What is so important about stamp collection insurance?
Well, for most collectors the stamp collection that they have built up represents a considerable investment in time and quite often a considerable financial investment. A partial or total loss of a collection can be soul destroying and financially disastrous. Stamp collection insurance is important as it enables you to have protection from financial loss and it will enable you to re-build your collection should you choose to do so.
When considering stamp collection insurance it is recommended that you enlist the services if an Insurance Broker that specialises in arranging High Net Worth Insurances (often referred to as Private Clients) as they have the expertise to ensure that the insurance is arranged correctly and with an Insurer who understands your needs. These High Net Worth policies are designed to meet the special nature of the client who has chosen to collect stamps or fine art or antiques and are far superior to those policies provided for the average home.
Stamp collection Insurance can be arranged with specialist Insurers as a separate cover but more usually the insurance is arranged as part of a High Net Worth Household Policy. You should always ensure that the stamp collection is specified to the Insurer and that the stamp collection insurance is arranged for the full current value of your total collection.
Stamp collection insurance does not just relate to loss by theft and includes damage by fire, flood storm and many other contingencies and it is therefore our recommendation that you keep and store your stamp collection in fire proof cabinets and in area that is free from excessive moisture or subject to water damage.
To ensure that you get the maximum benefit from your stamp collection insurance in the event of a claim, we suggest the following actions.
- Fully document and catalogue the collection, keeping it updated as you add or dispose of items in the collection.
- Retain any receipts or invoices relating to any purchases that you make for the collection.
- Keep photographic evidence of the collection. With the benefits of digital photography this photographic record can be kept on a computer disk for safety.
- Store and keep the collection in a manner recommended by acknowledged philatelic experts.
- Review and record the current market value of the collection at least once a year, using one of the recognised sources for stamp valuation.
Should you decide that the responsibility of keeping your collection at home is too great and you choose to lodge it with a bank or security organisation, we still recommend that you arrange stamp collection insurance as damage or loss can still occur within these institutions and their terms and conditions may make claiming against them difficult. With your own stamp collection insurance in place, you can control how your claim is dealt with.
It is hoped that you will never have to claim under your stamp collection insurance but if you do, we hope that this article will have helped you.
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