Collectables Insurance Svc

Ed,

 

   I currently sell their Vacant Home product and it is one of the better products on the market for that coverage.  I should be able to get a full policy to read and confirm the coverage on Monday.  Based on their brochure and typical insurance policies, yes if the engine does a swan dive, it would be covered.  Once I read the full policy, I'll post my findings.

 

Kevin

Kevin,

 

Thank you so much for the info.  I appreciate you finding out for me.

 

The reason I am curious about breakage is this.  Some time ago while working on the layout I left a couple of 2'x2' 2" pink insulation boards laying upright against the legs of the layout table.   Later that day I decided to run my prized command GG1 and for some reason it decided to go full tilt while entering the curve at the end of the layout.  By the time I realized what I needed to do it rolled off the track and took 1 tumble and then down onto the floor.  Unknown to me the 2 insulation boards had fallen  down and were laying flat on the floor and the GG1 hit them about square in the middle.  The 4" of board cushioned the blow and no damage at all.  Talk about the dumbest of luck! 

 

Thanks,

Ed

It would be great to have breakage coverage, hard to believe that wouldn't be very expensive.

 

I have a collector's insurance policy on an old Jag I have, it's actually very reasonable.  I've never looked into insuring other stuff, but it would be interesting to see what the costs were.

I very recently inquired about coverage on all my trains. My agent from Farm Bureau sent me information on the American Collectors Insurance Company. (http://www.americancollectors.com) I'm still learning on this information.Their cost is .60 per 100. There is additional coverage Called Collectors Choice Plan. It includes all kinds of additional coverage, including breakage. The only time consuming thing I will have to deal with is pulling all this stuff out and take individual picture and make a better inventory record than I currently have. I to will be watching  kjwld  for his information.

Larry Peterson

Erwin TN.

Interesting, that's the insurance company I have my Jag insured through.  That rate sounds about what they charge for it.  The comp and collision is $103.25 for a valuation of $17,500 insured value.  Computes out very close to 60 cents / $100.

 

Taking 500 or so pictures sounds like a significant chore for me, that might slow me down!

I never thought about having to take the pictures.  It shouldn't be too big a deal though.  I've already got a spreadsheet with everything in it.  I can take the pictures and insert each into the spreadsheet.  A little time consuming but once it's finished the hard part is done.

 

I wonder how you go about updating as you buy additional items.  Hopefully it is as simple as sending them a new file ?

 

Thanks,

Ed

I have yet to catalog what I have, but it's something that I'd like to do...

I got information from both Collectibles Insurance Services, LLC and American Collectors Insurance today.  Both of which I deal with on other types of coverages.  Both companies rate at around $6.00 to $6.10 per thousand of coverage, Collectibles has a minimum premium so it is more per thousand until you insure more than $5,000.  Breakage is included with Collectibles insurance in the base rate.  But Collectibles have no coverage available if you are working on the item or have someone working on it for you.  I called and spoke to underwriters at both companies to make sure that a train that was being run and derails and takes a header off the layout would be covered.  Collectibles covers it in the base policy.  American Collectors you have to by the additional coverage that Larry mentioned called Collectors Coice to cover breakage if it is running, being handled or worked on for $1.50 per thousand with a minimum premium of $15.00.  Both are all risk coverage and use agreed value as a basis.  Both companies are backed by Companies with A ratings or better from AM Best who is the #1 rating company of financial institutions and insurance companies.   Both will want proof of loss and value in case of a claim  which only makes sense.  Pictures (even "group" pictures of your collection) are always the best proof to have along with receipts if available. A good inventory is advised. 

 

My collection is just starting to grow after being in boxes since the 80's so I will start an inventory now myself before it gets too cumbersome.

 

IF you have any specific questions my email is in my profile and I'll be happy to get you the answers. I'll be following the thread and try to answer here also.

 

Kevin 

Kevin,

That was awfully nice of you to take time to get answers directly from the source for us.  It's folks like you that helps makes this hobby so much fun.

Based on what you've found out I am comfortable getting a policy from Collector's.

Thanks,
Ed

OK I know this is a dumb question, but are we talking annual or monthly rates?

Those are annual rates.

Yes, John's correct they are annual rates.   Just as a note if you schedule the collection on your homeowners policy it would cost about double and you would have less coverage and have to list each item individually on the policy.

WHEW...based on the rates, it would cost me around $2000.00 per year for insurance just on my trains not including the accessories, etc......

 

Alan

Alan,

 

  For $2,000 a year that would cover $334,000 worth of trains! 

I tried to list my old Jag on my standard policy, and it was almost three times the price that I get with Collector's Insurance.  Also, with Collector's, you establish a value of anything you like, and just pay the premium on that amount.

