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 Post subject: Re: Insuring your collection
PostPosted: Tue Nov 29, 2011 11:02 am 
SouthCoastSteve wrote:
Has anyone run into problems insuring your stone collection?

For the past 2 years my collection has been uninsured as my current, and other insurance companies I've called, won't insure me unless my collection is valued by a registered valuer. I've made some enquiries and the cheapest quote I've come across is £25 plus 1% per stone. For my 200+ stone collection you can see it's going to cost a fortune!

I'm left with 3 options:
Carry on as I am and not insuring my collection, at my risk
Get them valued for a cost of £5000 + 1%
Sell the majority and keep a selected few, that still have to be valued

Any ideas or options?
Steve


Mmmmmm....

Thoughts:
- Go to a broker and ask for quotes for a 'personal possessions' policy that provides cover to a specified amount without detailing of the items. Note that if you go this route you will need to insure all your posessions, including household chattels Typical premium about 1% of the sum insured.
- If your stones are high value (my stones are not), you will probably need a specific policy. Good luck - for,as you are discovering, you will need it! That said, you should be able to get a valuation at much closer to 1% than 1%+GBP 5,000 :shock: And then wait until the insurer stipulates the security requirements you must first put in place....
- Do without insurance and be prepared to defend your property with guile, prudence and robustly - as UK law once more permits you to do. Remember that insurance companies only exist to profit from their business: they are not a charity. A good rule of thumb is only to insure what the law requires you to insure against (i.e. you could not meet the possible third party liabilities) - and any other risk which - if it were to turn up - could destroy your life.


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 Post subject: Re: Insuring your collection
PostPosted: Tue Nov 29, 2011 12:46 pm 
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HI Steve,

How about just keeping your stones in a safe deposit box at the bank. I keep out those that i know aren't worth much and any I am working on. I have stones and jewelry and it works out fine. i priced out the insurance and I wasn't happy with the cost every year so the bank it is. If robbers pull off a heist, then you are in trouble, but more unlikely than a home invasion. Just my 2 cents.

Suling


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 Post subject: Re: Insuring your collection
PostPosted: Tue Nov 29, 2011 5:44 pm 
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Suling wrote:
How about just keeping your stones in a safe deposit box at the bank


Safe deposit is your more economic and probably best option if you don't have to access them regularly and assuming you're not a business.


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 Post subject: Re: Insuring your collection
PostPosted: Wed Nov 30, 2011 7:12 am 
SouthCoastSteve wrote:
....Perhaps I'll sleep with the .45 under my pillow and leave the charlie out as a distraction?


:lol: Way to go :wink: 'We tanned his hide when he died, Clyde, and there it is hanging in the shed.' =D>

Even in these days of internet shopping, a good insurance broker (whose services will not directly cost you a penny) is worth talking to. They can access providers you simply don't know about, up to and including those who can place a contract custom-written for your requirements directly with a syndicate at Lloyds of London. That said, I'd guess that going uninsured is your best/most likely bet.

With a 200 stone collection, exceeding a total value of GBP10K is easy to do without even breaking a sweat.


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 Post subject: Re: Insuring your collection
PostPosted: Wed Nov 30, 2011 8:23 am 
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Have you considered the canine option .... any one of a number companion dogs were originally bred as companion/guard dogs. The doberman being the most famous. The one time cost of having them properly trained can be amortized over the life of the dog and as such is really quite low. :D after all there is nothing like having your best friend keep an eye on your collection.

Just thinking is all

George

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 Post subject: Re: Insuring your collection
PostPosted: Fri Dec 02, 2011 2:33 pm 
SouthCoastSteve wrote:
Ha ha! Good option George and something that we are planning once our son is a little older. Really love the idea that my 'best friend' will be watching over me and my stuff.

Kerensky, are you quoting Rolf Harris? ...


Well..... it makes a change from Kipling, Shakespeare or the King James's bible :lol:


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 Post subject: Re: Insuring your collection
PostPosted: Sat Sep 27, 2014 8:39 am 
Kerensky, about insuring ur collection, I assume the $5,000.00 GBP + 1% is per/yr. The most extreme case Ive seen was a gun store in Md. where the owner released live rattle snakes in the cabinets with his collectables, 2 cabinets, well lighted with 1 snake in each. At present all I have is basic home insurance which covers up to $1500.00 total loss. My appraisals being what they are & quotes from my insurance company, my yearly bill would exceed $10,000.00/yr. with discounts, volume & current quotes. There is no way I can justify that expense, so the stuff is kept in a safe in-house with a guard-cat who loves to bite me all the time. Ive considered a bank lock box but we wear the stones daily & that is impractable for us. Its fun to think the gravel is worth that much if lost or stolen because the stones in general are not top quality & the settings are 14 or 18kt gold & not fancy at all. Actual value is only a small percentage of the appraisals but we still are not able to replace at todays costs. I just counted stones total, less than 125 stones total in pendents-we try to be careful but no guanantees-steve... :roll: 8)


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 Post subject: Re: Insuring your collection
PostPosted: Mon Sep 29, 2014 2:24 pm 
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You may not get a reply, Steve--the post is from 2011. That being said, the £5k + 1% was the appraisal cost, not the insurance premium. Personally, I just use the security option, like you do--guard cat, security system.

Once I get to a critical mass, I'll buy a decent safe that I can bolt to my basement floor. The current safe is really just a heavy-ass strongbox in my night stand that also contains my, um, "other security implement" as well.

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