Just a quick question re. insurance for PMs, as I forsee a few issues that relate to the topic. As I know a fair portion of this forum have concerns regarding financial privacy, whats is the consensus on insuring PMs - or does this very action nullify the ideal of financial privacy? Furthermore, if one was to have PMs covered under a conventional home and contents policy, how would one quantify the value of a claim - would it simply be spot value at the time of incident, plus any numismatic values? Does anyone have experience in this? (PS: No, I'm not going to get a pitbull and a shotgun - just before the inevitable suggestion comes)
PM insurance would be a nightmare as the value changes all the time so how would the insurance company set a premium, by charging you twice what it was worth thats how
We dont have a good thread that i can find that has concise quality info on insurers that directly insure PM bars. Personally i know my insurer will insure gold and silver COINS on the contents policy if the items are individually listed. The amount of PM value must not be more than 25% of total contents insured value. It would be important to update your contents policy to ensure you are covered for the change in value. I would also confirm with the insurer whether they cover replacement cost or insured stated value. They will not cover PM BARS on contents policy at all. What would be good is if we had a site sponsor here that insures PM in home or safety deposit boxes. Does anyone know of a company that insures PM and is good at it and good to deal with?
I have my contents insurance with a very well known company in qld. The policy is called Platinum Essential Plus Limits. I have up to $100000 in total cover for any gold and silver items including bullion. This is in excess of my other contents and they do not have to be individually listed. Of course I have to prove that I owned them in case of a claim with photos and receipts etc. I have just called them to confirm that it does cover my bullion and it was confirmed. As a guide I insure my contents for around $120000 and the whole contents policy costs about $83 a month, which gives me some comfort if the worst were to happen. The only downside is, it is capped at $100000 and my stack will soon exceed this. I guess it's better than nothing.
Insurance is a difficult one. Off site storage in a secure facility is a better option in my opinion. I'd rather risk that than store myself and then be at the whim of an insurance company who can always worm out of covering. Depends on what you trust more. Visit an off site facility in your city. Look at what they have available. Compare the costs and make your decision. For me, even if I could insure it, my choice is clear because I have more trust for the facility than the insurance company paying out. Also consider that the facility doesnt even know how much or what you are storing. I was paranoid at first and put very carefully placed items and fine hairs into the box and left for a while before using the facility in earnest. Theres a booby trap in place that will show me if the contents have been moved or opened. Have had no issues however.
Hehe. I have heard of a story of someone who keeps a very small cache of sovereigns buried with simple instructions to find. So many high tension electricity poles along a certain highway etc. Queenslands highways are so dynamic in terms of upgrades though I think this wouldnt work here.
