Appraisals for insurance purposes?

half fast bankr

half fast bankr

Purist / Traditionalist
Silver Member
Unless purchased new from builder, how are you heavy's going about proving value for the collectible cues you own and want to add to your home owners policy? Individual appraisals from whom, or just a blanket policy?

Any constructive thoughts would be appreciated.

Thanks in advance,
 
Insurance

On most home policies any collection of
anything must be insured separately. Values
of the items in the collection can be established
and agreed upon at that time. One playing cue,
one break cue and one jump cue could probably
be successfully defended as not a collection but
anything more may come under dispute. Whether
or not to insure a "collection" and pay the additional
fees becomes a financial question.

The valuation of the cues would have to be worked
out between you and the underwriter. If it were me I
would insist on a letter of acknowledgement from the
underwriter specifying exactly how the cues are
valued. This letter would also address the fact that
the cues are "collectable" and not subject to depreciation
from limited use.

This is just my experience with insurance companies.
Others probably know a lot more about this than I do.

Good Rolls
Joe
 
Most insurers have similar requirements.

If you want an insurance value that reflects a "collectable" or "antique" value, you will most likely be required to purchase an additional insurance "rider" to your homeowner policy covering that item(s) for an additional fee. They will, without doubt, require a written appraisal for that item(s) from certified appraiser or industry expert that they must approve.

In order for the item to be covered you must play by their rules.

J
 
Generally the rider etc is known as an Inland Marine Endorsement.
The IM Endorsements are for Collectables such as paintings, jewelry, and other such items that carry a high value replacement cost.
Talk to your insurance agent who handles your home or renters insurance.
You will likely be required to get an appraisal for your items Pool Cues. Sometimes a receipt might be enough but if the cue is worth more than you purchased it for and you want to insure it to value you will need an appraisal.
Some insurer's that I handle do have $$$ limits on certain items so make sure you ask your agent. Good luck.
 
I just referenced the "Blue Book of Pool Cues" and I didn't have to get appraisals done.

I did list a couple folks that I considered capable to appraise but I was never required to get it.

My insurance was with State Farm. I did file a claim with them and the insurance went through the roof.

Ken
 
half fast bankr said:
Unless purchased new from builder, how are you heavy's going about proving value for the collectible cues you own and want to add to your home owners policy? Individual appraisals from whom, or just a blanket policy?

Any constructive thoughts would be appreciated.

Thanks in advance,
Click to expand...

Unless specifically excluded from the "personal property" section of your homeowners insurance, cues are covered up to policy limits. I contacted my insurance agent to be sure and I recommend anybody to do the same.

To establish value, I recommend at least once a year taking detailed photos of your cue collection and assessing condition of each. You can use reference materials such as the Blue Book. Then I recommend finding comparable cues sales on any publicly accessible site, including the cue maker's, ebay, cue dealers, etc., and documenting sales prices or asking prices. Run off copies and keep them online or in a safe place. I keep my cue inventory and photos on my website in a private area.

Homeowner's insurance is not as comprehensive as collectibles insurance. It may not cover flooding, for example. Homeowner's often excludes some valuables like jewelry, cash, coins and stamps, precious metals and antiques. In those cases, you need a rider to cover those items, but cues fall into your personal property category if they are not excluded as collectibles or antiques.

Collectibles insurance is relatively expensive but more comprehensive and usually adds in shipping, travel, display, and other incidents homeowner's excludes.
 
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I think all these posts are accurate. However, here is what is not said. To properly insure a cue, or a painting, a diamond, etc for its true value.....You, me or anyone else will conclude it is not worth it. The cost is so high, you will end up assuming the risk yourself. Insurance companies are not our friends.
 
Not necessarily true Phil. I insured all of my high dollar cues with a rider on my homeowner's policy. Bill Stroud appraised the cues for me (one was my custom built by him). The insurance company accepted his valuation, and the premium was about $300/yr, for about $15,000 in cues. I will say this was 25 years ago, and costs may have gone up. Still worth trying...

Scott Lee
http://poolknowledge.com

phil dade said:
I think all these posts are accurate. However, here is what is not said. To properly insure a cue, or a painting, a diamond, etc for its true value.....You, me or anyone else will conclude it is not worth it. The cost is so high, you will end up assuming the risk yourself. Insurance companies are not our friends.
Click to expand...
 
phil dade said:
I think all these posts are accurate. However, here is what is not said. To properly insure a cue, or a painting, a diamond, etc for its true value.....You, me or anyone else will conclude it is not worth it. The cost is so high, you will end up assuming the risk yourself. Insurance companies are not our friends.
Click to expand...

Actually, I take the view they are your friend. Without them you most likely would not be driving an exotic sports car or live in a nice house, because it would be hard to finance these items from a bank without protection afforded by insurance.

