Don’t let a valuable collection go up in smoke: Talk to your agent about insurance


Comic book big explosionAre you a collector? If you’ve amassed a significant collection, you may want to have its value appraised and consider adding specialty coverage or an endorsement to your homeowners insurance policy. Whether your collection is fine antiques, stamps, musical instruments, vintage costume jewelry or comic books, it can amass in value. You should talk over your collection with your insurance agent and see if it makes sense to protect your investment.

Take comic books. Vintage comics that were bought for mere pennies in the last century are now valued in the hundreds of thousands of dollars. A few prized comic editions have even reached into the millions at auctions.

This PropertyCasualty360 video is a case in point. Shawn Moynihan interviews Vincent Zurzolo, COO and co-founder of Metropolis Collectibles, a large and respected rare comic book dealer. It’s interesting from several perspectives: as a business case study of a fascinating niche business, as a discussion of commercial risk management, and also in the lessons it offers to personal hobbyists and collectors about protecting investments.

Zurzola shares interesting information about Metropolis Collectibles’ huge comics collection and the risk management steps they take for protection. He also has a few words for personal collectors. He says that just the way you protect the investment in your home or car by having insurance, you should protect your valuable collections too. He says, “… collectors feel like they are insured through their homeowners insurance policies sometimes they are and sometimes they’re not and finding out when its too too late is a tragedy.” He shares a cautionary story about an uninsured client who lost a valuable collection in Hurricane Sandy. He also notes that because collectibles frequently increase and decrease in value, it’s a good idea to do an annual review every year when insurance policies are up for review. He suggests that if you can’t evaluate your collection yourself, seek the help of an expert.

The $10 million dollar smile: celebrity body part insurance


Your Mom may think of you as a million dollar baby and your friends and family may find you priceless … but what price would an insurer put on your body parts? Could you command $10 million for a smile? $1.6 million for a finger? $1 million for your flowing tresses? Probably not, but some celebrities have insured body parts for millions.
We also point you to a related past post about an amusing spoof video featuring Kobe Bryant touting ankle insurance.
You can learn more about how body part insurance works. This article explains that, “You don’t have to be a celebrity to insure your body parts–anyone can order up some specialty insurance if he thinks he needs it. As long as you’re willing to pay the premium, you can get insurance for the body part of your choice. In the United Kingdom, the members of the Derbyshire Whiskers Club insured their beards against “fire and theft,” and a soccer fan insured himself against psychic trauma if England loses this year’s World’s Cup.”
Related:
10 of the weirdest insurance policies
Insurance issues for the rich & famous