Re: Loss Protection for our freight cars.

Donald B. Valentine
 

    Yes and no, fellows. Model railroad equipment can be scheduled the same way the jewelry, fine arts, cameras and firearms are often covered if you want the best insurance for them. I suspect that at least some 
of you have experience with jewelry floaters on your HO-3 or HO-4 Homeowners Insurance. Such coverage always requires an initial appraisal by someone qualified to provide it to establish the value at which items are covered.When it comes to hobby items one insurance provider might have a different idea of what qualifies a person to be such an appraiser than another but it is still not difficult. With things such as I have addressed here, like jewelry and cameras in particular, such coverage can be a godsend because the degree of coverage
is much more broad. The stone from my mother's wedding ring came out some years ago but I had added a scheduled jewelry floater to my folk's Homeowners coverage as their agent. By blind dumb luck mother found the stone on her bedroom rug. Thus the insurance carrier replaced the original stone with one of the same weight and quality, repairing her ring in the process, took the found stone to have it recut for salvage and everyone was happy. Similarly my father dropped a camera some years ago which was also covered under a special articles floater. The cost to repair the camera was roughly $120 which was fully covered by the extension of coverage that these floaters provide. Having retired in 2006 after nearly 40 years in the commercial casualty & property insurance business I have not kept up on all the changes. But in my active years the 
so-called Chubb deductible of $1000 on a Homeowners policy reduced the price an average of 20%. In those years the use of the special articles floater also eliminated the deductible for the items that were scheduled and the coverage was good any place in the world when traveling. Scheduling a couple hundred pieces of motive power and rolling stock, not to mention putting a value on a layout itself, is not all that difficult once it has been done initially and may be something for some of you to seriously consider. I would also recommend using an independent insurance agency who can choose the best company he or she represents to get you the best coverage at the best price rather than fooling around with direct writers like State Farm (sorry Tony) or Nationwide who can only offer you one company's product.

Happy New Year to all, Don Valentine

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