With a brief opening comment, Ike Devji, an asset protection lawyer in Phoenix whose client base represents nearly $6 billion in personal assets, launched a discussion on 6/27/13 in the LinkedIn Asset Protection Professionals group by posting this article by PropertyCasualty360.com. The article is titled “The Art of Coverage: Collectibles Insurance vs. Traditional Homeowners Policy.”
Given that I share Ike’s interest in and concern for this topic, I posted the following comment in response:
An excellent article! In the wake of substantial loss, claim time is the wrong time to discover that coverage is unsuitable. It’s not just the owner who loses in such a scenario: no insurance broker or company wants to see gaps in coverage jeopardize important client relationships.
Unsuitable coverage isn’t the only challenge. If valued items are lost, stolen, damaged or destroyed, the lack of accurate pre-loss documentation may cause some items to be overlooked or undervalued, adding unnecessary stress to an already distraught owner and substantially affecting the recovery process.
Everybody wins when owners do their part to get their tangible assets documented and professional service providers do their part to ensure that all parties have full, current, and accurate information to work with so gaps can be eliminated and efficient loss recovery facilitated.
The best solution is to digitally catalog an owner’s prized collectibles. Professionally documenting these assets—through photo images, digital copies of purchase receipts, current appraisals, and descriptions of condition, location, provenance, and other details—helps owners and their trusted advisors arrange for suitable coverage and better manage the complexities associated with valuable collections.
It falls to advisors to advocate for awareness and action on everyone’s part, and sooner rather than later. The scourge of complacency may threaten once-valued advisor relationships. The problem with waiting is that there is no problem until everyone has a problem and it’s too late to get it right.
Archival Property Solutions specializes in constructing digital catalogs of tangible assets that help owners and their professional service providers cope with, plan for, protect against, and recover from life’s unexpected events. Ultimately, creating a digital catalog is not only practical, it protects the most valuable asset of all: peace of mind.
John T. Mosby
Archival Property Solutions
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About Archival Property Solutions, LLC
Archival Property Solutions documents and catalogs the tangible assets of high-net-worth owners for their personal viewing pleasure and support of crucial Family Office and wealth management activities. Clients who have substantial and complex holdings in multiple locations can now keep their catalog of non-financial assets stored securely for private, confidential access via computer, tablet or phone. When maintained with current information, this confidential digital catalog can keep owners and their trusted advisors better informed, enabling them to stay current with professional service objectives and to plan for, protect against, cope with and recover from life’s unexpected events.
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