Primarily Petroliana Shop Talk Forums Shop Talk Petroliana Forums Petroliana News DO YOU HAVE ENOUGH INSURANCE ON YOUR COLLECTABLES?????

TO ALL OLD GASSERS!!!! HOW`S YOUR COVERAGE ON YOUR ITEM`S YOU COLLECT??? I LIVE IN A TOWNHOME AND HAVE MOST OF MY COLLECTABLES IN MY GARAGE.MY GARAGE IS ATTACHED TO MY NEIGHBOR AND HE HAD A FIRE 2 DAYS AGO WHICH COMPLETELY DESTROYED HIS GARAGE ABOUT 25% OF MINE WHICH CONNECTS IS GONE.LOST MOST OF HIS HOUSE BUT I CAME OUT OK ONLY LOOSING 10 SIGNS MOSTLY VEEDOL ONES..I`M VERY LUCKY NOT TO LOSE ALL MY ITEMS WHICH I HAVE OVER 1250 ITEMS MOSTLY HANDY OILERS---FLYING A- ITEMS QT CANS-THERMOMETERS ETC..I JUST WANTED TO PUT THIS OUT TO EVERYONE TO MAKE SURE THEY HAVE ENOUGH COVERAGE ON ALL YOUR STUFF AND CURRENT VALUE.... TTXS ALAN

Ouch.... Alan, if you need any help over there, give me a call...

Alan,
I am glad it was not worse for you. Very good advice. Better to know your coverage before it is too late.
Mike

Also have lots of Pictures to prove what you have lost and if possible keep the pictures somewhere other then your own home. I put a lot off mine up on the web and also keep a disk at my parents house.

Glad it was not so bad for you Alan!

TXS TO ALL.I DID HAVE PICTURES OF ALL MY STUFF,I ALWAYS UPGRADE THEM AT LEAST 4 TIMES A YR.DEPENDING ON HOW MANY THINGS I HAVE HAVE BOUGHT,BUT POWERLUBE YOU BROUGHT UP A GOOD IDEA TO PUT ON A DISK,I THINK I WILL DO THAT FOR SURE!!!!TXS FOR THE IDEA....THE WORST PART HAS BEEN TAKING EVERYTHING DOWN AND BOXING UP SO THE GARAGE CAN BE REBILT..WHAT A PAIN!!!!!!! ALAN

Alan- no need to box it up just bring it over to my house

TXS SCOTT..YOU SURE YOU HAVE ENOUGH ROOM????ALAN

Sure I am already sleeping on the couch, if I brought your stuff over I could keep it company in the garage

I REALLY APPRECIATE YOUR THOUGHTFULLNESS,,,THAT WHAT I LIKE ABOUT ALL THE OLD GASSERS,,,CARING ABOUT EA OTHER..ALAN

this is a story about gas pumps, and insurance. i will try to keep it short.my daughter bought me Jack Sims gas pump book for my birthday right after it came out in 2002,not two weeks after i got it, i recieved a call from a man in Leroy, Illinois, who had a terrible fire the day before, and had lost his whole machine shed. his 55 chevie, his ATV, all his tools, and 21 gas pumps of all styles, visables, clockfaces, M&S,electrics of all kinds. it was a total loss. they were all in original condition, no restored ones. we worked about 8 to 10 hours identifying 20 0f the 21 using Jacks book. the man did not, have a rider on his policy for pumps. we took the book value, and added 25% to it for insurance purpose. His adjuster did complain a little bit, but finally accepted our values. he did not do nearly as well on his 55 chevie, or ATV or his tools, he was still fighting weeks later. my point is our collections can be insured as a collection and does cost but , replacement can really be expensive. I became friends with the man who lost all the pumps, and he started collecting again. he had accumulated that many pumps because his job was a power company lineman, and covered many square miles of rural areas where a lot of pumps were located.I do keep a lot of pictures but probably do not update my policy often enough. shame on me. thanks for your time, Norm Huff.

Wow Al. Sorry to hear about that. I worry all the time about my stuff. I have nightmares that I open my garage door and it's ALL gone. Can't tell you how many times I've gone out at 3AM to check the locks. Hopefully everyone is OK. The stuff can be replaced.

