Once the collector has his inventory and policy endorsement, he should keep the values current. The list should be updated at least once a year, or twice a year if many items are added. Or, the policy can be updated whenever large purchases are made. If toy values appreciate over the years, the policy should be changed to reflect the increases. Collectors who seek coverage for expensive toys can arrange with their agents to have coverage from the moment of purchase.
Some policies permit automatic coverage.
Some homeowner's policies and riders, though, only cover these items on the home premises, and a collector should know what his policy covers. Those who transport their valuable toys should adjust their policies to cover their risks. In case of a loss, most insurance companies will probably make a settlement in two weeks. In those cases, if a toy is lost or stolen, the agent can write a check for the loss the same day it happens. If the company has an adjuster investigate the loss, it could take up to four weeks for a settlement.