Collections/Valuables Insurance

At North Shore Risk Management, we insure collections such as baseball cards, coins, stamps and other unique collections including wine and spirits.  However, the two most common collections involve jewelry and art.

Below are some endorsements to consider, when applicable:

  • Agreed value – With “agreed value” coverage, you agree to what your items are worth when your policy is written. Subsequently, if you suffer a loss the insurance company should settle for the value listed on your policy. Alternatively, most standard companies only offer an “actual cash value” provision.  This option may delay the settlement process since the value is investigated and negotiated at the time of loss.

  • Market appreciation – In certain cases, when a claim occurs the insurance company will pay up to 150 percent of the amount itemized on your policy to account for increases in market value.
  • Automatic coverage for newly acquired items – If you have an existing schedule with itemized jewelry, fine art, wine or other collectibles, newly acquired items may be covered for up to 90 days. In most cases, when available this coverage extends 25% of the itemized coverage.

  • Blanket versus scheduled items –In the absence of appraisals, “blanket” coverage is a convenient way to insure your collection. Blanket coverage is not available with every insurer.  However, scheduling or itemizing your collection is often more advantageous for several reasons.

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Consult with one of North Shore Risk Management’s professionals to make sure you have the proper coverage.