QUESTION...insurance

forgedcbuser

ABC USQ
Silver Member
If this is in the wrong forum, please adjust...thanks.

I was considering attaching a rider to my homeowners policy to insure my cue collection.

Is it worth it?

What're the grounds for value estimation?

Any opinions would be appreciated.
 
If this is in the wrong forum, please adjust...thanks.

I was considering attaching a rider to my homeowners policy to insure my cue collection.

Is it worth it?

What're the grounds for value estimation?

Any opinions would be appreciated.

I also have been thinking of doing that,but since my experence with insurance companies on both sides selling and putting in claims tells me it is not worth it.Ins. co. are very cooperative when accepting your premiums, it is when you file a claim their true colors come out.I can tell you when it comes to explaining to some adjuster why your 19oz. cue stick is worth several thousand dollars you will end up wanting to strangle him.Especially when he offers to replace your Black Boar with a cue from Walmart.
 
I also have been thinking of doing that,but since my experence with insurance companies on both sides selling and putting in claims tells me it is not worth it.Ins. co. are very cooperative when accepting your premiums, it is when you file a claim their true colors come out.I can tell you when it comes to explaining to some adjuster why your 19oz. cue stick is worth several thousand dollars you will end up wanting to strangle him.Especially when he offers to replace your Black Boar with a cue from Walmart.

That's exactly what I was thinking...how would they evaluate the true value of the cue?

I would think that the Blue Book would be a guideline but overall appreciation and intrinsic value is mostly subjective.

Maybe I should just get a gun safe and bolt it to the floor...lol.
 
Floater

I have such a policy that I bought for my musical instruments many years ago. They are insured with State Farm for replacement (not used) value, and I have complete documentation, including SNs, photos, and receipts. If you have good docs and tell the ins co you want a "Personal Articles Policy" they may be able to accomodate you, but get written receipts from the makers and take pictures of everything and keep second copies somewhere other than your house.
 
I have such a policy that I bought for my musical instruments many years ago. They are insured with State Farm for replacement (not used) value, and I have complete documentation, including SNs, photos, and receipts. If you have good docs and tell the ins co you want a "Personal Articles Policy" they may be able to accomodate you, but get written receipts from the makers and take pictures of everything and keep second copies somewhere other than your house.

good advice...i'll ask my broker about that.

thanks.
 
Insurance Question

I own a insurance agency and have been in the business for 30 years. I have built a fairly good cue collection, and they all live in one of five Gun Safes. Don't buy the cheap safes, go with a Liberty, Fort Knox, Champion.
Or something along this line with at least a 2 Hour or 1550 degree fire rating. You will be money ahead and no worries dealing with insurance adjusters.

Gerald
 
Gun safe is a good idea and so is insurance. A gunsafe isn't waterproof, but provides good protection from kids, theft, damage...

I think theft will most likely occur at the poolroom or in the car. Insurance should cover, just figure out how to value the items. Maybe we need a whole racket of pool cue appraisers.

I think given some thought, you could figure out the price impacts of:
Cuemakers name, reputation, popularity
Rarity of this type/ style being made in a certain shop
Rarity/quality of materials
Complexity of design



So, IMO, determining value will be the hard part. This is why average $1000 cues can be had for a song at pawn stores and are probably stolen. Who would pawn an $800 cue for $100?
 
Hmmmm

Depending on the value, you might not even need a rider/endorsement to your current policy. But if you have a single cue over $2K, or even a collection over this amount, then you need the endorsement.

Adjusters are familiar with the fact the customers collect all kinds of things...but the key is documentation, and one reason I always get a receipt of any cue I buy, and also take good photos, and it always helps if you have a paid receipt for your purchase.

Nothing sends up a red flag then telling an adjuster you paid cash for something that cost $2500 or more and then can't remember the guys name you bought it from. I know that is how "we" do business in the pool world, but it ain't gonna fly in the insurance world.

Also, have your agent inspect your cues when he writes up your new endorsement because that will be the adjusters first phone call when you report them missing and thus your agent will be able to tell them not only did he write the endorsement but he personally inspected the cues., and that adds a lot of credibility to the claim process !
 
Depending on the value, you might not even need a rider/endorsement to your current policy. But if you have a single cue over $2K, or even a collection over this amount, then you need the endorsement.

Adjusters are familiar with the fact the customers collect all kinds of things...but the key is documentation, and one reason I always get a receipt of any cue I buy, and also take good photos, and it always helps if you have a paid receipt for your purchase.

Nothing sends up a red flag then telling an adjuster you paid cash for something that cost $2500 or more and then can't remember the guys name you bought it from. I know that is how "we" do business in the pool world, but it ain't gonna fly in the insurance world.

Also, have your agent inspect your cues when he writes up your new endorsement because that will be the adjusters first phone call when you report them missing and thus your agent will be able to tell them not only did he write the endorsement but he personally inspected the cues., and that adds a lot of credibility to the claim process !

excellent advice.

I'm going to speak to a friend at NYLife and see what steps I should be taking...he's into cues as well so he may have an honest opinion.
 
That's exactly what I was thinking...how would they evaluate the true value of the cue?

I would think that the Blue Book would be a guideline but overall appreciation and intrinsic value is mostly subjective.

Maybe I should just get a gun safe and bolt it to the floor...lol.

That is what I did without the bolts.It is down my basement , there is only so much you can do.Lock em up and keep your eye on the humidity.
 
Just keep in mind that until you get in to the more expensive safes, they are usually either focused on theft protection or fire protection. Most will, of course, offer some protection from both but it always is a good idea to know the fire rating of any safe you are planning to buy. As for bolting it to the floor, unless you are away on vacation most full size guns safes are unlikely to grow legs.
 
Yes, you are correct.

Don't buy a fire safe, they are worthless for security. You can be inside of a fire safe safely @10mins but with a little work 5-7mins and all of your cues are gone. Get a theft deterrent safe and that problem goes away for the average person trying to take it.

If you choose to not bolt it to the ground (and it's electric) then it really doesn't matter, its getting opened through the bolt holes.

You didn't skimp on your cues, don't do so on a good safe.


Just keep in mind that until you get in to the more expensive safes, they are usually either focused on theft protection or fire protection. Most will, of course, offer some protection from both but it always is a good idea to know the fire rating of any safe you are planning to buy. As for bolting it to the floor, unless you are away on vacation most full size guns safes are unlikely to grow legs.
 
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