Archive for the ‘Collectibles’ Category
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31
Mar
2011
Boat Insurance: Speed and Size Matters
photo credit: patient.ghost
As the weather begins to warm up and signs of spring appear, it is the indication that it is time for boat season. Bringing your boat out for the first time after a long winter season you might to make sure everything is in order – including your boat insurance.
The Basics
There are different types of coverage depending on the size and speed of your boat.
- Small boats with no motor or less than 25 mile per hour horse power can be insured under your homeowner or renter insurance.
- Larger and faster boats will need a separate boat insurance policy.
Two Policy Types
- Actual Cash Value: This policy covers replacement costs minus the deprecation. Partial loss is determined by total repair costs minus a percentage for depreciation.
- Agreed Amount Value: You and your insurer agrees on the boat value and will cover that amount in event of a loss. Partial loss is replaced without deduction for depreciation.
Other Boat Insurance Coverage includes:
- Injuries to people on-board
- Property damage
- Guest passenger liability with permission if the owner
- Medical
- Theft
Possible Discounts:
Ask your insurer about these possible discounts:
- Diesel powered versus gasoline
- Coast Guard approved fire extinguishers
- Ship-to-shore radios
- Good boating discount (2 year claim-free)
- Safety education courses
Once everything is set go out and enjoy the breeze. If you have any questions contact Moria McNeill at 415-257-2125!
9
Feb
2011
Insure That New Valentine’s Day Jewelry
photo credit: Silly Eagle Books
Valentine’s Day is just around the corner and most people don’t think of insurance for this day. Nevertheless, it is a $16 billion dollar industry. It’s the biggest day for giving cards, flowers, and chocolate. According to Business Insider,
- 141 million Valentine cards will be exchanged worldwide
- $1.7 billion will be spent on flowers
- $1,011 billion on chocolate and candy.
- Spending on jewelry is expected to reach $3.5 billion
It’s a day where it’s safe to say people indulge and spoil the ones they love. This is amount of money spent, why wouldn’t you want to protect your new jewelry? It’s not just a gem or a piece of gold; someone bought it for you to express love. It’s semimetal.
What you should know about insuring your jewelry:
Jewelry can be covered in standard homeowner policy under the perils included in your policy. These can be loss caused by fire, windstorm, theft and vandalism. However, there are limitations. These limitations are in liability amount and loss due to loose stone and broken clasps.
Steps you can take for the right coverage:
- Have your jewelry appraised
- Select a coverage with broader protection such as valuable articles coverage
- Work with an insurance broker to get the coverage you need
We hope everyone has a Happy Valentine’s Day! Feel free to contact us with any questions.
19
Jan
2011
Valuable Art Needs Insurance too…
Source: ImageShack
You typically insure everything that is valuable in your life. You purchase homeowners insurance, car insurance, insurance for expensive toys like boats, and of course, life insurance. What about valuable things you collect like art?
According to Insurance Information Institute, as the U.S. economy begins to recover investment in art is on the rise. Art auction sales were down in 2009 but have bounced back in 2010.
Why do you need coverage?
Insuring your art or other valuable collectables can help financially protect you in the event of theft, fire or water damage, dispute of ownership, and other risks. The cost of coverage varies depending on what policy fits your needs.
What to do?
When you purchase a piece of art you should contact your insurance broker to find if you’re covered under your existing homeowners policy and what kind of coverage you need. This is a niche market, thus working with the right insurance broker is important. They will be able to give you adequate coverage.
What are some tips I should know about?
- Photograph and document your collection for your own records.
- Keep original receipts and appraisal forms.
- Fully understand your policy especially any exclusions.
- Only buy as much insurance as you’re comfortable with. It is alright to cover only a portion of your collection
4
Feb
2010
Valuable Articles 101
Your possessions may be more valuable than you realize. Most homeowners policies offer limited coverage for personal articles such as jewelry, cameras, golf equipment, fine art and collectibles, and computer equipment.
The most common item of concern is Jewelry. Many people take steps to protect their jewelry by installing alarms in their homes or having their valuables checked annually for loose stones. Yet, this does not provide a full proof solution. According to the U.S. Department of Justice, nearly $1 billion in jewelry and precious metals were stolen in the U.S. in 2001. To maximize your protection efforts and have peace of mind, consider the coverage offered by a valuable articles policy.
What kind of property can be covered by a valuable items policy?
Common valuable items are:
- Artwork
- Baseball Cards
- Books
- Coins
- Computer Equipment
- Fireams
- Furs
- Jewelry
- Memorabilia
- Muscial Instruments
- Oriental Rugs
- Silverware
- Stamps
When is valuable items coverage needed?
Valuable items such as jewelry, furs, firearms, silverware and computer equipment are often covered in your homeowner policy for a minimum amount of protection. For example, you may have jewelry totaling $15,000 in your home, but your homeowners’ policy only covers a loss up to $5,000. If you have valuable items that exceed your policy limits, you will need optional protection called valuable items coverage. If your personal property exceeds the maximum limits available, you should definitely consider scheduling your items.
What does it mean to schedule your property?
When you obtain valuable items coverage, you will be required to list or schedule out your property. This usually entails a detailed description of the property and its current appraised value. The advantage – scheduling jewelry means it is not subject to deductible in a loss.
What does this type of coverage cost?
It depends on the value of the item. Typically al $20,000 ring will average $300-$400 per year.
