Business Insurance (it includes loss of business Income).

So I got a quote for a dealer policy through collectinsure and it was really pricey (about $1.17 per $100). Is there anyway to get the collector pricing instead as its much cheaper. The collectors policy had terminology excluding inventory used for selling. Anybody know anyway around that? Or is there another company that charges less for a dealer policy. I don't want coverage for transit....I just want coverage if my entire house/business burns down. However I'm worried that terms will exclude my inventory since all my items are for resale purposes.

So I got a quote for a dealer policy through collectinsure and it was really pricey (about $1.17 per $100). Is there anyway to get the collector pricing instead as its much cheaper. The collectors policy had terminology excluding inventory used for selling. Anybody know anyway around that? Or is there another company that charges less for a dealer policy. I don't want coverage for transit....I just want coverage if my entire house/business burns down. However I'm worried that terms will exclude my inventory since all my items are for resale purposes.

​Is that $1.17/$100 every year? Seems reasonable to me...I wouldn't try to "get around" this. Wouldn't be fun to have that bite you when trying to file a claim.

So I got a quote for a dealer policy through collectinsure and it was really pricey (about $1.17 per $100). Is there anyway to get the collector pricing instead as its much cheaper. The collectors policy had terminology excluding inventory used for selling. Anybody know anyway around that? Or is there another company that charges less for a dealer policy. I don't want coverage for transit....I just want coverage if my entire house/business burns down. However I'm worried that terms will exclude my inventory since all my items are for resale purposes.

thats actually on the low side. i too just noticed that collectinsure (non-dealer) doesnt cover resale inventory. when asked about switching they quoted me in a ballpark of 1.4-2% per year including transit insurance. will have to seriously consider it due to crackhead problem around here. any other options for non-homeowner third-party policy?

Edited July 14, 201510 yr by jerryherb

I have spent the past 15 minutes looking but can't seem to find much on where people store sets, and how they insure it.

Up until recently I stored sets in an extra bedroom at my folks house, but they are now wanting them out! Starting tomorrow I will be renting a climate-controlled storage unit, however I was curious how to insure for this. Do most storage unit places offer insurance? Is this something I can tack on to renters insurance? Do you list this product as "personal property" or "inventory"? (is there a difference in the world of insurance/does it matter? Would there be an issue if you had insurance for tens of thousands worth of sets and then they got stolen and then the claim was denied due to the items being not typical personal property?) I am very ignorant on this topic.

Any help or thoughts would be great. Apologies if this belongs somewhere else.

Just curious how many fellow members have insurance whether through homeowners insurance or some additional insurance policy? I called my homeowners insurance carrier, and apparently I'm already covered. Just wondering what others' experience has been.

Nope, no insurance here, and I did get flooded from a lady upstairs, damages to LEGO were minimal fortunately. 

My homeowners insurance covers some personal property so I have tried to take pictures of everything I buy and email it to myself where I store it in an insurance folder.  I have a feeling it won't be that easy to actually get compensated but if I overwhelm them with pictures of valuable collectibles maybe they will just pay out my max and be on their way (its less than everything is worth but enough that I'd be ok with it... added benefit of no more clutter!).

Yes. Collectinsure.com. Went with the Dealer option. A bit more expensive but I wouldn't want technicalities like "so these were kept for eventual resale, so that is why you have so many copies of the same article. We shan't pay out for the damage caused by the gigantic ABS-eating radioactive super sheep that destroyed your thousands of sets" sort of questions.

Edited January 20, 20169 yr by Battrax

My inventory is too small to make it worth it, but some kind of disaster does cross my mind from time to time...

I asked my insurance agent about this today. I was too that if I had receipts, my homeowners insurance, would compensate me for depreciated old Legos. I would need another policy to conbensate me for appreciating collectibles  

Was looking at insurance but my homeowners covers it to some degree, I just try and get pictures of all my sets and make sure i keep receipts etc all though i doubt you will ever fully be covered

 

I can help with this:

 

Collectibles Insurance Agency can provide insurance as I use it for my antiques business and to protect my incredible collection. Now the bad news...

For the average Lego seller it will most likely not be cost effective. You also have to tell them that you are a reseller/dealer and you will pay a higher rate.

