Has anyone had a claim processed through Collectible Insurance Services, LLC? 3 3

[Lightning55]

I have a policy with CIS, but haven't had any claim experiences.  Another collector asked me if I would recommend CIS, and at first I thought, sure.  But then I realized that I have nothing to base that on, except that I haven't any BAD experience with them, since I have had NO experience with them regarding claims.  Made me give it a bit more thought, and I figured I'd check here to see what others may have encountered.  Have you had any claims?  Did CIS cover them, and if not, why not?  Were they easy to work with?  Was it a complicated claims process, etc. etc.?

Edited November 20, 2020 by Lightning55

[Aman619]

I haven’t had a claim either. One action I recommend is to make a list of specific instances you can think you might make a claim for, and ask for answers what they will do.  Like, you shipped a book and it never got there, by mail, by fedex, etc. you dropped a 20K book and dinged a corner and now it’s worth a lot less.  Is is covered? You gave a framer your OA to frame and it was damaged, or lost .  We THINK we are “ insured” meaning any losses we insure honestly will be paid back... but they are in this as a business, and have developed their own procedures, some of which are not exactly what we imagined we get back for our premiums.  Better safe than sorry by assuming... 

[Comics-n-ERB]

I know a collector that had a lot of expensive books stolen.  It took a little time but they did pay him for his lose.  When it was time to re-new the policy they dropped him.

[Lightning55]

11 hours ago, Aman619 said:

I haven’t had a claim either. One action I recommend is to make a list of specific instances you can think you might make a claim for, and ask for answers what they will do.  Like, you shipped a book and it never got there, by mail, by fedex, etc. you dropped a 20K book and dinged a corner and now it’s worth a lot less.  Is is covered? You gave a framer your OA to frame and it was damaged, or lost .  We THINK we are “ insured” meaning any losses we insure honestly will be paid back... but they are in this as a business, and have developed their own procedures, some of which are not exactly what we imagined we get back for our premiums.  Better safe than sorry by assuming... 

Thanks for the recommendation, and it was my next plan if no luck with any actual experiences.  Probably something I should have already addressed.

[Lightning55]

32 minutes ago, Comics-n-ERB said:

I know a collector that had a lot of expensive books stolen.  It took a little time but they did pay him for his lose.  When it was time to re-new the policy they dropped him.

Well, that was good and bad news.  Maybe they thought the possibility of a recurrence was high (vulnerable target, no way to improve protection, etc.)

Glad to hear the policy worked, at least.  I am carrying it almost entirely for its coverage during shipment through USPS and mostly FedEx.  Things get lost and damaged, but not much I can do once it's left my hands. 

I think they know that the comic business can be dangerous territory for an insurance company.  Once bit, twice shy, maybe.

[Ghost Town]

I have had two claims with CIS probably over at least a 16 year period. The first was small - probably less than $300 when FedEx Ground lost a box I shipped. It was a fast and easy claim. 

The second was just in the last week. The USPS destroyed a box of 45 pre-screens I sent to CGC. But I spaced and forgot to check the box for signature confirmation. And according to my policy, all shipments valued over $200 must be sent with signature confirmation. The books are worth much more than $200. I provided photos and correspondence from CGC that proved they received the box. But since it wasn't sent with signature confirmation, CIS is only sending me $200.

I completely understand that I screwed up by forgetting to ship with signature confirmation. (I always get it for shipments over $200.) But given how long I've been with them and the fact I proved CGC received the box, I'm kind of disappointed. I reached out to the claim adjuster this morning to plead my case. I haven't heard back yet. But I don't have much hope since they already had proof the package made it CGC.

Edited November 22, 2020 by Ghost Town
Number of years with CIS

[Lightning55]

Sorry to hear of that pre-screen incident, @Ghost Town.  I had a similar occurrence last month, a box of comics worth about $3k.  CGC refused the box, and I'm surprised that didn't happen to yours. 

