Flexibility the hallmark of new collection coverage from U.K. provider
Whether they’re handling stamps, music memorabilia, fine art or some other type of valuable collection, individual collectors, museums, dealers and auction houses have one thing in common: a deep appreciation and respect for whatever items they handle.
As unique and irreplaceable as a collection and the items in it may be, if it carries a high value, it can and should be insured.
A highly flexible stand-alone policy brokered by Burns & Wilcox via the British organization Collect & Protect, a new entrant in the U.S. market, can provide agents and their clients with a viable coverage solution. A Collect & Protect policy may insure anything from individual items to expansive collections for individual collectors, museums, dealers and auction houses.
The product began with the marriage (literally) of U.K. Specialty Insurance Broker Hilary Baker to a sports photographer who owns an extensive collection of sports memorabilia. She immediately recognized the need to protect his collection and those of several of his friends, so she worked with Lloyd’s underwriters to develop a product to handle these items. Requests to protect other types of collections and to include additional perils soon followed, so the product was expanded to meet those needs, too.
While new to the U.S., Collect & Protect has been providing coverage in Europe since 2001. Flexibility is a strength of the company’s coverages. Working with the U.K. company, Burns & Wilcox can tailor a policy to fit clients’ specific needs. For example, off-premises physical damage coverage is available so that an item or a collection can be taken across the country or around the world. It may include loss of value after a physical loss or damage. Settlements can be based on an agreed value for an item or on the item’s market value just prior to the loss. Generally, deductibles are determined by the value of the account.
That flexibility extends to the types of items covered, too; Collect & Protect not only accepts but welcomes unusual requests. This is a company that has considered covering a museum of water and has insured a 30-foot plastic gorilla in transit and at a collecting event on the other side of England. It did, however, turn down a private zoo in the U.K. with a history of escaping elephants, deer and monkeys.
Collect & Protect coverage is available in all 50 states through Burns & Wilcox. It’s a welcome import from our friends in the U.K.