Sports Memorabilia Insurance

 

Sports Memorabilia Insurance

Collecting sports memorabilia is a passion that can lead to a very valuable collection, and protecting that collection is critical to your ability to enjoy it to the fullest. This is where obtaining a sports memorabilia insurance policy that’s tailored to your collection comes in. You’ve committed time, resources, and a love for the game to carefully accumulating and curating your collection so that you can enjoy the fruits of your labor. The fact that you don’t want to keep it locked up in a safe at all times, however, leaves your collection more vulnerable to loss, which is exactly why robust Sports Cards and Memorabilia Collectors Insurance is so critical.

A Word about Your Homeowner’s Policy

Your collection likely began slowly, and you may have been able to insure your fledgling collection with a floater policy, but as your collection grows, your homeowner’s policy becomes increasingly inadequate. Sports memorabilia collections require exacting sports memorabilia collection insurance that addresses each specific collection’s specific requirements, and homeowner’s policies simply aren’t sophisticated or robust enough to provide adequate protections.

Your Collection and Potential Loss

Your sports memorabilia collection consists of wide-ranging pieces that are all vulnerable to specific kinds of loss and to more general categories of loss. For example, a pristine baseball card has unique vulnerabilities regarding exposure to the elements that many other pieces in your collection might not. When it comes to your sports memorabilia, loss can come in many forms, including all of the following:

  1. Accidental damage
  2. Damage while in transit
  3. Fire, flood, and natural disaster
  4. Theft

Of all the valuable kinds of collections, a sports memorabilia collection is a prime example of a collection that is meant to be shared – because of the pleasure it brings to so many. In fact, sharing your collection may be one of the motivating factors behind it. This also leaves your collection, however, more vulnerable to theft. Theft of valuable items like sports memorabilia is often a crime of convenience, and these stolen valuables are rarely recovered. Sports memorabilia collections bring serious joy, but they also require serious sports memorabilia insurance.

Your Sports Memorabilia Insurance Checklist

Sports memorabilia collections need robust coverage, and this involves obtaining a policy that addresses your unique collection’s specific requirements. The following checklist can help ensure that your sports memorabilia insurance works hard for you and your collection:

  1. Keep a detailed inventory (with attendant photos and certificates of authenticity) of every item in your collection, and keep this inventory safely secured in a location that’s separate from your collection.
  2. When taking photos and/or making videos of your collection, make sure that you capture every special marking and anything else that speaks to each item’s authenticity.
  3. Realistically value your collection. You don’t want to purchase more converge than you need, but you do want to adequately cover your collection in its entirety. Attach a realistic value (at that time) to each item in your inventory.

Protecting Your Collection

You collect sports memorabilia not only for your enjoyment but also for the investment value. Protecting your investment is obviously critical, and all of the following precautions can help:

  1. Stay on top of the subject by doing your research thoroughly, which helps to ensure that your purchase is as valuable as it's purported to be.
  2. Because there has been a proliferation of difficult-to-detect fakes out there, having each item you purchase authenticated is key.
  3. Work with brokers whom you trust.
  4. Keep your memorabilia in state-of-the-art storage that controls for temperature, light, and humidity.
  5. Have your collection appraised routinely to ensure that you remain up to date regarding its value.
  6. Keep all sales documentation – for every purchase you make – organized and accessible.

The most important step you can take in protection of your valuable sports memorabilia collection is to cover it with a sports memorabilia insurance policy that is specifically tailored to your collection.

A Savvy Sports Memorabilia Insurance Professional Can Help

Sports memorabilia collections are unique collections – for the amount of joy they can bring to so many. At FACE, Fine Art Collectibles Enterprises, we share your enthusiasm for sports memorabilia, and our dedicated sports memorabilia insurance brokers are committed to helping you carefully cover your collection in a manner that allows you to enjoy and share it with confidence. You’re passionate about your collection, and we’re passionate about helping you protect your investment in terms of both financial value and personal enjoyment. The time to boost your coverage is now, so please don’t wait to contact the insurance professionals at FACE today.

Frequently Asked Questions

Your should contact the police as soon as possible. The quicker you act, the faster the authorities will be able to collect information regarding your stolen item. Your insurance agent should also be notified right after you have made contact with the police.

The most common way art is stolen is Burglary. It’s important that your installations have proper security in order to prevent these crimes from happening. Its also very important to make sure that the staff you higher to give your building maintenance has a clean record and has no criminal history.

Its responsibility of the insurance carrier to work with the FBI to recover the art that was stolen. It’s possible that you may be asked to work with the corresponding authority.

If your valuable art items are not insured, your efforts will have to be focused on working with the authorities to recover your stolen items. The odds of recovering your stolen items is very low.

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