Collectibles Insurance Agency/Services

[october]

I am looking into getting my collection covered and it seems like this company is the best option. I just spent some time reading the existing threads on the topic, but a few questions still remain, since they have apparently gone through some ownership and rate changes in the past five years or so.

 

1. Has anyone actually filed a claim with them? How did the reimbusement process go? Easy? Hard?

 

2. For anyone that has been with them for the past few years, how have their rates been? Do they tend to increase every year? I know at least one boardmember had some serious problems with their statements and explanation of coverage, has anyone else had issues like that?

 

3. Are there any other companies out there that specialize in this type of insurance? From reading the other threads, it seems like a difficult task just getting a quote from a regular insuance outfit.

[Scrooge]

2. For anyone that has been with them for the past few years, how have their rates been? Do they tend to increase every year? I know at least one boardmember had some serious problems with their statements and explanation of coverage, has anyone else had issues like that?

 

Yes, the rates have been going up every year. Two years ago, there was a big jump in the premium, partially because of a new underwriting fee that one could request to be waived for the first year. I know I did once I heard about it on the boards. Otherwise, never filed a claim nor do I know of another outfit.

 

Maybe dealers will let you know more since they also use the same company but with a dealer's policy instead of a collector's policy. Dealers should know about how fast and easily and hassle-free they process claims.

[comicalgems]

Do they have shredder coverage? I mean like let's say you have an argument/fight what have you with your girlfriend and while you're out at the local pub tying one on she decides "I'll show him! I'll shred his comics!" and then she packs up and leaves and all you have left is confetti and the dishwasher because she couldn't figure out how to disconnect it. Do they cover that?

[Norrin_Radd]

Post #2511631

 

...there have been numerous threads here asking if anyone has ever filed a claim with this broker...

 

So far, NOT ONE person has stepped forward saying they filed a claim. Granted, this isn't the whole universe. But if their claims experience was that bad, you'd think one or two here would have filed a claim.

 

Post #1242022

 

Everything I hear about CIA implies to me that from an actuarial standpoint they aren't pricing their policies correctly, and if a few people put forth some large claims simultaneously I bet they'd be in trouble.

 

Think about how little you pay to CIA relative to how broad their coverage is ("we'll pay if your item is inexplicably lost, don't worry about it")....think about how much you pay for other types of insurance....it's not logical.

 

[Scrooge]

Thanks for the links Dave.

 

Everything I hear about CIA implies to me that from an actuarial standpoint they aren't pricing their policies correctly, and if a few people put forth some large claims simultaneously I bet they'd be in trouble.

 

Think about how little you pay to CIA relative to how broad their coverage is ("we'll pay if your item is inexplicably lost, don't worry about it")....think about how much you pay for other types of insurance....it's not logical.

 

I am not persuaded by the quote from CMan above.

 

I have always thought CIA's business to be a secure one since we know collectors will go length to make sure that their collectibles are safe and out of harms' way and this could explain the low premium pricing from CIA.

[october]

Post #2511631

 

...there have been numerous threads here asking if anyone has ever filed a claim with this broker...

 

So far, NOT ONE person has stepped forward saying they filed a claim. Granted, this isn't the whole universe. But if their claims experience was that bad, you'd think one or two here would have filed a claim.

 

Post #1242022

 

Everything I hear about CIA implies to me that from an actuarial standpoint they aren't pricing their policies correctly, and if a few people put forth some large claims simultaneously I bet they'd be in trouble.

 

Think about how little you pay to CIA relative to how broad their coverage is ("we'll pay if your item is inexplicably lost, don't worry about it")....think about how much you pay for other types of insurance....it's not logical.

 

Yes I know, I read both of those threads. I was hoping to hear from a collector who actually filed a claim.

[Hedge Collector]

I was curious too. As far as the web goes, I could only find this claim from a bottle collector in 2005:

 

http://www.americanbottle.com/jeff's_column_-_how_safe_is_your_collection.htm

 

 

[alecholland]

Why wouldn't you just take out a separate rider policy with your current insurance company?

 

Personally, after looking at their website, I wouldn't feel very confident insuring my collectibles through their company. The site just doesn't instill any sense of security for me. They suggest using resources like Kovels.com and ComicsPriceGuide.com for valuation? That seems a little weird. It's also not easy to find the place to make a claim and then it's just a simple forms page asking you for some general info and to describe what happened.

 

It could be a great company, run by great people, but nothing about their site makes me feel confident about doing business with them.

[skypinkblu]

The increase occured a few years ago, when they switched from being covered by the Hartford, to Lloyds of London.

 

I did a lot of research, including callng my Attorney General's office before I bought a policy, had one for about 6 years now.

 

A rider with my insurance company would have been much more expensive, they don'lt like issuing them and I would have had to have had every book appraised.

 

I've never filed a claim, knocking on wood, but each time I've called, to ask a question, they have been responsive and sounded logical.

[Silver Surfer]

I love to hear what sort of specific coverage any Canadian boardies use?

[Not*Sure*]

Why wouldn't you just take out a separate rider policy with your current insurance company?

 

Personally, after looking at their website, I wouldn't feel very confident insuring my collectibles through their company. The site just doesn't instill any sense of security for me. They suggest using resources like Kovels.com and ComicsPriceGuide.com for valuation? That seems a little weird. It's also not easy to find the place to make a claim and then it's just a simple forms page asking you for some general info and to describe what happened.

 

It could be a great company, run by great people, but nothing about their site makes me feel confident about doing business with them.

