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Advice needed on insurance valuation


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#1 Inkysloth

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Posted 10 May 2013 - 10:48 PM

Hi all,

I'm starting to think I should probably get my pens properly valued so I can list them in the household insurance.

Where would you recommend I go, given I'm based in London? Would a shop like Pen Friends do valuation, or do I need to go to an auctioneer?

Does anyone have any advice about how to cover pens on insurance given they're items that get used - and get used out of the house?

Best wishes

Robin
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#2 opus7600

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Posted 10 May 2013 - 11:05 PM

Tricky question. I will preface this by mentioning I am not an insurance agent and I only offer this as advice for further investigation, especially because I give this information from a U.S.A. point of view.

Most insurance companies I'm aware of don't have any awareness of fountain pens. Depending on how customer friendly your carrier is, you might or might not get full coverage for loss of pens under Coverage C of your typical Homeowner's policy. It depends on whether or not the adjuster thinks they fall into one of the categories with a sublimit imposed. I'd guess the most likely sublimit to impose would be Jewelry, though Fine Art might be an option, too.

You can ensure you get full coverage by buying an endorsement to specifically cover your pens. There are two options. The first applies if you have a large value for the total collection, but the value of any individual pen is not too great. This type of coverage is called "Increased Special Limits of Liability" or ISO endorsement HO 04 65. This does not always require an appraisal. The second applies for the situation where you have individual pens with large value. You'd need to get a Scheduled Property endorsement (ISO HO 04 61), which nearly always requires an appraisal, and for particularly large value items, the insurance company may take a keen interest in making sure the items actually exist and that you are treating them well.

#3 david i

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Posted 10 May 2013 - 11:11 PM

Many collectors in USA have had good luck here...

http://www.collectinsure.com/

regards

d
David R. Isaacson MD. Website: VACUMANIA.com for quality old pens with full warranty.
Email: isaacson@frontiernet.net

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#4 AndyR

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Posted 11 May 2013 - 07:41 AM

Hi Robin,

More specific UK information which might help...

There are/were two companies that routinely advertise collections insurance in the WES Journal. I can't remember the name of the more recent one (though I will look through some back issues if you want the name). The other one is Michael James Associates who offer insurance backed by the Ecclesiastical Insurance Co., link here which includes information on the typical premiums. I have been using them for about 15 years and everything seems quite straightforward if your total collection is valued under £30k (which is a lot of Osmiroids!) with no individual item over £1k. Fortunately, I have not yet had to make a claim so I can't comment on that aspect of their service.

Andy

#5 Inkysloth

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Posted 11 May 2013 - 07:52 AM

It's about 30,000 Osmiroids isn't it?

Thanks for the info!

My collection is well under £30,000 in value - my concern is I couldn't afford to replace the pens I have if they went because I've been lucky with market finds / Ebay so have realised I've accumulated more theoretical value than I'm comfortable risking!

It was learning about the Patrician that set this thought process off.
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