Nonetheless here is the website:

www.collectinsure.com

 

Edited June 12, 20169 yr by ironbrick

A number of folks have written about this important but often forgotten topic.  I also just merged a few topics.

The last time I checked with "Collectibles Insurance Company", they offered an option that included shipping transit coverage which could be helpful.

How much does Collectibles Insurance Co. charge for reseller coverage?  I'm currently paying around $100 in premiums for every $25,000 of coverage.

1 hour ago, redcell said:

How much does Collectibles Insurance Co. charge for reseller coverage?  I'm currently paying around $100 in premiums for every $25,000 of coverage.

That is expensive.  

$100 a year or $100 a month?

1 hour ago, micbelt said:

$100 a year or $100 a month?

I was about to ask the same question. 

The last time I called them , my rates were slightly higher than norm since a body of water is something like w/in 5 miles. There are also other options built in hat increase the premium. 

With over 3000 sets and 90% Exclusives I have no insurance, there is no way I am paying $100's of dollars insurance on my Lego sets, and it would be almost impossible for me to prove what I exactly have. I guess anything can happen but for me getting robbed on all my stuff is near impossible, it would take them all day to take them out of my house, the cops would be in before they got a load or two out. The only way I would loose everything if my house burned down, and does anybody really think that my Insurance company would hand me a check for a couple hundred thousand check. I don't.     Ed

19 minutes ago, emazers said:

With over 3000 sets and 90% Exclusives I have no insurance, there is no way I am paying $100's of dollars insurance on my Lego sets, and it would be almost impossible for me to prove what I exactly have. I guess anything can happen but for me getting robbed on all my stuff is near impossible, it would take them all day to take them out of my house, the cops would be in before they got a load or two out. The only way I would loose everything if my house burned down, and does anybody really think that my Insurance company would hand me a check for a couple hundred thousand check. I don't.     Ed

They would! My parents home burned down and anything we had pictures of or recovered damaged, they were paid. My Dad had an extensive gun collection and received at or above current appraised values.  I'm a little disappointed I won't have those guns to carry down to my kids, but I'm glad he was paid.

26 minutes ago, emazers said:

 does anybody really think that my Insurance company would hand me a check for a couple hundred thousand check. I don't.     Ed

*FACEPALM* that's literally the purpose of insurance. 

8 minutes ago, exciter1 said:

They would! My parents home burned down and anything we had pictures of or recovered damaged, they were paid. My Dad had an extensive gun collection and received at or above current appraised values.  I'm a little disappointed I won't have those guns to carry down to my kids, but I'm glad he was paid.

Amen to that. Get a safe-deposit box at the local bank for a few bucks per month, and stuff pictures of your collection (and any other valuables) in there (on a flashdrive). That said, I am horribly behind on making pictures of my own collection (and of my wife's designer furniture )

Edited June 12, 20169 yr by Phil B

5 hours ago, redcell said:

How much does Collectibles Insurance Co. charge for reseller coverage?  I'm currently paying around $100 in premiums for every $25,000 of coverage.

Is this through them? Because that is not the dealer rate. You are buying this as a collector. Be careful if that is the case (and without knowing more I can't confirm), but if they have evidence (say you posting on a forum) about your reselling habits they can deny your claim under the fact that you falsified documents to obtain coverage. 

44 minutes ago, stephen_rockefeller said:

*FACEPALM* that's literally the purpose of insurance. 

Incorrect! The purpose of insurance is for the insurance company to legitimatily manage quantifiable risk. If you have no evidence of what you own or have proof of what you paid they can and will deny your claim. They are a business. If you have insurance through Collectibles Insurance Agency please read your policy very careful.

You do get blanket coverage on items up to $5,000 each. However, after two claims they will DROP you being an excessive risk. This is known fact and has been well documented on the CGC comic forums as well.  

14 hours ago, Legodrdoom said:

Was looking at insurance but my homeowners covers it to some degree, I just try and get pictures of all my sets and make sure i keep receipts etc all though i doubt you will ever fully be covered

 

Problem is...rarely is a homeowner's insurance company good at handling these claims. They do not know the collectibles business and as such usually pay out less as a result. On the one hand, it is usually cheaper, but it is a trade off. Read your policy and ask a lot of questions.