And Scott...I can't believe your wife is letting you sleep on the couch!!!

He must have a couch in the GARAGE ! lol
db

If thieves broke into my home,there's only one thing I'd say to them.
"Take my Wife..Please!.

Speaking of insurance, any recommendations for a good company? What about appraisals?

Man, I know now that I probably do not have enough Thanks for this post Al.

Larry

I was a Sr. Property Claims Rep for Farmers Insurance here in California for 14 years before a pair of arthritic knees put me out of work for good. I can tell you that the biggest headache a claims rep has and one that he will pass on to the person who is making the claim centers around getting good documentation for the claim. Pictures, receipts, catalog listings, vlauations for objective, knowledgeable sources--anything like that is helpful. Claims reps will also ask you for sources that have items of "like kind and quality" meaning what does a similar item in a similar condition sell for? Also, make sure you have "replacement cost coverage" on your personal property as part of your homeowners insurance. An "actual cash value" policy only pays the depreciated value of your item and no more. Many insurance companies can and will "depreciate" your item and settle at "actual cash value" initially but will pay you the difference between that amount and what it costs to replace (with proof that you replaced the item) for the replacement cost. Ask questions about your coverage. Politely, with good documentation, you will have the best chance to get a decent settlement. If, as in this case, a third party (the other owner) is deemed to be at fault, that carrier will probably not hassle you to make a payment. If they do, you can make a claim against your own policy as secondary insurance. Or, your homeowners insurance company may accept your claim and subrogate against the party at fault which is often the case with auto accidents but happens in fire situations as well. Dave Folck

As many of you know I've been an insurance broker for the past 45 years...yes I am that old. Your homeowner policy is not going to even come close to replacing your collectables even if you do have replacement cost insurance. Our items are not considered household personal property...they are collectables just like fine art, jewelry etc. In order for your company to cover them you need to add a "rider" to your policy includinga complete list and value which the insurance company will then agree to. The ONLY way to cover properly is to purchase a policy from Collectors Insurance Services in Westminster, MD. check Google for their phone number. Their policy does not require a list or anything else but, at the time of a claim, you will need pictures and proof that you did have the item or items. Now for some very usefull information and to help keep your cost down. Purchase the full replacment value of your items however have them limit the theft limit.Example: you cover your collection for $50,000, you have a fire, you collect $50,000. No thief is going to be able to steel everything so you limit that coverage and your policy costs much less. This policy also covers UPS shipments and other things as well. Good luck. Also, the guy who lost his 55 Chevy should have a Vintage Car policy. DO NOT COUNT ON YOUR REGULAR AUTO INSURANCE CARRIER.They will only cover you for ACTUAL CASH VALUE, not replacment Cost.

Thanks for your topic. Since you brought up the issue, I have completed an updated inventory and increased my insurance coverage substantially. Thanks again !!!!

txs to all for the positive advice!!!!i have increased my coverage and have added a sperate rider for my collection,,,txs especially to hotcidr and tallgye49 for their specific information...really helped me a lot !!!!!!alan

Great topic. Thanks for allof the insight.

Question for you insurance guys: How can an insurance company "depreciate" your collection? A car I can see as you use it and it wears out. If I hang a sign up, how is it depreciating? Getting rusty? What about a globe? How does it depreciate unless I drop it? Not trying to pick a fight, just trying to understand the concept and philosophy of it. Thanks.

Alex,
I spent quite a few years in insurance, mostly in Corporate Pension, Deferred Compensation, and other business insurance.
Your home or auto agent sells for a company as an employee or a independent agent by contract. He only sells what is available by the Company he contracts to. Generally, Personal Property with these Company's is purchased new rather than older. You can schedule articals as jewelry, guns, etc for replacement cost because the Insurance Co includes that in their policy. Most basic policies however, provide only a depreciated value.

A collectors insurance co fills a specific
nitch for collector of all sorts. They very in the coverage they provide. The Company that hotcidr mentioned is very liberal in their underwriting initially and will make you prove that you owned the piece for whitch you file a claim. This requires good documentation on all articals.
You can't be a gun slinger and get by with it here. Just document, document, document.
Hope this helps.

