Stamp and Coin Collections
Individually owned stamp and coin collections may be insured under the personal articles form on a worldwide basis against all risks of physical loss.

The stamp coverage insures all types of postage stamps including due, envelope, official, revenue, match and medical stamps, covers, locals, reprints, essays, proofs, and other types of philatelic property owned by or in the custody or control of the insured. In addition to this, books, pages, and mountings are covered.

Coverage on coins applies to rare and current coins, medals, paper money, bank notes, tokens of money, and other numismatic property, including coin albums, containers, frames, card and display cabinets used in connection with such collections that are owned by or in the custody or control of the insured.

Blanket coverage is provided on both stamps and coins. If the insured has valuable items, they may be scheduled. This is advisable since there is a 100% coinsurance clause applying to each blanket coverage section and recovery is limited under each section to $250 on any one unscheduled stamp, coin, or other individual article, pair, strip, etc. An aggregate limit of $1,000 applies to any unscheduled coin collection.

The newly acquired property clause of the personal articles form does not apply to stamp or coin collections. Thus, when additions are made, coverage should be increased by endorsement immediately.

A premium credit is allowed if the insured agrees to keep at least 75% (by value) of the insured stamps or coins in a fireproof combination-locked safe or vault when the collection is not being used or exhibited.

Coverage on stamps and coins under the personal articles form does not extend to:

  1. Fading, creasing, denting, scratching, tearing, thinning, transfer of colors, wear, tear, inherent defect, dampness, extremes of temperature, insects, vermin, gradual depreciation and deterioration, and damage sustained from handling or while being worked on and resulting from such work.
  2. Theft from unattended automobiles unless the property is being shipped by registered mail. The exclusion may be removed for an additional premium.
  3. Mysterious disappearance of unscheduled items unless they are mounted in a volume and the page to which they are attached is also lost.
  4. Stamps or coins in the custody of transportation companies. Note that the only mail shipments covered are those sent by registered mail.
  5. Property which is not an actual part of a stamp or coin collection.
The conditions affecting valuation require attention. As with other inland marine contracts, these conditions emphasize the desirability of scheduling items whenever this is feasible. If the loss involves individually scheduled stamps or coins, the policy states that the company shall pay no more than the least of the following amounts: the actual cash value of the property at the time of loss or damage; the amount for which the named insured could reasonably be expected to have the property repaired to its condition immediately prior to loss; the amount for which the named insured could reasonably be expected to replace the article with one substantially identical to the article lost or damaged; or the amount of insurance.

Another condition affects the valuation of property which is not scheduled. Here, the cash market value at the time of loss is the basis of recovery, with a $1,000 maximum limit on numismatic property and a limit of $250 per stamp, coin or other individual article or per pair, strip, block, series, etc. As noted previously, a 100% coinsurance clause also applies to unscheduled property.