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Insuring your collection
April 16, 2021
1:53 am
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jsgwoodsman said
After running through a quick quote calculator it appears they only charge about .74% annually (or $740 per $100,000) for the value of my items…

 

That doesn’t seem too bad given the quoted coverage they offer.   

I believe with Eastern Insurance, for the premium you quote above, you would get about $250,000 in coverage.

April 16, 2021
2:06 am
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Kevin Jones said
If a single gun, knife or whatever has a declared value of over $5000 then it needs to be listed/identified.   

Kevin – 

It seems to me that the above means that for all items with a declared value under $5000, as they are not listed or identified, there is no mutually agreed upon value? 

I was reflecting how even here, among knowledgeable collectors, we can easily find ourselves disagreeing on the value of an item.  I’m also wondering how the insurance company can protect themselves? If a policy holder has a theft, is completely cleaned out and had several hundred thousand in insurance, how would they respond if he placed the value of most of his undeclared Winchesters at just under $5000?  A Winchester M1892 SRC .44-40 – could be under $2000, could easily be $4900.  Photos would help but are you required to have them?  

April 16, 2021
2:32 am
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Steve00

 

Thanks for the insightful and constructive conversation. 

How does Eastern work regarding valuation of the guns – do they send an appraiser? Do you have to hire your own outside appraiser? 

in the even of loss or theft, how would they handle a claim?

 

I’m interested to hear your questions to Kevin be answered regarding both companies… 

 

Thanks!

April 16, 2021
3:03 am
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Kevin, 

I’m asking myself, what kind of knife needs to be insured???

Looks at the picture.  Never mind, question answered.

That is one fine looking blade!

Take care,

Matt

April 16, 2021
12:26 pm
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jsgwoodsman said
Steve00

 

Thanks for the insightful and constructive conversation. 

How does Eastern work regarding valuation of the guns – do they send an appraiser? Do you have to hire your own outside appraiser? 

in the even of loss or theft, how would they handle a claim?

 

I’m interested to hear your questions to Kevin be answered regarding both companies… 

 

Thanks!  

My main agenda for asking questions and participating in this topic is to learn more. If my questions sounded pointed, I apologize.  I do have a, “vested” interest in this topic.  I have about 20 years experience on the topic but 100% of that experience is writing a yearly check. I have no experience beyond that.  

I don’t know the answers to the questions posed but would like to know.  I suspect the various companies that insure firearms are similar in how they handle claims but I am vague on the details.  I’ve been hoping others who had claim experience, particularly for vintage/antique collectible rifles would chime in.  

April 16, 2021
12:51 pm
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JayHawk44’s Dad said
Kevin, 

I’m asking myself, what kind of knife needs to be insured???

Looks at the picture.  Never mind, question answered.

That is one fine looking blade!

Take care,

Matt  

Thank you!

If you ever wondered what a $12,000 handmade custom knife looks like, that’s it. Even the blade steel is hand forged. Not just a thing of beauty either, as will cut through a 1″ free-hanging hemp rope with a single stroke. 

Rope-Cutting-LG.jpgImage Enlarger

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Winchester Model 1873 44-40 circa 1886

April 16, 2021
1:23 pm
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steve004 said

My main agenda for asking questions and participating in this topic is to learn more. If my questions sounded pointed, I apologize.  I do have a, “vested” interest in this topic.  I have about 20 years experience on the topic but 100% of that experience is writing a yearly check. I have no experience beyond that.  

I don’t know the answers to the questions posed but would like to know.  I suspect the various companies that insure firearms are similar in how they handle claims but I am vague on the details.  I’ve been hoping others who had claim experience, particularly for vintage/antique collectible rifles would chime in.    

I totally understand Steve as I’ve stated in this thread a couple times, I’m typically very skeptical when dealing with insurance companies. 

I’ve been collecting custom knives far longer than Winchesters so I started with CIS insuring my knife collection. As per the example I posted these knives are not $100 knives but typically valued as much or in many cases more than Winchesters. 

As a result of the very fair and honest treatment I received from CIS in handling my knife claim, I give them the benefit of the doubt that if I were to ever have a Winchester claim they would handle it in the same fair and honest way. 

Like I stated before, you never really know the quality of or the value of/from the premium dollars you spend with an insurance company until you have experienced the way they handle claims.

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Winchester Model 1873 44-40 circa 1886

April 16, 2021
4:29 pm
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Kevin Jones said

I totally understand Steve as I’ve stated in this thread a couple times, I’m typically very skeptical when dealing with insurance companies. 

I’ve been collecting custom knives far longer than Winchesters so I started with CIS insuring my knife collection. As per the example I posted these knives are not $100 knives but typically valued as much or in many cases more than Winchesters. 

As a result of the very fair and honest treatment I received from CIS in handling my knife claim, I give them the benefit of the doubt that if I were to ever have a Winchester claim they would handle it in the same fair and honest way. 

Like I stated before, you never really know the quality of or the value of/from the premium dollars you spend with an insurance company until you have experienced the way they handle claims.  

Couple years back I took my wife to a custom, invitation only, show in Solvang.   Naturally she liked the $50,000 knife the best. 

April 17, 2021
12:37 pm
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Chuck said

Kevin Jones said

I totally understand Steve as I’ve stated in this thread a couple times, I’m typically very skeptical when dealing with insurance companies. 

I’ve been collecting custom knives far longer than Winchesters so I started with CIS insuring my knife collection. As per the example I posted these knives are not $100 knives but typically valued as much or in many cases more than Winchesters. 

As a result of the very fair and honest treatment I received from CIS in handling my knife claim, I give them the benefit of the doubt that if I were to ever have a Winchester claim they would handle it in the same fair and honest way. 

Like I stated before, you never really know the quality of or the value of/from the premium dollars you spend with an insurance company until you have experienced the way they handle claims.  

Couple years back I took my wife to a custom, invitation only, show in Solvang.   Naturally she liked the $50,000 knife the best.   

I was probably there the same time you were. Solvang is a beautiful area. 

Some custom knives will run into the hundreds of thousands of dollars, a few even valued in the millions. So insurance is important. 

IMG_0805-Copy-Copy-Copy.JPG

Winchester Model 1873 44-40 circa 1886

April 18, 2021
1:30 am
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Kevin Jones said

I was probably there the same time you were. Solvang is a beautiful area. 

Some custom knives will run into the hundreds of thousands of dollars, a few even valued in the millions. So insurance is important.   

We went to the last show before it was moved to Idaho.  I picked this one up at the show.

My-Sornberger-Knife.jpgImage Enlarger

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April 30, 2021
7:35 am
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Well, I didn’t know knives could reach such prices… are they made of meteorite iron, like the swords of ancient Egyptian kings?

Still, I’ll be following the thread closely, as insurance is one of my main worries: even if I come back home to get my late grandfather’s gun collection soon, I’ll still have to spend a good third of the year in Europe, doing things like meeting clients or insuring properties like these Costa Blanca homes, and since I won’t be around for several months a year, I’d better make sure to have a great insurance policy.

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