Comic Book Insurance Policies

[delekkerste]

Here's a great post that showed up this weekend on ComicArt-L, which highlights the need why we need CIA to get their act together - they are the de facto gateway for providing insurance to our hobby and the other carriers don't have a clue how to deal with us:

 

"here's my update on my findings for trying to get me original art and collectibles insured. It's been a month or so now I've been searching and comparing... as I mentioned in a recent post, it looks like the winner is going to be CIA (Collectibles Insurance Agency...www. collectinsure. com ).

 

Here's what I found, and my reasoning:

 

First was CIA was very easy to contact, sent me info right away, send them your info and a check and it's done. Nobody else could even give me a QUOTE, agents couldn't even find a company that would insure my stuff (tried several agents, even ppointed them toward Chubb insurance, most seemed clueless and I want someone who at least deals with collectibles insurance, CIA fits the bill)....I then called several Chubb agents, which 1 told me right away they wouldn't even consider insuring my stuff without insuring a collectible auto and my house also. So I said "OK, I'll consider that, give me a quote". THEN they said "forget it, you're house isn't worth over $600,000 so Chubb won't consider that." I laughed at her and jokingly told her to tell Chubb to go to hell then!...she said she understands, that's just what they told her agency. Another Chubb agent actually took my info and said she'd call Chubb and investigate (I didn't mention my findings with the previous agent, I wanted to see what she would find). She took a week and came back ultimately with the same answer. I asked her to try to look for another company and she said she couldn't find any.

 

I THEN even called Chubb directly, who sent me directly to their collectibles branch, Grundy Insurance. FINALLY I can talk directly to the insurance company, or at least someone in the company, which is ANOTHER thing I like right away about CIA. Anyway, I felt like I now was starting to get somewhere with Chubb/Grundy by bypassing the stupid agents who didn't seem to have any idea what they were doing or how to deal with getting me a quote. I spoke to the Grundy agent, gave info, took a few weeks before she got back to me with the ultimate answer of "I have try to quote the articles with several insurance company that we have and they all need to have at least a home in order to insure the valuables. I can try to quote the renters coverage for you and see if underwriters are willing to quote it with the articles." I told her YES, go ahead and try a renter's policy, but not holding out much hope for that either at this point.

 

My previous experience with State Farm (since Mike mentioned State Farm in his post)... just to get an automobile QUOTE was very ridiculous stipulations, their requirments were so anal I thought they were joking, I can't even imagine what they would require for collectibles insurance... good luck there, let me know what happens if you go that route. Another big issue...Since I don't own my own home it doesn't seem like anyone besides CIA wants to even touch it, most companies seem to want to just tack it on to a rider to the home insurance policy.

 

So, winner by default alone is CIA. I want someone who can answer my questions right away, is familiar with doing this stuff...and whether I own a home or not shouldn't be an issue! WTF, I don't have to own a home to have auto insurance, do I? Is that just a way to make more money? Whether I own a home, 600K or otherwise, shouldn't make a big difference as long as I pay the premiums. Does EVERYONE who has insurance own a home? I'd bet not. I'd like to hear from some of you guys on this point, especially if any are renter's...who do you use?

 

The BIG question I've been asking initially, which I asked the Chubb agents and I'll double check with the CIA agents (no pun!)...If I PAY for $200,000 (or whatever) in insurance coverage and I have a claim, do I get $200,000?". The answer was "yes"...but I don't believe it will be that easy. I am PRETTY sure 1) the burden of proof will be on you to prove you had the items and 2) to show what you paid for them and 3) the current market value.

 

I'd bet this will be the case with any company. To cover my [embarrassing lack of self control], I plan to take video inventory, start going through my databse for Ebay receipts and all ovther documentation, and eventually make 2-3 copies of everything.. .1 for me, 1 to mail to a family member for safe keeping, and 1 to the insurance company. The first copy for me for my records, but the copy for a family member in case the house burns down and everything is gone, including MY copy of documentation (make sense?), and 1 to the insurance company whether they want it or not so I can at least verify it to them so they know I'm not trying to con them.

 

I figure it will be like pulling teeth and a total pain in the [embarrassing lack of self control] and a painstaking process if heaven forbid something ever DOES happen and I need to make a claim... but at least CIA will cover me for a catastrophic loss (fire or theft), hopefully for the entire amount...if we have to haggle then hopefully an acceptable percentage of what I THOUGHT I'd get, but at least that's better than what I have now, which is nothing. And like I said, right now they are my only option without owning a million dollar home (screw you to THOSE agents...that pisses me off they won't even bother with small time insurance poilicies, like several hundred thousand isn't even worth their time...I need a better company than that).

 

So that's where I'm at right now, if anybody has any thoughts or input I'd gladly welcome it!"

[Cody_Starbuck]

This is kind of depressing. The only company that seems to make it easy to get insurance is somewhat questionable too.