insurance possible??
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insurance possible??
It occurs to me looking at my new display case that there is alot of money sitting on those glass shelves. lets say 100.00 per knive, some much higher, some lower,were looking at 4000.00+- As most of mine are old i think they may be classified as antiques.
There are a few more in the safe but what good does it do to collect these things and not appreciate looking at them..
Has anyone here tried to insure their knives??
Maybe a rider on the home insurance policy??
Missaman
There are a few more in the safe but what good does it do to collect these things and not appreciate looking at them..
Has anyone here tried to insure their knives??
Maybe a rider on the home insurance policy??
Missaman
Last edited by missaman on Wed Oct 01, 2003 11:45 pm, edited 1 time in total.
- ratstuph
- Posts: 1255
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- Location: Land of 10,000 lakes and quite a few flakes...
Mr. Missaman-
I haven't tried it but have considered it. My insurance company has otional riders that can be purchased for items that they consider atypical such as jewelry, high end collectibles, etc. You will need either an appraisal value or proof of purchase, likely. A note of caution, if they become aware that you occasionally sell some, that potentially could result in them viewing you as a business, changing some of your other homeowner rates. I would be interested in reading how this goes, if you choose to do so.
Rats...
I haven't tried it but have considered it. My insurance company has otional riders that can be purchased for items that they consider atypical such as jewelry, high end collectibles, etc. You will need either an appraisal value or proof of purchase, likely. A note of caution, if they become aware that you occasionally sell some, that potentially could result in them viewing you as a business, changing some of your other homeowner rates. I would be interested in reading how this goes, if you choose to do so.
Rats...
sheep-free since '93'...
- the spotlight kid
- Posts: 1448
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Any expensive item or collection that remains in the home can be insured. As far as a knife collection goes, as long as it's not illegal to own in your state, why not. The insurance company may want an appraisal of the collection along with photographs of all the knives. The photo's would be on file with the company.
666
"Do What Thou Wilt Shall Be The Whole Of The Law"
"Do What Thou Wilt Shall Be The Whole Of The Law"
- Bill DeShivs
- Yes.
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666 brings up a good point. If switchblades are illegal in your area, insurance companies will not pay out if they are ever stolen or destroyed. They'll have no problem accepting your payments for years, but try to get reimbursed, and they'll deny your claim! Illegal items cannot be insured.666 wrote: As far as a knife collection goes, as long as it's not illegal to own in your state, why not.
John
If it's not fun, why do it?
Insurance?
Collectibles insurance agency that Bill mentioned is the best bet! They know what kinds of coverage collectors need.
Regarding an insurer paying out on "illegal" items, you will have to carefully read each policy. The "usual" practice is for an insurer to interpret it's policy language in favor of the policyholder when coverage is mute or unclear about a specific issue. That doesn't mean they won't try to weasel out.
Due to the variance of laws from state to state, carriers would have a hard time declining coverage on an item that they had been collecting premium on. They might try to argue that they didn't know they were insuring automatic knives - and that argument can be destroyed by obtaining scheduled coverage (see below). For a carrier to establish a policy of paying claims in say Arizona, but not in California would require them to issue a special policy form for individual states.
To be on the safe side, such items should be "scheduled" individually or specifically listed on the policy ... just like a gun collection or expensive jewelry. This will usually require an appraisal of the value of each piece. Scheduled coverage would be very appropriate for a case full of Latamas, but of little value for a case full of current production knives.
Scheduled items are almost always insured at an agreed or set value, so that when a loss occurs, you shouldn't (in theory) be discussing the value of something that got stolen.
Your mileage may vary!
Regarding an insurer paying out on "illegal" items, you will have to carefully read each policy. The "usual" practice is for an insurer to interpret it's policy language in favor of the policyholder when coverage is mute or unclear about a specific issue. That doesn't mean they won't try to weasel out.
Due to the variance of laws from state to state, carriers would have a hard time declining coverage on an item that they had been collecting premium on. They might try to argue that they didn't know they were insuring automatic knives - and that argument can be destroyed by obtaining scheduled coverage (see below). For a carrier to establish a policy of paying claims in say Arizona, but not in California would require them to issue a special policy form for individual states.
To be on the safe side, such items should be "scheduled" individually or specifically listed on the policy ... just like a gun collection or expensive jewelry. This will usually require an appraisal of the value of each piece. Scheduled coverage would be very appropriate for a case full of Latamas, but of little value for a case full of current production knives.
Scheduled items are almost always insured at an agreed or set value, so that when a loss occurs, you shouldn't (in theory) be discussing the value of something that got stolen.
Your mileage may vary!
Up here in Canada it's impossible to get insurance for my knives, thats why i keep the most valuable pieces in a safety box at the bank.
The ones at home are proteced by SmitH&Wesson and his 6 associates and a huge germain sheppard..
Crooks beware "All He Who Enter Abandon Hope".
The ones at home are proteced by SmitH&Wesson and his 6 associates and a huge germain sheppard..
Crooks beware "All He Who Enter Abandon Hope".
~RAZOR~
Rather be judged by 12 than carried by 6
Rather be judged by 12 than carried by 6