Coin Slot Magazine - #053 - 1979 - July [International Arcade Museum]
is a very
important criteria for appraising any
collection.
with-one was very willing to insure any reasonable
However, today, the three Dick Bueschel "100
Most
this article I called a couple of companies I deal
Collectible.
.
."
books,
of
the
LOOSE
CHANGE Blue Book can be of help. You must do
the best possible job to set fair values.
Remember,
most policies carry a clause regarding concealment
and fraud—it can void the entire policy!
So read
amount.
Another was willingto take only $5,000.
worth of insurance, on a slot machine collection.
Another one said, "No!"
If you should have a very high valued collection,
say a value in excell of $50,000--you might be
better off insuring just a part of it at first, then
the fine print, and above all be an "Honest Injun"
gradually adding to it.
whenever you deal with any insurance matter, in
sort of a routine matter with most companies, up
Additions in values are
cluding insuring your machine collection.
to the company's limits.
But, who knows exactly
what their limit might be?
You should know what prices are in your area--
if they are lower than the "100 MOST COLLEC
TIBLE" book states, drop down a category to a
What
down?
if
your
insurance company
turns you
If you are dealing with an Independent
point that fairly states the prices machines are
Broker, he will start shopping around for someone
bought and sold for in your area.
who will take the risk.
higher in your area, then you
If prices are
must price them
I, personally, would not
give up until f had tried all the sources I deal with.
higher. The various pricing guides can be invaluable
I might not even tell the customer I had a
to help you set relative prices for various machines-
down" until I had found a source to take his risk.
they show a Rol-A-Top is worth more than a High
We might even have to go to a specialty insurance
Top.
company that is used to taking unusual risks, but
Your listing of your machines, or the "Sche
dule" should be very thorough and complete as
possible.
"turn
in most cases the cost will be greater.
For heavens sakes, take the time to get
the serial number—how else can you be sure the
Yes, you would also be able to increase the
machine is yours--or how can you prove it? Might
"Household Goods" portion of your Homeowners
be a good idea to etch your social security num
Policy to include the value of your collection, but
ber, condition, and your valuation.
the rates should be compared-they normally would
Maybe a note
about any unusual markings or features"should be
be higher.
put on the list, as well.
Policy" is an addition to your Homeowners Policy,
Sn any case, the so called "Fine Arts
and you should first contact the agent that has that
If there is another collector in town who might
insurance for you. I purposely have not named par
expertise in valuing your collection,
ticular Insurance Companies in this article, as the
seek his help. Most of us will gladly help others to
approvals are usually on a local basis. What might
have
more
If you get outside help,
be accepted by an Underwriter here could well be
have him sign the completed schedule stating that
turned down by the same company's underwriter
establish
a
valuation.
he has approved the valuations.
Make two copies
in your area.
That is why you want to give the in
of the list-keep one to help you update the 11st—
surance agent the full story on your collection, so
and the other one goes to your insurance com
he can "sell" the idea to his underwriters.
pany or agent.
Dave:
Dick:
While insuring my collection was an easy
Of course I am familiar only with the Insur
matter, perhaps in your case it might take more
ance Companies that I work with, and with regula
time talking to additional insurance agents in order
m obtain the insurance. It is well worth the time
.co to
m
ferent in your State or with your particular
com
and effort, and do not be discouraged if your are
:
u
m
se
pany. Remember, some underwriters
turned down at first. I surley sleep better at nights
m it u easiest
d fro d find
-
e
e
d
to say, "No", rather o than
investigate
the applica
knowing that my valuable collection is insured.
a
a
l
rc
n should
w
tion. Your agent
be .a
well prepared to dis
I realize that money alone could not replace the
o
w
D
w the underwriters. If
w
/
cuss these collectibles
with
five
years of hard work it took to amass my col
/
p:
htt insurance
your particular
company has suffered
lection and to restore all the machines. But, I'd
tions in Ohio.
Perhaps conditions might be dif
some big losses on other collectibles, they might
hate to lose the collection, plus all the money in
not want this type of business.
vested. Call your Insurance Agent today!
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