Insurance documentation for a collection

Homeowner and contents policies cover collectibles poorly: sub-limits for “collections” are often a few thousand dollars, and “breakage” is commonly excluded for fragile items. A collection worth more than the sub-limit needs a scheduled personal articles floater or a specialist collectibles policy, and either requires a schedule: an itemised list with description, value basis and photographs.

For each scheduled item the insurer wants what a museum record already holds: a unique number, a description (what it is, size, formation and locality), one or more dated photographs, the acquisition (date, source, price paid, receipt), and a value with its basis — purchase price, a dealer's written valuation, a comparable sale, or an appraisal from a qualified appraiser for high-value pieces. Values should be refreshed every three to five years or after a market shift.

Photograph the collection in situ as well: drawers open, cases full. A total-loss claim after fire or flood is settled on the evidence that the items existed, and a walkthrough video dated and stored off-site is the strongest evidence a private collector can offer.

Keep the schedule off the premises: cloud storage, a copy with a relative, or Stratum's encrypted export. The same document serves an estate and a sale.

Stratum's Insurance Schedule export prints the schedule from the record: number, title, description, dimensions, value, value basis and date, thumbnail, and a total, in the format most underwriters accept as an attachment.