Barbies & baseballs & bears (& more)

Rough Notes, Jul 2003 by Boone, Elisabeth

Some of the things people collect are bound to cause snickers, if not outright guffaws, especially when the items appear overly sentimental or kitschy. Don't be so quick to jeer, Bookman warns. "We recently had a Precious Moments claim for $30,000," she says. "The manufacturer of these figurines has clubs for collectors, and you have to pay to belong. The last time I checked, they had over 800,000 members. This is a great example of why agents should pay attention to their customers who are collectors. It's a huge market that's not being seriously addressed. How many agents even ask about this when they're writing a homeowners policy? Mine never did!"

Because many retail producers aren't aware of the expanding market for collectibles, Bookman says, American Collectors writes about 50% of its collectibles business direct. "Most of our vehicle business is brokered, and we'd like to expand our involvement with agents on the collectibles side," she says. "Sometimes agents contact us not on behalf of clients but because they themselves are collectors and recognize the value of our policy. Once they see our coverage, they begin to build their personal lines business by offering the policy to their customers."

Whether it's Barbies, baseballs, bears, or beyond, collectors need protection for their treasures. Using the same principles that have made American Collectors Insurance successful in the antique and collectible vehicle market, ACI is rapidly becoming a major player in the world of collectors.

Elisabeth Boone, CPCU