I got the box back just over a week later, and went through the shipment.  It was packed really well, double-boxed, extra peanuts, padded, etc.  I did see that some of the comics in one group had been hit on a corner, but mostly the only damage was to the backing boards.  The corners, if even bent at all, could be tacked out easily. 

I was videoing the opening of the box and inner packages in anticipation that it would help for claim purposes.  Seeing such little damage, we stopped the video, figuring there would be no claim.  I thought we lucked out.  Big mistake.  Upon closer inspection a couple of days later, about 10 comics out of 50 were seriously creased at the middle left near the spine. 

I had focused all my attention to the corners, where the box was impacted, and each of those particular backing boards were in perfect shape, not a mark.  The boards are springy, and the comics are not, large subtle creases.  Now we're trying to deal with getting those "ironed out", and a bit late to put in a claim. 

And they were the 10 highest value comics, of course, or the majority of the 10 were.  Plus, all I will likely get for them is their drop in raw value (less the $200 deductible), which won't amount to a lot.  Better off trying to repair and re-submit.  But none of this was CIS, just me not being thorough enough.

[Aman619]

Scary true life takes.  It pays to learn exactly what they do in each instance, or possible scenario.  Make a long list. They will answer each question. I’m not surprised they stuck by the letter of the contract.  They have learned long ago that’s their best defense, and I’m sure the bean counters who calculate the rates insist that their numbers only work when strictly adhered to.

as for them “firing you” after a successful claim? I’ve spoken with dealers who this has happened to.  So another insurance thing is take your best shot... once... cause you probably don’t get a second try/claim.  Don’t sweat the small losses. And if it’s a big claim? Don’t be surprised that they’d rather say goodbye. Well, I suppose since they are in business for the long haul, if you’ve been paying premiums for 10 years theyve banked enough to pay you off, they would see where they stand against the payout.  The dealers I spoke to had losses in the first year or two, so it’s likely CIS pulled the plug fearing a pattern given the high values of their collectibles inventories.

[awakeintheashes]

It seems like others have had good experiences in run-of-the-mill claims. My experience wasn’t so great...

An eBay buyer purchased an IH 181 CGC 8.5 from me almost exactly a year ago. Buyer received the book, signed for it, and contacted me days later saying that I shipped him something else. Buyer returned the item...and it was...a raw X-Men (vol. 2) #11. So, theft...right? Apparently, CIS does not cover this.  Because the item arrived safely with the buyer and they signed for it, there was nothing they could do. Voluntary parting due to fraud is what I think they called it.

Luckily, eBay eventually made me whole monetarily, and I got to know the police in New Bedford, MA on a first-name basis. Needless to say, I did not re-up my coverage this summer. I may purchase coverage with them again, but I’m still a little salty from the whole experience. 

Thread is below if you’re curious about any of the details

 

Edited November 21, 2020 by awakeintheashes

[Aman619]

yikes.   it would be nice if this kind of thing could be covered, even though they they wrote their rules in such a way as to exclude what happened to you (and plausible grey areas.. Should be that you paid for insurance, got scrued, and should be able to collect.  And if they then want to refuse coverage fine.  However, just think about all the real crooks and schemes they've dealt with in the past and you get an idea why they are (have to be?) so wary ... and stingy.  Im curious what kind of settlement Randy Lawrence who lost a few million in Bat books was slated to receive before he took matters into his own hands and got his books back?  Would they have thrown him 100K?  less?

 

[Vince G]

I had a claim for a book that was delivered from CGC to the wrong address.  Long story short, FedEx accidentally slapped a 2nd label on the box at a regional distribution center.  The book went to the other address, was signed for, but was never able to be reclaimed from the person who signed for it.  Declared a lost shipment.  CIS resolved the case in a week and gave me current market value for the book.  If anyone is wondering, it was a Weird Science Fantasy Annual 1 universal 3.5, that was delivered to the Winston-Salem NC area back in Sept 2019.  Have had the service for 2 years and that was my only claim.