Mick

Thanks, Mick. That clears it up for me.

Scratching my head a little...

There is a broker (?) who advertises in Petroleum Collectibles Monthly that sells insurance for petro collectibles. Those folks are specialized in this stuff. That would be a good place for petro stuff. In keeping with that, I'm going to see about getting 20 grand worth of insurance on my stuff. I'm thinking its probably not that good to deal with a regular homeowners insurance carrier for this stuff. I was one of them and they might not "get it" about this stuff. Sorry that I didn't put this out sooner, but I have brain damage and I can prove it!!! LOL Dave Folck

Ray Seider was entirely correct in his assessment of various insurance options for collectibles. I also insure my collection with Collectible Insurance Services. Even though the company has fairly liberal rules for establishing a claim, I'd advise collectors to retain documentation of all purchases and periodically update digital photos of their collection. Photos are very important to establish ownership and value, particularly for cash purchases where no record of the transaction exists. Better safe than sorry later.

Pablo

Alex-- You need to try to understand the mentality of an insurance company. The last thing that they want to do upfront on a claim is pay full price. They will ask you how long you have owned the item, find a class of goods for depreciating it and do so. If you have a replacement cost policy, and you show proof of repurchase, they will pay you the difference between the cost of the new item and the original amount they paid you. If you have the item on a special policy or floater and insured for a specific amount, you can avoid this. Also, a floater has all-risk which is broader coverage than a homeowners policy.

I've finally started an inventory of my collection and have everything now listed. I just started adding purchase price (what I can remember) and my guess at replacement cost. I've always told people I have "about" 135 signs, well, when you start counting, which I did, I come to 225 signs and as I'm totalling I'm getting very worried about the amount of coverage I have on insurance. My guess is I'm going to be at about 1/3 of the actual value. As many people are saying...inventory and don't skimp on your coverage
Ray
Looking for a Sunset sign

Ray,
You crack me up! After 40 years in the insurance business and you had no clue what you had in your collection??!! Good thing you didn't have a loss. You would have been SOL.

I recommend that collectors record all purchases in an Excel spreadsheet, including a brief description, price paid and current value. This is really easy to implement if one starts the process early and periodically updates the data. This inventory list, along with corroborating photos, will prove immensely valuable in processing an insurance claim. Believe me, no one can remember every item in their collection and current values.

Paul

[This message has been edited by Pablo (edited 01-11-2007).]

I agree 100% with what Pablo has just written. Having said that, I know that there are a lot of guys and gals that may not have an Excel program in their computer or if they did, may not know how to run it. When this happens sometimes we just need to go back to basics. Go to Office Depot or Staples store and find a ledger book or some other form that will allow you to document your items. Now, mark your calendar for the rest of the year as to when you will update your information, quarterly, semi ann, or annually.

One of my old bosses said "well begun is half done", and he was right. You got it on the calendar so you won't forget to document, document, document. Have a good one.

Mick



[This message has been edited by aquartlow (edited 01-11-2007).]

Mick,
I agree 100%. Any documentation is better than none at all.

You're right, some collectors may not have Excel loaded on their PCs. However, every PC comes loaded with some type of easy to use spreadsheet software. In fact, most PCs with Windows come loaded with Microsoft Works which includes a simple spreadsheet.

Paul

Looking over all this i know I don't!

Good topic. I am a retired lawyer and primarily worked for insurance companies, so the above advice is good.
Heres another suggestion for documenting your collectables. While its good to put pics and other documentation on a disc or a folder in your harddrive, what if they are lost in a fire,flood,tornado, etc? What I have done is put my documentation in a folder on a web based email service such as hotmail or yahoo (free). The documentation, pics etc are not being stored in your computer, so if its lost, you still have your documents. Just go to a friends computer, access your account and your documents are there.
John

Wow! You guys have really got me wondering about my small, but valuable collection. Guess I better get busy documenting. By the way, after reading all these posts, am I the only member on this site that was never an insurance agent of some kind?!! Thanks guys!