Insurance on your collection

[Oldies]

Hello, I've did a search on this subject and only found 1 thread which was minor informative on this subject.

My question is do any of you have strictly insurance on your collection ?

Also who you go with & how to go about it as dollar figure ?

Plus other questions as to it, like.

Who is the better well know insurance company that is willing to insure fossil, Rock, Minerals ?

Aside from your low dollar amount collection that would be covered in your normal home insurance policy, under the normal x% of collectables, beyond your own stuff.

How do you go about insuring the value of the item, say when you bought them of insured vs the valuation as time goes on ?

Also as to say if you found the items of significant value, yet never bought them, how do you price and insure them ?

As time goes on the value increases of the item or the rarity of the item vs the time the insurance policy was made for the item value, how do to get a policy that takes into value of this that price increases ?

What about show, I mean your stand work for items, shelving, bookcases, etc... included in the price of .... for insurance.

Let alone the cost of buying S/H of items , taxes, how do you cover those costs to be covered ? it's not cheap !

How to get those costs into the value, when talking to insurance agents ?

 

As you can see many questions & would love to hear your responses.

Don't say well I found it so it was free, well people have found full size dinosaurs that sold for millions.

Since you found it doesn't mean there is not value in it !

There is a price to all & increases over time, how to get insurance for this that increases over time just not valuation at point of start of insurance.

 

 

Edited October 2, 2022 by Oldies

[Mark Kmiecik]

Why don't you just ask an insurance agent?

[Oldies]

That's a quaint response, have you not explored the thought beyond this ?

[Oldies]

BTW I have , I want better options.

[Kane]

You will likely have to spend money on a professional appraisal of the collection, which will likely cost quite a bit as that might require the time of a specialist such as a paleontologist for fossils and a geologist for minerals. From there, you would likely have to speak to your insurance agent about getting a special rider to your existing policy, and that will depend on whether the company will accept it (in addition to probably a higher premium). If the collection is of modest value, it might just be rolled into contents insurance.

[FB003]

Agreed with Kane and Mark.  Too many variables to take into account.  Best best is to talk to your current insurance company for an extra endorsement or an individual broker for some kind of separate supplement. I'm not sure there will be much variation in pricing though due to how unique these are - no one size price fits all. I could be wrong but I think you may also need to be able to prove the purchase price for any claims.

[fossilcrazy]

Frequently at fossil shows, member collections get insured by a club. Itemized values must be established, certain times and dates of coverage, what security is in place. I have no idea what carriers are used, club administraters must know.

[RJB]

I'm one of those who just goes with home owners contents.

 

RB

[Fossildude19]

While I understand that insurance is something that may require a discussion, it necessarily brings up the topic of fossil value.

This is something we try to avoid here on the Forum.

 

@Oldies 

You have a few answers to your questions. As this topic walks a thin line, it will be locked to keep it from sliding into a discussion of monetary fossil value.