In collecting, there is a passion, a sense of pride, and oftentimes a story that transcends the material structure of a particular item or group of possessions.
Yet beyond the emotional attachment between owner and collector are the undeniable investment and financial importance of protecting possibly millions of dollars worth of art, classic cars, baseball cards, perfume bottles or, yes, even the world's largest collection of shrunken heads.
Unlike homeowners policies, a collectible insurance policy covers theft, fire, flood, natural disasters, mail loss and breakage. "Most people are not aware your items may not be entirely covered by homeowners insurance," Ms. Fitzpatrick noted. She recommends clients keep an inventory of items to make the process easier when there is a loss.
Policies can also be made to cover problems that can arise during transit as, for example, owners transfer a work of art to a summer home, or a collector takes their items to an antique show. Transit is a big cause of loss, as well as water damage and theft, players in this niche market agree.