Best's Review: Insuring Barbie Doll and Star Wars Collections Boost Bottom Lines

Business Wire, Oct 31, 2008

OLDWICK, N.J. -- Collecting is a popular hobby in the United States. Some 37 million Americans collect everything from comic books to John Lennon memorabilia, however many who enjoy this hobby don't think about insuring their personal treasures. In Best's Review's November cover story "Collecting Premiums," find out how insurers are using special training and e-mail reminders to reach out to both policyholders and agents about the importance of this coverage.

"Agents need to be more aware of how prevalent collecting is, I just don't think that one simple question gets asked: 'Are there any collections in the house?'" said Jill Bookman, chief executive officer of American Collectors Insurance of Cherry Hill, N.J.

Bookman's father, former American Collectors' chairman and former CEO Tom Kanyuk, broadened his business from classic cars to collectibles when he discovered people who collect cars also tend to collect other things. "We started with trains, then Lladro (porcelain figurines) and teddy bears," said Kanyuk.

Insurers and agents are educating their clients that a pricey collection could be worth more than a homeowners policy claim could pay. HUB International, whose clientele tend to be wealthy, meets with its policyholders annually, and sometimes more frequently, to update their collections' worth. James Kane, president of personal insurance for HUB, said collectors insurance is one of the most underused insurance coverages. "I think buying insurance is like eating spinach. We all know we need to eat spinach, but we do everything to avoid it."

Try out a Best's Review Video Experience. Get the inside scoop by watching Best's Review's award-winning editors talk about their November stories at http://www.bestreview.com/videos.

November's other HIGHLIGHTS:

--Get the inside story on NAIC's proposed 2009 budget in "Dollar Signs" and discover how $500,000 is earmarked to be spent.

--Don't miss Best's Review's exclusive roundtable discussion with five of the top IT experts in the insurance industry in "Taking the Long View."

--Find out what's behind the 9% rise in advertising spending by insurers in "Raise, Hold or Fold?"

Best's Review is published by the A.M. Best Co., for insurance professionals, including home office executives, agents, brokers and others who are affiliated with the industry, such as bankers, lawyers and educators.

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Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.