Insuring Your Stack

[Pete]

Some stackers are accumulating quite a stash; and if silver - quite a bulk.

Do any of you have insurance ?

If so, how much can it cost and would a tube of 25 Maples count as a single item or 25 separate items or a monster box a single item for example ?

 

 

[Danny-boy]

Very interested to see the responses to this thread.

I don't have insurance as I'm stored off-site (not at a vault or anything like that), but in a pretty good safe.

I'd like it insured though I think.

[Keithoil]

I was pondering the exact same subject a couple of days ago, maybe because my car insurance is due.

 

Mine too is stored offsite but would be interested in the follow up replies.

[HelpingHands]

Another idea would be to store you coins in a security box which has insurance included.

I suspect home insurance companies would find an excuse not to pay.

[HelpingHands]

Someone get a quote for fun.

http://www.assetsure.com/collectables/coin-collections/

[HelpingHands]

I'd be a bit concerned that they've spelt 'excess' incorrectly.

 

Coin Insurance Quote


This product is specifically designed to cover single items or collections, the choice is yours, the cover you need to protect your valuable possessions

◾Comprehensive All Risks Insurance


◾Depreciation Cover


◾If we repair a damaged item, we will also pay for any loss in value


◾No policy Exccess


◾Pay by monthly direct debit

[Keithoil]

The only issue I have with telling a company is that they will know I have lots of Gold and Silver, that itself is not the issue (or maybe it is!!) the issue is that they may well inform the HMRC in times of trouble. This will mean the government could potentially make you hand it over, I know it is a long shot but the less people know of your stack the BETTER.

[Ares]

the less people know of your stack the BETTER.

Very much this!

However the government can and will know if you've bought any simply because payments to STG, Atkinsons, BBP etc are all on record, as are eBay records which can be tracked to certain items.

[HelpingHands]

But since then you've sold them at a car boot.

[Danny-boy]

But since then you've sold them at a car boot.

Not if you are insuring it you haven't.

[HelpingHands]

Just talking about what Ares said about the government knowing what you've got (or what you had before selling them in some vague way).

[Danny-boy]

Just talking about what Ares said about the government knowing what you've got. Or what you had before selling them in some vague way.

Boating accident maybe [emoji1]

[HighlandTiger]

I wouldn't worry about the government knowing what you've got. They can't catch the benefit cheats driving around in their expensive cars and exotic holidays. So they've got no chance tracking down the even more secretive world of PM stacking.   

[Ares]

Just talking about what Ares said about the government knowing what you've got (or what you had before selling them in some vague way).

The point being that if you're concerned about the Govt knowing you have it then there's no point worrying about insurance doing it because it wouldn't take Einstein to work it out from other available records.

Personally I don't care if Cameron knows I've got it or not, would rather they didn't but not going to lose sleep over it.

[assetsure]

Thank you to " Helping Hands" for pointing out the spelling mistake on our website. I've had this corrected.

In case anyone was wondering,we can insure collections either at home or in a secure facility.

We provide World Wide "All risks" Insurance" and cover is fully underwritten at Lloyds of London. We are of course authorised and regulated by the Financial Conduct Authority.
If you have any questions about our service, happy to answer them on the phone (call our office and ask to speak to me) or will answer general questions via this forum.

 

Bob Andrews

Assetsure
 

[Danny-boy]

Good to have you on board Bob.

[Stu]

Just checked my existing policy and I am covered up to £7500 for precious metals. I am surprised at this as the policy came in at a great price last year at only £17 per month, which was before I started stacking. This is for buildings (£500000 )and contents(£75000) insurance.

[lightjaw]

Edited

[Pipers]

Stu please check as most claims will only pay out a % of the stack eg if you have 10000 stack and insurance for 7500 you will only be paid 75% of the claim. That's why they have loss adjusters .

[ArthGoch]

You also need to aware of the conflict between clauses within one or other policy.

 

You could for example be covered for precious metals, but a secondary ( and may be taking precedence ) clause would exempt cash or ‘material equivalent to.’ Similarly they could deem that a $1 coin is equal to that value, while the bullion value may be for example $10, while the market value is $200.

 

Furthermore there is the requirement to prove purchase, as well as taking ‘reasonable steps to protect’ and which could involve excessive security at the house. On top of this you will probably need to have an annual assessment of the collections value and which does not come cheap. Also specialist collector/ coin cover usually states that they will payout above and beyond the normal insurance of the house, and thus you could in the worst case be involved in a tripartite bun fight to who is going to pay how much or not at all. Similarly the collectors insurance may require onerous T&Cs to your standard cover and which limits the available cover and thus inflates the cost

 

Since the 80’s my collection of PM grow, and in the early years the cover could be provided by general house and contents.  But with tighter criteria and the growth in the value, it simply became impractical to get full and undisputed claim value on the collection in my home. The matter was reinforced by a numismatic acquaintance who was burgled and who perceived he had the required cover but only received a fraction of the value.

 

After many years, and reviewing all the options, I have finally got insurance cover in full and undisputable terms.  – The only down side is that this is in secure storage and requiring an annual valuation. - Piece of mind comes at a fairly sizable cost

 

 

[Paul]

Insurance companies are thieving bar stewards as a whole, and another representation of our inverted society

 

I have a pathological hatred of sharp practice and dishonesty in both business and personal matters.

 

Insurance Companies are deliberately opaque in their wording in policies which enables them to wriggle out of their responsibilities safe in the knowledge that firstly the Financial Ombudsman will take forever and generally find in their favour for reasons of self- preservation since they, banks etc pay for it and secondly most ordinary punters are unable to afford to take the necessary legal action to bring the slippery bar stewards to account!

 

If you start out with the understanding that Insurance Companies are crooks/shysters and shylocks, you will be less likely to get caught out.

 

A sad incitement on 21st Century Britain, but the same applies to most large companies.

 

We as a human populous are simply cash cows to them,  MOO-MOO ! walk up and get milked annually and they will get as much from us and try and give as a little back as they can get away with should the worse ever happen and you ever need to make a claim 

[sovereignsteve]

Hear hear!

[CatStudent]

.

[StackemHigh]

Yes the slippery bar stewards want it all for feck all.