 

I had a comic books store at one time. One night I got an alarm that the store had been comprimised. I went in to find the front door smashed in. Now whoever had broken in was in the know. Someone who was a regular. They not only took the priciest books books from a box in the backroom out of the public eye (Which means they had to have gotten a private showing). They took a book of valuable (at the time) art cards valued at around 4grand. They also knew where we kept the change for the video games and pinball machines. They stole around $200 in quarters (all marked so I kept a look out for them every after)

 

Our store had regular insurance the problem was the values of the collectibles. The insurance company was arguing that the $400 comic book was only worth it's original price of 10 cents. The comic art cards were only worth the original prices of $5 each. In the end what should have been over $7,000 of a claim was less than $1,500. Collectibles insurance people say that wouldn't happen with them because they would value the items at their collectible worth. It's hard to say if that is true I have never dealt with them.

[LordRahl]

I have filed a claim with them. It was a quite a while ago, maybe 5-6 years. Hassle free, very easy process and they were very helpful on the phone. The pricing really is not that expensive given how lax they are in their requirements and compared to other insurance options.

[qualitycomix]

I'm pretty sure Harley has made claims in the past bc he had stuff stolen.

 

I had a Tec #29 stolen at San Diego a few years back. I filed a claim. Took about 2 months. Right before they were about to cut a check, the guy who stole the book got busted in a sting operation and the book was recovered and sent to me.

 

So I cancelled the claim.

[Bomber-Bob]

The increase occured a few years ago, when they switched from being covered by the Hartford, to Lloyds of London.

 

I did a lot of research, including callng my Attorney General's office before I bought a policy, had one for about 6 years now.

 

A rider with my insurance company would have been much more expensive, they don'lt like issuing them and I would have had to have had every book appraised.

 

I've never filed a claim, knocking on wood, but each time I've called, to ask a question, they have been responsive and sounded logical.

 

Pretty much ditto the above for me. My insurance agent checked them out and said they were good. I've had them for over 10 years, no claims, but always helpful when I called.

I like the fact that I don't need to purchase shipping insurance because I am covered by them. I did inquire about the failure of a seller to send me my books, this was not covered. Had they been shipped and not delivered I would have been covered.

Hint: I save a lot on my policy by storing my better books at different locations, ie Bank Vaults. I don't need a blanket coverage for the total value of all my books, just the largest value at any one location.

You only have to itemize books with a value of 5,000 or more.

[Primetime]

I'm pretty sure Harley has made claims in the past bc he had stuff stolen.

 

I had a Tec #29 stolen at San Diego a few years back. I filed a claim. Took about 2 months. Right before they were about to cut a check, the guy who stole the book got busted in a sting operation and the book was recovered and sent to me.

 

So I cancelled the claim.

how was the claim process Brent? Painful or just lengthy? What info did they require from you?

[50 Cent #II (1st)]

I just signed up with them for a gun and stamp policy, comics policy will be next week. Make sure to sign the form they send in the packet and return it to avoid problems with a claim.

[4GEMWORKS]

Post #2511631

 

...there have been numerous threads here asking if anyone has ever filed a claim with this broker...

 

So far, NOT ONE person has stepped forward saying they filed a claim. Granted, this isn't the whole universe. But if their claims experience was that bad, you'd think one or two here would have filed a claim.

 

Post #1242022

 

Everything I hear about CIA implies to me that from an actuarial standpoint they aren't pricing their policies correctly, and if a few people put forth some large claims simultaneously I bet they'd be in trouble.

 

Think about how little you pay to CIA relative to how broad their coverage is ("we'll pay if your item is inexplicably lost, don't worry about it")....think about how much you pay for other types of insurance....it's not logical.

 

Yes I know, I read both of those threads. I was hoping to hear from a collector who actually filed a claim.

 

I've had a policy with CIA for almost 10 years. I checked and saw that I paid 1200 for 398k in coverage.I do have a safe and burglar alarm, but I'm not sure how much credit I get for that.

 

I had a comic turn up missing a couple of years ago and they sent a local "investigator" to check it out. He seemed a bit skeptical, but in the end they wrote me a check for $1600. From what I gathered, I could have made up the story. They also sent me $70 bucks one time for a shipping mishap, damaged CGC comic, I believe. It was handled over the phone with no claim form at all.

 

 

Since then I think they have eliminated the coverage for mysteriously dissapearing items.

 

I've looked around and even with the rate increase nobody else even comes close.

 

Forgetting about the coverage of the collection the delivery insurance coverage alone makes this worth owning. I have not bougfht insurance on a shipment in over 6 years. That ALONE saves me the entire premium each year. In fact I am in a credit position when you consider the insurance cost savings alone.

 

Basicall they will insure up to $250 with a tracking number. Free, if you use something like stamps.com.

 

251 to 2500 you need certtified. That's $2.40.

 

2500 to 25,000 you send registered (about $8.00)

 

Insurance is a costly expense with any carrier and this policy offers it as a free element within the standard policies that I have seen.

 

 

 

[EastEnd]

I've had them for at least ten years now and pretty much agree with most other's take. Have never filed a claim but they've been very responsive and reliable with answering questions and making requested changes to my policy. It's true that the premium did go up substantially a few years ago when they switched underwriters to Lloyds but they are still a bargain compared to a rider on homeowners insurance. Also, keep in mind that CIA is the broker, not the underwriter. So they don't actually pay the claims... Lloyds does; and they are one of the largest insurers in the world and perhaps the global leader insuring oddball things like collectibles.

[VintageComics]

I hear great things about them but because each province up here in Canada has different insurance laws they do not offer coverage outside the US.

 

[G.A.tor]

I know that Filter81 had to file a claim and was reimbursed...

I hear Harley yee has filed several claims...