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Insuring Signatures

My insurance company, Liberty Mutual, is requiring an appraisal of my items in order to add them to the schedule of insured items.

Has anyone dealt with this before? Where do I get them appraised and how? I also don't want to spend more appraising something than it may even be worth.

Do I wait till its a significant "collection" and then pay to get the collection appraised?

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Permalink Reply by Daniel S. on December 3, 2018 at 4:36pm

I deal with it all the time and spent the latter part of my career trying to improve this process for a top personal lines company. I, personally, collect about everything and the process of insuring collectibles as an endorsement to your home policy is a very poor customer experience for about all of the top 10 writers. Underwriters want to make sure that the risk is properly classified and rated in order to avoid fraud and adverse selection. That being said, there are plenty of opportunities to underwrite more efficiently while improving the customer experience.

If you bought the autograph, you can usually insure up to the purchase price with just a receipt. Additionally many companies will allow you to insure things at stated value up to a certain amount. The other option is to seek a company that recognizes this niche and specializes in collectibles insurance.

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Permalink Reply by Evan on December 3, 2018 at 5:42pm

Thank you for the info. Do you happen to know any companies specifically that specialize in this?

LM isn't ok with an invoice, they required proof the invoice was paid, which in this tech world isn't always so easy to do. They would take an appraisal instead, but then I'd have to pay for one.

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Permalink Reply by Daniel S. on December 3, 2018 at 6:11pm

Collectibles Insurance Services and American Collectors Insurance both try to serve this niche but to be honest, I have no experience with either. I am sure others can share their experiences.

Good luck. I understand your frustrations!

dan