I think about a couple friends that died early, thank god they had life insurance, instead of leaving his family destitute, his kids are going to an Ivy League school, and the other is at Michigan. And the wife could pay off the mortgage, and thus will live in the house they raised their kids in till the day she dies,,,,all from one policy.
 
ok thanks, Scott. Have you made any claims?

Chicago RJ, what you say is true as well. My view on that now, not when I was 45, is that I would never own a car I have to finance. Interest rates on cars and CC are like burning money. I own everything, home, cars etc. I also gambled everthing in my own business so I feel I have earned it.
 
I did only have one claim on a cue and had no issues getting it replaced. If the company you have offers agreed value coverage on the rider for your cues and or jewelry, the agreed value takes any chance of depreciation out of the picture, but you will have to have something to prove the value if you have a claim, letter from the maker, bluebook of cues, etc..
 
Very good Scott, congratulations. My experience is no so good. No claims 84-93, one claim and lost all insurance car, home, umbrella. The claim was one car accident, my fault in the afternoon, no other cars no one hurt.
all the best,
 
Ages ago when I aquired my first pile of lumber, I contacted my insurance company about getting a rider or a seperate policy for my collection. It was at this same time that the cue suckers started buying up all the Buskas and Botis.....pool halls were being broken into all over the country to aquire such gems...hence cues became a high risk item.

To insure my collection...approximately 25K worth....was going to be 2500 a year....10% of their value. Needless to say, I declined. Now they are just insured by that old time partner firm...Smith and Wesson.
 
Rockin' Robin said:
Ages ago when I aquired my first pile of lumber, I contacted my insurance company about getting a rider or a seperate policy for my collection. It was at this same time that the cue suckers started buying up all the Buskas and Botis.....pool halls were being broken into all over the country to aquire such gems...hence cues became a high risk item.

To insure my collection...approximately 25K worth....was going to be 2500 a year....10% of their value. Needless to say, I declined. Now they are just insured by that old time partner firm...Smith and Wesson.
Click to expand...

I am surprised by that quote.

For about 5 years I had collectibles coverage on my cues: http://www.collectinsure.com/

The cost to insure them was under 1% annually. They covered the cues in and out of my possession under various circumstances, like shipping on certain carriers and displaying at shows. It was a lot more comprehensive than homeowners.

I decided to get a quote on my homeowners and it turns out with my policy, they were covered for replacement cost for fire and theft and some other forms of damage or destruction that were not earthquake and flood related. I just upped the property limits to cover them but it was cheap. I've never had to file a claim, fortunately, but if I had collection issues, that's what lawyers are for.
 
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Once upon a time a case with cues was stolen from my possession. It was a customer's case and cues. My insurance company requested that I get statements as to replacement values from credible industry sources. Those sources at that time were Bill Stroud and Ray Schuler. In the absence of a cue maker then the next best bet is a well known dealer and industry sources like the Blue Book.

My thought would be to ask the insurance company who they would accept for appraising the value to be insured.
 
Rockin' Robin said:
Ages ago when I aquired my first pile of lumber, I contacted my insurance company about getting a rider or a seperate policy for my collection. It was at this same time that the cue suckers started buying up all the Buskas and Botis.....pool halls were being broken into all over the country to aquire such gems...hence cues became a high risk item.

To insure my collection...approximately 25K worth....was going to be 2500 a year....10% of their value. Needless to say, I declined. Now they are just insured by that old time partner firm...Smith and Wesson.
Click to expand...

I think it's all about each insurance company being different. Sometimes I think that they throw out "go away" number knowing it's not going to be accepted. I just priced some travel insurance from AIG - they only want $1800 to insure a $4000 trip. :-)
 
phil dade said:
ok thanks, Scott. Have you made any claims?

Chicago RJ, what you say is true as well. My view on that now, not when I was 45, is that I would never own a car I have to finance. Interest rates on cars and CC are like burning money. I own everything, home, cars etc. I also gambled everthing in my own business so I feel I have earned it.
Click to expand...

Well, I'm 37 and I self insure everything I own except my house and our cars, so I agree with you completely. $15000 worth of cues is not something that I would bother paying $300 to insure, but if it helps folks sleep easy in life, then its probably worth it to them, and that is worth a lot. In most cases it does not pay to bet against the actuaries. I also don't hedge my other investments, but now I digress.
 
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JB Cases said:
I think it's all about each insurance company being different. Sometimes I think that they throw out "go away" number knowing it's not going to be accepted. I just priced some travel insurance from AIG - they only want $1800 to insure a $4000 trip. :-)
Click to expand...

I find it amusing that our society still trusts a company that caused its own financial ruin through foolish bets and outright deciet with our own personal security. It seems we have learned little ha ha ha. I'm sure Hank Greenberg is still rolling on the floor laughing.
 
The best defence in dealing with a loss, and insurance adjuster is per planning. Having a receipt for value paid, preferellably with photo for identification. Plus an appraisal from a notable expert in the field.

Than you might get what value is real.
 
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