Peace of mind

THERE is something we all purchase but hope never to use; something that in an ideal world probably wouldn't exist, but that we are incredibly glad of when we do come to use it; something that many of us moan about the necessity for, and the cost of, but then are glad of every penny we have spent on it when the time comes - "it" is, of course, insurance. We come across insurance every day, whether for the house, the car or in the form of protection when we are out and about (all shops and offices will have public liability insurance of some kind) it covers practically every area of life and you can guarantee that if there is a risk, no matter how bizarre or unlikely, there will be an insurance that covers it. You can even insure yourself against abduction by aliens, although how you will collect remains a mystery! Unfortunately we all too frequently hear harrowing stories of collectors who have lost everything through theft or fire and who aren't properly insured. Often there is no insurance at all, but just as likely is a scenario familiar to many: a householder's claim on their contents insurance that results in rejection because their collection was excluded by one of the many clauses that crop up so often in policies. It is always worth remembering to read the small print and to check with your company exactly what is and what is not covered. However, even those who believe they do have full insurance, who have read the small print time and again and who are happy they have done all they can, may get a nasty surprise as research shows that "under-insurance" is common with the true worth of a collection often far more than first anticipated, resulting in a final payout that doesn't begin to cover the costs of replacement. Of course no amount of money will be able to truly compensate for the loss of what for many has been a lifetime's work, but it does go some way to softening the blow and now, at this time of year with the holiday season upon us and collections left unattended for prolonged periods, is a good time to consider what perhaps you had been putting off. In this month's issue we look more carefully at the options open to the collector and, through insurers H. W. Wood Ltd, offer our readers specialist protection at competitive rates. Insurance is, however, only one part of looking after what you have attained and in future issues of MEDAL NEWS we will be looking more carefully at the security aspects of being a coin collector and generally caring for your collection - after all, what is the point in spending time and money on a collection only to neglect it once it's put together? Of course, for some it is often the "pursuit" of the coin that becomes as important as the piece itself, with a certain type of collector revelling in the search as much as the ownership; but for those of us who value the collections themselves, rather than simply the act of building them, keeping our treasures safe and secure is a very important part of the whole process.