How Can Agents Sell Valuable Articles Coverage?

The best way to broach the subject of valuable articles coverage with clients is to suggest that they create an inventory of all their personal possessions, including jewelry, art, antiques, memorabilia, stamps, coins, fine wines and more.

The inventory should include descriptions, values, conditions and serial numbers for each item.

However, keeping track of valuables, especially collectibles that are frequently bought or sold, can be a daunting task. A client might find this process easier with an online inventory management system, where detailed records can be accessed and updated at any time.

One such system recently introduced by Chubb, “Masterpiece Manager,” enables customers to create a secure inventory of their items, including digital photos. It also enables customers to communicate with their agent to keep their coverage up-to-date.

With the data online, accurate records are immediately available for the recovery or claim process if valuables are lost or stolen. Plus, unlike physical records that can get lost or destroyed, these electronic records remain intact.

Once the inventory is completed, clients gain a clearer picture of how much they actually own. At this point, agents and brokers can help their clients focus on the best way to both physically and financially protect those items.

Clients should be advised to contact their agent whenever they buy a valuable item. Agents should conduct an annual review of a clients inventory, perhaps at the same time their auto insurance policy is renewed. The entire inventory should be re-appraised every three-to-five years to keep values up-to-date.

To further position themselves as specialists in valuable articles coverage, agents can consider strategies such as establishing referral relationships with jewelry and fine arts appraisers, developing co-branding campaigns with local jewelers, and joining local collector groups.

Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, June 24, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.

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How Can Agents Sell Valuable Articles Coverage?

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