Coin Slot Magazine - #053 - 1979 - July [International Arcade Museum]
CAN YOU INSURE YOUR
SLOT MACHINES???????
by RICHARD CLOKE, Insurance Broker, and DAVE EVANS, Slot Machine collector
Dave:
Over two years
ago
good
friend,
Bob
be able to "sell" the idea of insuring your machines
Rosenberger, asked if I had any insurance on my
to the Underwriter.
slot machine collection.
writers in some companies who like to say, "no",
He noticed the growth
in number of machines from his last visit.
I said,
"No, and I doubt if anyone would want to insure
a bunch of old slot machines!"
Yes, there are some Under
but most are very fine people with a lot of insur
ance knowledge.
Bob warned that
normal
If we can write a "Scheduled Personal Property
Homeowners Policy would be woefully inadequate
Endorsement" to your present Homeowners Policy
in a case of fire or theft.
we can give you better coverage, normally* at a
with
values
increasing
rapidly,
that
a
Bob pointed out that not
only would the loss be substantial, but the cost to
lower cost.
replace the machines would be much greater than
must furnish the insurance company with a com
the acquisition costs of present machines.
plete listing of the personal property and a
appraisal
I really did not think too much about this con
But this "scheduling" means that you
of
that
property's value.
you
should keep this schedule up to date as to the
versation until a few weeks later, when I added
property, and
up in my head the cost of the various machines.
methods of appraisal later.
WOW!!!!
good
And,
its valuation.
We will talk about
I did not realize S had that much money
tied up in a bunch of old slots.
So, I called my
When I sought to insure the Evans collection,
insurance agent, Dick Cloke, and asked if he could
in addition to normal underwriting questions, they
obtain some special
asked me these additional questions—1.
insurance on my collection.
Of course he had not insured a slot machine col
are these machines kept?
lection previously, so it meant he had to do some
determined?
out, or put on display or exhibition?
Are these machines ever loned
who has my Homeowners Policy was contacted
Mr. Evans' occupation?
first.
sure?
Fortunately Bob Rosenberger had told me
the rate he paid, and that his Insuror handled his
Where
How were the values
digging to see if they could be insured.
The S nsuror
3.
2.
and 5.
4.
What is
What is our expo
My reply was that the machines are kept in
the Insured's home-never put on display or exhi-
collection under a "Fine Arts Policy" at a very
bited--and
favorable rate.
utilizing his knowledge and expertise in the hobby
The rate was lower than you'd
the
values were set
by the
Insured
get for jewelry, cameras, guns, and even average
of collecting antique slot machines.
household goods,
our company's exposure in insuring this collection
ance
isn't it nice to know the insur
companies feel that old slot machines are
"fine art objects?" We've, come a long way!
Dick:
Once you have decided to insure your col
I feel that
is minimal-no different than insuring his home and
its contents.
Dave:
Setting values on your collection is very
lection, you don't just call your insurance man,
important, and you should spend enough time to
and say — "Hey, Mac, I wanna get an insurance
do
policy on my slot machine collection-about fifty
their underwriters, an old slot machine might be
agent with the facts on your collection, the fact
the auctions, or what dealers and collectors were
that several hundred other collectors exist in var
selling them at.
ious parts of the country.
of what is going on in your collecting hobby-this
it correctly.
To the
insurance company, or
com
thou or so!" You are much better off : speaking his m. worth fifty bucks! They have no idea as to worth
u
e
language—try this--"l would like
of these valuable antiques. At the time I valued
us some
fro to m schedule
m
d
-
e
e
d
personal items under my
Homeowners
Policy. Can
my collection, there were no pricing guides avail
d
a
a
o
nl me?"
arc
you handle this w
for
Remember,
the Agent
able. All I could go on was my cost, the valued
.
o
w
D
has to go to an Underwriter
//ww for his company to get added by restoration, plus my accumulated know
:
p
t
t
approval of the
h insurance. You should fill in the ledge of what various machines were bringing at
You want to help him
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