GBPS Discussion Boards

Insurance of stamp collections
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Author:  Seahorse [ Sat Dec 09, 2017 7:59 am ]
Post subject:  Insurance of stamp collections

Yesterday I received a reminder that the annual premium re my stamp and cover collection is due shortly.

True to form, just like one's household insurance and car insurance, there is an above-inflation increase in premium "due to increased costs"

Hmmm, I have just demonstrated over the last year, an ability to keep my collection safe from fire, flood and foxing, safe from burglars, bookworms and blobs of ink, so surely I am now a lesser risk than I was a year ago, as a new and unknown customer - whatever happened to "no-claims bonus" ?

I shall make the standard response - ie investigate alternative cover from other reputable insurers.........

......but hang on, who ARE these other reputable insurers ?

I was advised, by a well-known dealer. years ago, to seek a specialist insurer, rather than rely on my household insurance. In addition the insurer should have a good history of settling bona-fide claims without quibble.

Collectively, our members should have a good idea of who these paragons of the insurance industry might be. Any suggestions ?

Author:  AB1961 [ Thu Sep 16, 2021 11:24 am ]
Post subject:  Re: Insurance of stamp collections

Hi Seahorse,
My general contents insurance premium has recently been increased for the first time in years.
I have only a modest accumulation of stamps, that to me does not merit extra costs so i have no separate cover.
This has saved me a considerable amount of money over nearly 40 years.
I asked my local dealer what he does about insuring his stock and he said the premiums are too expensive, so i assume he has no cover. Also his shop is in a run down area with
many break ins and is considered high risk.
When i was in this shop i had the opportunity to look at a very expensive collection owned by one of his customers and she did not have any insurance either, because of the very high premiums.
My insurer does provide special cover on individual items in excess of two thousand pounds , i dont know whether a collection is classified as a unit or individual albums
I have been assured that my collection is covered as part of the contents .
I have been informed by the police that most criminals are looking for vehicles,
especially well known brands that can be sold for spares.
I assume that most criminals do not know that much about stamps.
My local dealer agrees with me.
I have placed many decent photocopies within my albums and spread the collection
over quite a few bulky albums and empty albums also just to make it harder for a would be thief.

Author:  Seahorse [ Sat Sep 18, 2021 3:18 am ]
Post subject:  Re: Insurance of stamp collections

Thanks AS 1961 for your response. I have been through a similar thought process, and in addition have scans tucked away elsewhere. Although this might increase the likelihood of tracing the thieves or their fences, villains have a habit of damaging or destroying things they regard as too risky to fence. Additionally, there are other risks - I had a timely reminder not three weeks ago, when a near-neighboring property was struck by lightning !

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