Insurance for Tackle?? Alternatives??

[joe klaus]

Can anyone give any advice about obtaining insurance for your reel collection? (Or point me to the previous discussion ya'll have already had about this--which I missed.)

I'm also a member of nflcc and recall that a few years ago there was a "specialty type" insurance company that would insure tackle collections for a reasonable fee. (I don't recall ORCA ever having any "official" recommendations)

When I visited the nflcc home page last night to see their latest and greatest deal, I noticed that the little specialty company was no longer listed and the advice was to purchase insurance "from your own agent" or alternatively, purchase insurance from Hartford. The fee charged by the Hartford Group seemed a bit "steep" to me, i.e., more that I want to pay.

I've had cars/home etc etc insurance with State Farm for 30 years but I don't even want to ask them to quote me for my reel collection. Suffice it to say that State Farm is not interested in writing new insurance in Houston, Texas.

Cost for the Hartford policy is $100.00 for $20.000.00 coverage; $5.00 for each additional $1000.00, $50.00 deductible for each claim.

Unless my feeble brain is malfunctioning by reason of all the legal crap in which it is constantly immersed, it appears the Hartford premium will be $250 per year for $50,000 coverage, and if one would be lucky enough to have to worry about 100K, it would cost $500.00 per year for 100K.

Does anyone have any experience here? Good, bad or ugly?

Any alternative thoughts to insurance? Gun safe--or something like that?

[Steve]

Start with the agent who handles your homeowner's insurance. If he can't provide satisfactory coverage, you can look into this coverage:
http://orcaonline.org/images/pixel.gif?Insurance.asp

[Stephen Barnes]

That is the same problem I had when looking into it. It would cost over 3000.00 a year for me. This insurance would be less than a third. Thanks for the link Steve.

[Bill Muth]

I switched over to this group last year, rates are quite a bit cheaper than the NFLCC-sponsored group. Haven't had any experience filing a claim with them (fortunately), so I can't vouch for them in that arena. Coverage seems pretty comprehensive. www.collectinsure.com

[Don Champion]

What you may want to do when you settle on a carrier is make a book identifying all your reels, one page for each reel, with at least 2 photos of each from different directions. On that page give a complete description including imperfections, serial numbers, etc. I know it's a lot of work but it'll be worth it is someone ever decides they need your collection more than you do. I started this with my collection when I started over. Insurance companies think it's great for identification. I also list the value and what I paid for the item on each page. It would save considerable hassel if you ever have to file a claim!

[Ken Stulgis]

I would like to hear from others about coverage from "Collectors Ins." of Westminster, Md. As I read the coverage under Collectors coverage I believe it does NOT cover your collection while going to a show, at the show or on the way back from a show. To gain this coverage you would have to buy the Dealer policy as I see it. I think the dealer rate is approx 5 times the collector rate.

Hope to read other comments and suggestions regarding ins. My home policy (State Farm) will not cover my small collection with out a special schedule of each item, etc.. plus a healthy fee.

[Steve]

This is from the company's FAQ page:
"Q. Do you cover exhibits and displays at collectible shows?

A. Yes. You automatically have full policy coverage to, from and while at a judged exhibition or display. If you store some of your collectibles in a bank and need more than your policy limit for an exhibition or display you need an endorsement for extra coverage. The cost above your policy limit is 5¢ per $1,000 of coverage per day, rounded to the nearest whole dollar plus a $3.00 endorsement fee, minimum premium $10.00. For instance if you are displaying an autograph collection at a judged competition and the collection is worth $400,000 and you only have $300,000 of insurance coverage, you need to purchase an extra $100,000 of exhibition or display coverage. The cost is 100 ($400,000 - $300,000/1,000) x 5¢ x 4 (a three day display plus arriving a day before the display to mount your collection) +$3.00 = $23.00

Q. Do you cover unattended vehicles?

A. Yes. You have automatic coverage up to your policy limit or $60,000, whichever is less. If the purpose of the trip is to or from a judged exhibition or display, you have up to full policy coverage in an unattended vehicle. The policy does not require you to have an alarm or other protective device on the car. If you are not exhibiting or displaying and need a higher unattended vehicle coverage, call the Collectibles Insurance Agency; such coverage can usually be arranged for a modest fee."

Sounds as if items brought just for the purpose of trading or selling may not be covered.
Ken, I've had better luck with State Farm. Email me: .

[drexelantiques]

I used to carry my insurance on my collections through State Farm as a separate policy. It was fairly expensive to do so, but I felt safer by having my items insured. I wondered though whether they would pay a claim on some of my rarer items, even with pictures and appraisals.

So I started looking for a company that specialized in antiques, collectibles, and etc. and came across http://www.chubb.com/indexPC.html

The Chubb company understand collectibles, and insurance for the same. I have what is called an "Agreed value policy" with them where they agree ahead of time to the value of my items in the event of a loss.

I am covered at shows, while traveling, home, and etc.

I even carry some of my business insurance with them for some of the pricier items I sell.

Knock on wood I haven't had to test them with a claim, but I have talked to people who have and they said they gave excellent service.

Chubb carries the insurance for numerous museums, galleries, and the like.

You would think it would be expensive, right? Actually their coverage is cheaper than what I was paying State Farm for better coverage and I think more sure payouts for loss.