[meteorite-list] Meteorite Appraisal for Insurance?

From: Jim Wooddell <nf114ec_at_meteoritecentral.com>
Date: Mon, 5 Sep 2011 16:25:45 -0700
Message-ID: <E71F8EFC2C4C4DB29D1FAF4C697F5552_at_Grande>

Hi All

As with other things in my home, I took pictures of them, placed a value on
them, had them insured as personal property for that amount. The insurance
is based on a $$$ figure, does not matter what it is. Insurance company has
a copy (A CD of the pictures and actually a video) in my files, in case mine
are lost. I am pretty sure you do not insure them as replaceable items. I
could be wrong.

You might talk to your agent about that. It's the same for guns,
instruments, etc., that simply can not be replaced, but have a high value.

Every so many years, you have to take a look at all this and see if you need
to bump the insurance up or down.


Hope this helps!

Jim Wooddell



----- Original Message -----
From: "al mitt" <almitt at kconline.com>
To: "Meteorite List" <meteorite-list at meteoritecentral.com>
Sent: Sunday, September 04, 2011 7:02 AM
Subject: Re: [meteorite-list] Meteorite Appraisal for Insurance?


> ?
>
> Hi Mike and all,
>
> I've been down that path before. I think you will find that most insurance
> companies won't want to insure your collection. Mainly because they have
> no idea of true value and replacement cost would be difficult for them to
> figure. I'm sure that you have pieces that are rare and may be impossible
> to replace. This scares insurance companies. They would have to have a
> realistic value they could pay you for settlement in advance. Also maybe
> you have a piece that is a high character piece and nice, they may check
> on eBay and find an fragment with no character selling for 5 or 10 times
> less which creates a difficulty for them when replacing. They are always
> going to go with a lower price for replacement. Also they may depreciate
> your collection if they had to replace it unless you get a replacement
> clause in such an agreement. Some pieces will actually increase in value
> which will scare them.
>
> I was given a quote and only Lloyds of London would insure in the early
> days. In about 5 or 6 years I could have bought a collections just a large
> (and nice) and as many pieces for what my premiums were going to cost me.
> My feelings were this was not cost effective. I was able to get my
> homeowners insurance to consider insuring the specimens much later on.
> They wanted pictures values, and receipts of all items I was going to
> insure. Again the cost of insuring was going to be high because they
> aren't sure how to put a proper value on meteorites because they just
> don't know how to. They suggested just insuring the most valuable ones to
> minimize loss.
>
> This subject has been brought up before and I believe the consensus was
> this. Buy a high quality fire proof safe and store your specimens when not
> studying or displaying. I'd talk to your local firemen and get an opinion
> on where best to put the safe. Having it upstairs during a fire it may
> fall into the crawlspace or basement. If it lands on it's side or back,
> water can get in and damage specimens. Better to place down in an basement
> and in a corner or build or have built a structure that would support it
> and keep it in place in a house. If in a basement you should put it on
> something to raise it so water won't get in during a fire when firemen are
> putting the fire out.
>
> If you get an appraisal, make sure it isn't by some amateur. I'd get
> someone like Blaine Reed or AL Lang to do it. Also you should get more
> than one to show some sort of consistency. Getting someone to come in and
> appraise would cost you the cost of their travel and what ever they would
> charge you. Get an estimate first. I'm sure there are other ideas out
> there but this has been my experience. Best!
>
> --AL Mitterling
>
> Mitterling Meteorites
>
>
>
> ----- Original Message -----
> From: "Mike Groetz" <mpg4444 at gmail.com>
> To: "Meteorite List" <meteorite-list at meteoritecentral.com>
> Sent: Sunday, September 04, 2011 8:11 AM
> Subject: [meteorite-list] Meteorite Appraisal for Insurance?
>
>
> Have any of you worked with your home insurance company to have
> your meteorite collection covered?
> I asked my agent about covering my collection (about 700
> micromounts and a couple large ones) and she looked at me like I was
> crazy. She said she never had been asked that before (understandably)
> and wouldn't know how to do it.
> She said the collection needed appraised and she would see how to
> deal with it.
> If any of you have had this done- may I ask how you went through
> this putting your collection on your homeowners policy?
>
> Thanks for helping me,
> Mike Groetz
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Received on Mon 05 Sep 2011 07:25:45 PM PDT