
Canada
496 Posts |
Sorry Luc v, phone screen is not the best for reading.
If you get a day off,and want to attend a meeting just
let me know
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Valued Member
Canada
299 Posts |
One of the best security systems available is silence. :) The fewer that know you collect, the better. Collecting can be a lonely hobby!
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Replies: 15 / Views: 2,033 |
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Posted 07/24/2014 02:59 am
