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 Replies: 13 / Views: 2,286 |
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Bedrock of the Community
United States
12057 Posts |
Working with my insurance agent, trying to get additional rider for coverage for my coin collection. Got a quote - no problem, but the underwriters want more information now, and if anyone has experience here, it would be helpful. She lists the things they want: - Inventory list (got that) - Date, denomination, mintmarks, grade/condition, country (got that) - Price paid and current market value (got that) - Precious metal content (don't have but easy enough) But then she adds in: - Catalog number: I have KM #'s for world coins, but what do I do for US coins, medals, etc? So my first question is -- what do I use for a catalog number for US coins? Second -- they also want a coin dealer appraisal. The nearest dealer is 25 miles away, and I do not know if he does appraisals. If he does, that is my next set of questions... - Do I have to physically bring my entire collection to him for an appraisal, or is my inventory list sufficient? - How much is an average cost to appraise a coin collection for insurance, is it done on a per-coin basis? Any advice/help would be appreciated. Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
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Forum Dad
 United States
24154 Posts |
Pretty sure we didn't have to go through all that with Hugh Wood. Contact Nancy Khoury at Hugh Wood. Call the Manhattan office and ask for her. Tell her Susan at CCF Numismatics sent you. We have business insurance but they do personal also. One policy insures a total dollar amount on the premises plus anything shipped to or from us. (No more PO insurance  ) If the value we have on the premises is going to go up or down a lot, Susan just shoots her an email to adjust it. |
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CCF Advertiser
United States
1533 Posts |
I have a personal policy with Hugh Woods. They understand Numismatics which makes a big difference. They wil not ask you for a lot of nonsense like your insurance agent did.
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Moderator
United States
34398 Posts |
@paralyse, just in case you decide to continue on with your current agent, couldn't you use Krause's catalogs also for your US coins? I was thinking that they list coins from the USA also. "If you climb a good tree, you get a push."
-----Ghanaian proverb
"The danger we all now face is distinguishing between what is authentic and what is performed."
-----King Adz
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Bedrock of the Community
 United States
12057 Posts |
Ah, Spence, you're right, & Bobby, I will call them straight away tomorrow.
Are they going to want a professional appraisal done as well?
My insurance agent wants $1100/year just for a collection replacement retail value in the very low 6 figure range. By comparison, my homeowners policy is only $1500/yr.
Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
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Forum Dad
United States
24154 Posts |
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Pillar of the Community
United States
5825 Posts |
Forget your homeowner's policy. They will charge you about 3-4 times what Hugh Wood will. I know; I've been through it all. The only BUT is, to get a policy through Hugh Wood you have to be an ANA member. But that's cheap. |
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Pillar of the Community
United States
536 Posts |
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Valued Member
United States
211 Posts |
Hugh Wood only requires appraisals and itemization on items worth more than 10,000 dollars.
Most Hugh Wood appraisals are for between 3-6 dollars per thousand dollars of coverage. Very affordable. 60-120/yr for 20k in coverage.
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CCF Advertiser
United States
1533 Posts |
A $100K collection will be on the order of $200-$300 per year fro Hugh Woods. They will not ask for any appraisals, but single items over $10K they want itemized.
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Bedrock of the Community
United States
12057 Posts |
I wish I were so fortunate as to have a coin worth $10k but alas, no such luck. I am going to call them tomorrow as Bobby suggested, $200-$300 is way better than $1100!
Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
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Pillar of the Community
United States
1314 Posts |
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Rest in Peace
United States
2668 Posts |
Quote:
No more PO insurance That is excellent, bobbie! PO insurance is notoriously worthless, especially to coin collectors. Been there, done that; didn't get a T-shirt, just a sore wallet.  ETA: I just joined the ANA. this is the straw that pulled the lever! Edited by Parklane64
05/11/2017 2:52 pm
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New Member
United States
49 Posts |
Interesting topic, this is a choice I've struggled with as well, specifically with shipping insurance. For my cheaper coins I want to sell I feel like I'd be losing too much value by having them insured. With my more expensive coins I've considered going on a road trip with friends this summer and hand delivering to buyers myself.
I don't know if this is unrealistic or not, but I haven't really made up my mind on the subject.
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Replies: 13 / Views: 2,286 |
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Posted 05/10/2017 6:48 pm
