Collectinsure vs American Collectors 1 1

[fmaz]

Hey all - looking to get some input on personal experience for people who have used either of those companies to insure their original art (and/or other collectibles I suppose). 
Especially interested to hear from anyone who has actually had to made a claim from either of them. 
Obviously a lot of the purpose of this is peace of mind, but that’s increased dramatically knowing the provider will actually be there in the event of a catastrophe.  

Thanks! 

[cstojano]

Have been with CI for a number of years off and on. I made two claims, both in the same calendar year. They were very helpful and processed the claims quickly. They then dropped me after the second claim. Both were shipping claims, roughly 1k and 1.5k in value. I think they view shipping coverage as something for a dealer policy, which is why they weren't interested in insuring me further. They have since written another policy for me and I am current with them.

Edited July 2, 2023 by cstojano

[Rick2you2]

On 7/2/2023 at 11:33 AM, cstojano said:

Have been with CI for a number of years off and on. I made two claims, both in the same calendar year. They were very helpful and processed the claims quickly. They then dropped me after the second claim. Both were shipping claims, roughly 1k and 1.5k in value. I think they view shipping coverage as something for a dealer policy, which is why they weren't interested in insuring me further. They have since written another policy for me and I am current with them.

What is the premium rate structure, if you know and can share it?

[-m]

I have CI and they were very helpful and professional in processing a claim.
I highly recommend anyone who has a policy with CI reads the shipping terms - it only takes a few minutes - so that they are familiar with it.
That’s also why I preferably use FedEx.

[G.A.tor]

After the hurricane destroyed us in 2018 I was able to make one claim with cia. Took a bit but they paid and I’m still with them today 

[Vince G]

On 7/2/2023 at 12:50 PM, Rick2you2 said:

What is the premium rate structure, if you know and can share it?

My only claim was on a book lost by FedEx coming back from CGC.  CI gave me full replacement value and turned the claim around in 6 days.

As for fee structure, I can tell you I have 200K in coverage for which I am charged 1K per year

[cstojano]

On 7/2/2023 at 7:50 PM, Rick2you2 said:

What is the premium rate structure, if you know and can share it?

I pay 807 a year all in (approx 725 plus taxes, etc.) for the following coverage. You have to love the shade thrown at UPS here. I do think this is pricey. I also have a Fine Arts policy with my home insurer USAA. Its about the same total amount of coverage but 25% of the price. Their system is so poor though that I am not wanting to rely solely on them for coverage, and their policy does not include comics or other collectibles. In fact, you can't even use the word comic in the description or its rejected (conan comic art page = NO; John Buscema conan artwork = YES). So no toys, game, cards, comics, etc. Most of what I have are paintings anyway. Whether they are "fine" is another conversation.

Edited July 3, 2023 by cstojano

[BCarter27]

On 7/2/2023 at 11:30 PM, cstojano said:

I also have a Fine Arts policy

Same here. As CI doesn't cover paintings.

[delekkerste]

On 7/3/2023 at 10:30 AM, BCarter27 said:

Same here. As CI doesn't cover paintings.

Even paintings that fall into the comic or illustration art category?  

I've been with CI for many years. Only filed one claim - for a damaged painting - and they did pay out, though, only after some initial pushback. This was in 2013 and a comic art painting I consigned to Heritage was found to have paint cracking damage which either happened in transit or while in storage. 

It was my first (and only to date) claim, and I said I would walk if they didn't cover the damage as I told them there was no point in paying them if they weren't going to pony up to cover something like this after years of paying them thousands and thousands of dollars a year for coverage.

In the end, they compensated me a fair amount for the damage (less than a year of my annual premium cost back then) and they've made their money back many, many times over at this point. 

[comix4fun]

On 7/5/2023 at 11:16 AM, delekkerste said:

In the end, they compensated me a fair amount for the damage (less than a year of my annual premium cost back then) and they've made their money back many, many times over at this point. 

The kind of sentence that makes insurance company execs engorged. 

[cstojano]

On 7/5/2023 at 7:16 PM, delekkerste said:

Even paintings that fall into the comic or illustration art category?  

I've been with CI for many years. Only filed one claim - for a damaged painting - and they did pay out, though, only after some initial pushback. This was in 2013 and a comic art painting I consigned to Heritage was found to have paint cracking damage which either happened in transit or while in storage. 

It was my first (and only to date) claim, and I said I would walk if they didn't cover the damage as I told them there was no point in paying them if they weren't going to pony up to cover something like this after years of paying them thousands and thousands of dollars a year for coverage.

In the end, they compensated me a fair amount for the damage (less than a year of my annual premium cost back then) and they've made their money back many, many times over at this point. 

Yes, my thoughts as well. Where does it say they don't cover paintings? Now I need to read the whole document ;) That's basically what I have coverage for and I called and got a special shipping rider for a Hildebrandt painting I sold. No qualms about writing it.

[BCarter27]

On 7/5/2023 at 12:16 PM, delekkerste said:

Even paintings that fall into the comic or illustration art category?

They told me that paintings fall into the "fine art and luxury goods (furs, etc.)" area of underwriting. I wholeheartedly agreed-

https://outside-affiliatelinksnotallowed.com/yu98zfah

So at their suggestion, I went and got a Fine Arts policy from Travelers -- which does need all of the paintings to be itemized along with acquisition value (or appraised value.)

I looked through my CI policy, and I don't see any language forbidding paintings. But I'm going to assume they know the coverage they're providing better than I do and will stick with their recommendation just in case.

[stinkininkin]

Original art values have increased so much over the decades, there are more than a few collectors who's holdings are worth millions. Are those people insured? The premiums to fully insure at these levels are insane. What do you collectors do who, at least on paper, have millions in art assets? Safes? Storage (safety deposit boxes)? Multiple holding locations? Crossing fingers or prayers?

[comix4fun]

On 7/6/2023 at 9:56 AM, stinkininkin said:

Original art values have increased so much over the decades, there are more than a few collectors who's holdings are worth millions. Are those people insured? The premiums to fully insure at these levels are insane. What do you collectors do who, at least on paper, have millions in art assets? Safes? Storage (safety deposit boxes)? Multiple holding locations? Crossing fingers or prayers?

I switched entirely over to NFT's a couple years back. I have it all on a flash drive. Feels like I did the right thing.  

[vodou]

On 7/6/2023 at 10:56 AM, stinkininkin said:

What do you collectors do who, at least on paper, have millions in art assets?

[Rick2you2]

On 7/6/2023 at 10:56 AM, stinkininkin said:

Original art values have increased so much over the decades, there are more than a few collectors who's holdings are worth millions. Are those people insured? The premiums to fully insure at these levels are insane. What do you collectors do who, at least on paper, have millions in art assets? Safes? Storage (safety deposit boxes)? Multiple holding locations? Crossing fingers or prayers?

Live in a building with a lot of security.

[MAR1979]

On 7/6/2023 at 1:43 PM, Rick2you2 said:

Live in a building with a lot of security.

Or keep haphazardly in plastic tubs (bins) to virtually everyone it will appear to be junk. AKA Hiding in Plain Sight

Edited July 6, 2023 by MAR1979

[cstojano]

Anyone get a recent renewal notice from collectinsure? My policy went from $452 to $812, no claims or changes. 

[The Voord]

On 7/6/2023 at 6:43 PM, Rick2you2 said:

Live in a building with a lot of security.

Prisoner?

[PhilipB2k17]

On 7/6/2023 at 1:43 PM, Rick2you2 said:

Live in a building with a lot of security.