We do not insure coins, jewelry, sports cards and telephone cards. If you want to insure more than one type collectible, all you do is describe and value each collectible as a line item on your insurance application. If already insured and want to add to your coverage, just contact us to add the collectibles and values to your existing policy. Since 1977 six of the seven collector rate changes have been premium reductions. When a loss occurs the valuation is on a replacement value basis.
Replacement value is the cost to purchase property similar to the lost property at the time of loss.
If some or all of your collection was acquired over many years from many vendors, you estimate the value of your collection to apply for insurance based on what similar items sell for at the time you apply for insurance. Our owner personally collects the stamps and covers of the Caribbean island of Grenada. Many items from the 1700s and 1800s are unique, but unique items have a finite value that can be estimated. Their value is assessed by estimating what they would bring at a public auction with a room full of British Caribbean stamp and postal history collectors. To help the insurance company, we often call upon dealers and knowledgeable specialists to help us evaluate replacement value when a loss occurs.