Frequently Asked Questions
© 2008 All Rights Reserved - designed and maintained by CSE Advertising
1. How will my guns be valued at the time of loss?
Fair Market Value is the value of your collectible gun at the time of the loss. For instance, you purchase a collectible gun in May 1999 for $1500. In June 2001 you determine the guns value is significantly higher because of serial number research and now the guns value is $5000. Therefore the Fair Market Value and amount of insurance on the gun is $5000. This makes Fair Market Value the valuation most generally recommended.
2. Does my collection need to be specifically and individually scheduled and valued?
Some policies will require that you schedule, describe and value each gun you wish to insure, while other policies will allow you to Blanket the coverage for your collection.
Our policy only requires you to schedule any one item or pair and set with a value greater that $10,000. We provide coverage for those items less than that amount on a blanket limit. You should always keep a detailed inventory for your personal information and to help prove a loss, should you have one.
3. What is the coinsurance percentage (insurance to value requirement)?
Many floater policies have a 100% coinsurance requirement. This is an agreement between you and the insurance company to insure your entire collection at 100% of its value. Our policy is written with an 80% coinsurance requirement, which allows you a 20% increase in value before you need to change your limit of insurance.
4. Is there any automatic coverage for my newly acquired firearms?
Our policy has coverage for newly acquired property. You will have 25% of your coverage limit, up to $100,000, for newly acquired property. You have 90 days or until your policy renewal, which ever comes first, to call us and add the new items to your policy. Therefore, when you buy a new gun at a show, you can be comfortable knowing it is automatically insured.
5. Are my guns covered while on display or set up at a gun show?
No. Our Collectors Policy does not cover items held as dealers stock, or while set up at a gun or trade show or while on exhibition. We have a Dealers Program that provides the extra coverage to protect those types of activities.
6. Are my collectibles covered worldwide?
Our coverage is Worldwide. You get 10% of your coverage limit or $25, 000, which ever is greater, for your Transit and All Other Location coverage. This can be increased to a higher limit.
1-800-796-9907
| ||||
| ||||
| ||||
| ||||
| ||||