Kjwald,

Thank you for all your efforts on this subject. It is certainly information all of us need to pay attention to. One of my thoughts is if anything happens to me my sons wouldn't have the slightest idea what to do with all this stuff. That's why it's time for me to get off my butt and do a good inventory with pictures anyway. I have been reading all the info on another discussion about inventory software. I'm still dizzy there.

Thanks again

Larry W. Peterson

Erwin TN.

Kevin...you are correct.  As a matter of fact, if I took everything into account, I would probably need $500,000 of insurance.  Even at the rates quoted, it is more than I want to spend on insurance...so...is it possible to insure only a certain amount and if so what do you recommend?

 

Alan

Alan,

 

    You can insure as much or as little of the collection as you want.  If any one item is over $5,000 it needs to be itemized.

 

  There also is quite a price break on collections over $100,000 from Collectible Insurance Services LLC, who by the way, is underwritten by Lloyd's of London.

 For example a $300,000 collection is priced at $1153 which is about $3.85 per thousand.  At $500,000 it is $1610 or $3.22 per thousand.

 

 If I were choosing what to insure, I would probably start with items I use the most, or take out to club layouts or exhibitions, then I probably would think about what I have that if it was gone I would go out right away and replace. 

 

Kevin

 

I use Collectibles Insurance Services, LLC for my collection and sent them and word document list and a thumb drive with two pictures of each of my Lionel postwar items  for their records.  It took most of one weekend to photographically document all the stuff but I think it is worth having the proof.  One of my children has a copy of all my items just in case my house is sent to Kansas with Dorothy and Toto.

I've attached a copy of CollectorsServices brochure and FAQ.  Ed asked about updating the file and coverage.  One option is to take their 1% monthly increase in value of the collection. You can also update, add or subtract coverage as necessary online, by fax, email or regular mail. 

 

This thread has gotten me started on a spreadsheet inventory and photo record of my trains, otherwise it would have been, "yeah I should get to that someday"

 

Kevin 

As part of your inventory, how did you establish what was the value and fair market replacement cost for individual items in your collection, folks, (especially for breakage)? Do they figure it for you? Also, what about items you've upgraded with tmcc or dcs or new smoke units and such? What's the deductible for the rates you people were quoting? Besides powered units and rolling stock, can buildings and other related items such as transformers, tracks, switches and associated accessories also be covered?

How good is the policy/coverage offered by Peerless Insurance through the Collectors Insurance Program advertised in the September 2014 issue of TCA's National Headquarters News? 

I had Peerless Insurance on my old Jag for many years, it was pretty inexpensive as long as I didn't drive it much.  I never had to collect, so I don't know how good it was.

 

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13 minutes ago

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As part of your inventory, how did you establish what was the value and fair market replacement cost for individual items in your collection, folks, (especially for breakage)? Do they figure it for you?

 

When you insure through the TCA, they validate the values.

I see reference to THREE Insurance Companies:

COLLECTIBLES INSURANCE SERVICES

AMERICAN COLLECTORS INSURANCE

TCA INSURANCE

 

I presently Insure thru STATE FARM INSURANCE. Their rate is Approx. $1.00 per hundred with a $500.00 Deductible. This is extremely Expensive, so looking to change to one of these Companies above very soon. My only question is this:  Has anyone on this Post or Forum ever experienced a Claim with any of these Companies??  That is the best way to make a decision. How do they find out the "FAIR MARKET VALUE" of an item for Replacement?

 

Looking for some insight to help make a Decision!!!

 

FREDSTRAINS  

I looked into insurance, but the "500 photos" and other documentation put me off.

 

The salesman I talked to explained they seek the price you paid etc., but you don't actually negotiate a replacement value beforehand.  You buy a set amount of value based on the estimates and allo, but what if, say, ten years went by and the value escalated, or fell?  They determine price at the time of the claim based on the documentation you submitted originally, with the original as a guide, and deductable and maximum payout as a guide, using Greenbergs and replacement value they research.  I'm certain you get much more pushback on value after you file a claim than when you you are talking about signing up.  Not relaly different than any other insurance, as for a car, etc. 

When I insured my old Jag with American Collectors Insurance, I picked a value, the policy was based off that value.  They would pay up to that declared value.  It's pretty hard to insure collectables any other way I would think.

 

I'm in the process of insuring with ACI through Geico.    What I like about them is:

- The only items that have to be itemized (with pictures) are those with a value above $2000.

- They will insure items that are stored at my home, club or storage unit.

- You can choose the deductible.

- The price is reasonable compared to the TCA insurance.