Is YOUR postage stamp collection fully insured??

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Global Administrator
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Re: Is YOUR postage stamp collection fully insured??

Post by Global Administrator »

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Some reading matter for you on stamp insurance -

https://www.glenstephens.com/snseptember20.html

In my long 45 year dealer experience, collectors when it comes to stamp insurance are -



Image

Take the very cheapest option, and it generally all comes to tears after a burglary or fire etc.

ALL insurers will cheerfully take your premiums for decades. How they respond when you have a CLAIM is the lesson. :!: :!: :!:

Them - "Where is your detailed valuation letter from a recognised stamp professional?"

You - "Huh?"

Them - "Sorry claim rejected."

Seen and heard it endless times.

You - "But each year for 30 years, I paid you a premium that was supposed to cover all this stuff."

Them - "Sorry claim rejected - no detailed PROOF exists of the alleged stamp collection contents."

If anyone SERIOUSLY thinks you can also tell your household insurer you also had 10 gold Sovereigns, and a Rolex submariner watch, and a 1-carat flawless diamond, and expect them to pay out $50,000 under house and contents, after the alleged ''Burglary'', you are living in Cloud Cuckoo Land. 8-)

Glen
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Click HERE to see superb, RARE and unusual stamps, at FIXED low nett prices, high rez photos, and NO buyer fees etc!

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Uppercanadian
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Re: Is YOUR postage stamp collection fully insured??

Post by Uppercanadian »

Next time you're in Toronto Glen, I will hire you to do a stamp valuation. I won't quibble on the price and I'll throw in a dinner as well for you and Margo.
All the best,
Brad Fallon - maltonmanor at hotmail dot com

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Re: Is YOUR postage stamp collection fully insured??

Post by Global Administrator »

.
Done!

You missed our last stampboards dinner in Toronto Brad - in the midst of our Whitehorse Yukon to Newfoundland/St. Pierre Miquelon jaunt, with another stamp dinner in Halifax on the way.

https://www.stampboards.com/viewtopic.php?f=6&t=55523&start=150


Image
Left to right: M J Scorthorne, Margoz, dwhopper, Mikey1327, Greg Ioannou, amfhf1, JimJung, Glen, Canada Stamper, and Mr CanadaStamper.
Front row: Mrs Mikey, Mrs dwhopper




And we popped in for a burger with AMark on the way, to a side trip to Niagara -
Image


Glad I did not need to value dwhopper's collection whilst there - this is a very small part of it! And his huge stamp library.

Image
.
.
Click HERE to see superb, RARE and unusual stamps, at FIXED low nett prices, high rez photos, and NO buyer fees etc!

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Re: Is YOUR postage stamp collection fully insured??

Post by athleticpete »

Global Administrator wrote:
22 Jul 2021 14:20
.
Some reading matter for you on stamp insurance -

https://www.glenstephens.com/snseptember20.html

In my long 45 year dealer experience, collectors when it comes to stamp insurance are -



Image

Take the very cheapest option, and it generally all comes to tears after a burglary or fire etc.

ALL insurers will cheerfully take your premiums for decades. How they respond when you have a CLAIM is the lesson. :!: :!: :!:

Them - "Where is your detailed valuation letter from a recognised stamp professional?"

You - "Huh?"

Them - "Sorry claim rejected."

Seen and heard it endless times.

You - "But each year for 30 years, I paid you a premium that was supposed to cover all this stuff."

Them - "Sorry claim rejected - no detailed PROOF exists of the alleged stamp collection contents."

If anyone SERIOUSLY thinks you can also tell your household insurer you also had 10 gold Sovereigns, and a Rolex submariner watch, and a 1-carat flawless diamond, and expect them to pay out $50,000 under house and contents, after the alleged ''Burglary'', you are living in Cloud Cuckoo Land. 8-)

Glen
Thanks for the info Glen

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Re: Is YOUR postage stamp collection fully insured??

Post by blue-within-blue »


When I phoned a specialist insurer here in GB, the first question they asked me was the approx replacement value, and the second was "Do you have a fireproof safe?" No safe, no insurance cover.

When I started to do some research, I found that "fireproof" has numerous rankings according to duration of protection and internal temperature achieved during that time. Some are limited to 30 or 60 minutes of protection - which would be fine if you are at home and can tackle the fire, or grab the safe and flee your house, but no good if the fire occurs when you are away from home.

And to add to the complexity, you also have to check that the rating is suitable for document contents - because some safes have a rating which indicates that they protect from flames but internally will exceed the temperature at which paper goes brown. Not a problem for jewellery, but clearly unsuitable for banknotes or stamps.

ROB
Last edited by Global Administrator on 25 Jul 2021 23:58, edited 1 time in total.
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Re: Is YOUR postage stamp collection fully insured??

Post by 60022Mallard »

I have cover on my contents policy as part of "High Risk Items" with a reasonably high declaration of value insured under that section.

Quite how you can ever prove a value given the substantial and often rambling collection most will probably have I do not know.

Apart from in a major fire I suspect few loses are total in a burglary unless very specifically targeted.

The insurance company will not, however, insure my collection of more than 3000 postcards!

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60022Mallard
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Re: Is YOUR postage stamp collection fully insured??

Post by 60022Mallard »

blue-within-blue wrote:
25 Jul 2021 21:36

When I phoned a specialist insurer here in GB, the first question they asked me was the approx replacement value, and the second was "Do you have a fireproof safe?" No safe, no insurance cover.

When I started to do some research, I found that "fireproof" has numerous rankings according to duration of protection and internal temperature achieved during that time. Some are limited to 30 or 60 minutes of protection - which would be fine if you are at home and can tackle the fire, or grab the safe and flee your house, but no good if the fire occurs when you are away from home. And to add to the complexity, you also have to check that the rating is suitable for document contents - because some safes have a rating which indicates that they protect from flames but internally will exceed the temperature at which paper goes brown. Not a problem for jewellery, but clearly unsuitable for banknotes or stamps.

ROB
To get my not hugely valuable, but extensive collection in a goodly number of albums etc in it would require a pretty sizeable safe!

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Re: Is YOUR postage stamp collection fully insured??

Post by Uppercanadian »

Global Administrator wrote:
23 Jul 2021 01:08
.
Done!

You missed our last stampboards dinner in Toronto Brad - in the midst of our Whitehorse Yukon to Newfoundland/St. Pierre Miquelon jaunt, with another stamp dinner in Halifax on the way.

Ugh, I missed it. That year, 2014, was not a good year for me, as I spent the equivalent of 5.5 months away from home. I went a year without touching my stamps. I quit that company at the end of the year. Business travel sucks.

Is there anything you missed when you were here? Are you thinking of a return engagement in the future?
All the best,
Brad Fallon - maltonmanor at hotmail dot com

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