Insuring a Sports Memorabilia Collection/business?

[LDG]

I have a client who dabbles in sports memorabilia and collectibles.

His inventory is fluid and he doesn't want to constantly get appraisals for each piece.

Can anyone recommend a company that would insure these item in a blanket
fashion?

He also wants to start selling memorabilia for others.

Any ideas would be appreciated.

 

[plewi003]

Check into the company American Collectors. I have my collection insured there. Good company, and good price.

 

[BlockO]

someone just posted the same question on the p&c forum not too long ago....

the same answer applies... no one is going to insure them in blanket fashion because part of it is personal and the other part is commercial.

American Collectors Insurance would be ideal for his personal collection (as long as he is not buying/selling memorabilia as a business). but they won't touch collectibles owned by others.

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Check into the company American Collectors. I have my collection insured there. Good company, and good price.

agreed! I think saying "good price" is an understatement.

the yearly premium on most collectibles is less than 1% of the insured value. To be honest, I don't know how they stay in business with such low rates.

but again, they won't do the commercial part of it.... I don't know anyone else who will.... Lloyds maybe?

 

[plewi003]

Not sure what market would write if its retail sales. Check some of the larger Surplus Lines Brokers like Burns & Wilcox. I'm assuming if they have a carrier that will write antique stores they should have one to write sports memorabilia.

 

[Wise_Insurance]

someone just posted the same question on the p&c forum not too long ago....

the same answer applies... no one is going to insure them in blanket fashion because part of it is personal and the other part is commercial.

American Collectors Insurance would be ideal for his personal collection (as long as he is not buying/selling memorabilia as a business). but they won't touch collectibles owned by others.

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agreed! I think saying "good price" is an understatement.

the yearly premium on most collectibles is less than 1% of the insured value. To be honest, I don't know how they stay in business with such low rates.

but again, they won't do the commercial part of it.... I don't know anyone else who will.... Lloyds maybe?

These are all good suggestions. I still strongly recommend you put your most valuable cards under your homeowners insurance. Valuable cards can get pretty pricey and easily max out a blanket Insurance Policy. For collections or highly valuable objects, it is better to over insure rather than under insure. I personally would hate my most valuable cards be lost forever because I put it under a blanket insurance.

As for the memorabilia you are going to sell for others, you'll need to invest in a business insurance. An insurance company won't insure other people's cards knowing you are going to sell them for someone else. It would make it a business instead of having borrowed your neighbors mower breaking under your care being covered by your homeowners insurance. You will need to look into companies like Farmers Insurance, Allstate, Progressive, etc. If you want smaller companies, you will need to search your local listings and begin to ask around. Or if you get your insurance through an independent agent, he will be able to help you find the best business insurance for you and your business.