[meteorite-list] Meteorite Appraisal for Insurance?

[Jim Wooddell]

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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