All About Pocket Knives

So one of my 2017 resolutions is to insure my knife collection to ensure if they are lost in a fire or stolen then I can be compensated for the stated value. Under my current insurance policies they are not fully covered. I've heard of inland marine policies, collectable insurance policies, riders on homeowner policies or specialty-insurance coverage. My question is, what do any of you do to ensure that your knife collection is protected in the case of a catastrophic loss?

I use Collectibles Insurance Agency - very easy to deal with.

Thanks Steve, that's one of the companies that I've looked at. I see that they cover:

Accidental Breakage
Burglary
Fire

Flood
Loss in the Mail
Natural Disasters
Theft

Travel
Exhibitions

Have you ever had to file a claim with them?

No never had a claim.

years ago I had inland marine from State Farm on my cameras and tools of the trade. I had to list all of the main items. Had my van broken into. They said I had to buy replacements and turn in the paid receipts. As for fine art and antiques, my glass collectors club had an agent give us a talk again years ago. He stated that you cannot just give a value but had to be given by a recognized appraiser. long story short unless it is thru a collectors association it can be just plain expensive and your word against theirs. You should have lots of detailed photos and print outs of your collection or it is your word against theirs. I am sure others will respond but the personal property loss value on your home or renters insurance may need to be increased.

I have worked with a collector's Insurance company and these guys are far the best to deal with. You tell them the value of your collection and you pay a premium based on your value. I do not have to provide them with an inventory, pictures or anything. The single exception is if I have an item (one Knife, not a set) that is valued over $5000.

You state the value and pay the premium associated with that value.

Tom

I did some investigation a few years ago regarding collectibles insurance and decided that they would do everything possible to stiff me in case of a claim, and that the premiums are something you never get back unless you do file a claim. And if you suffer a loss, no matter what you never get back the items that are gone. I bought a safe. A great big one. The premiums I would have paid have long since covered the cost of the safe. And it will last far longer than I. Of course there are two downsides. First of all you won't have all your uh... "stuff" scattered around the house so that you can fiddle with it quickly. Second of all, if you are home during a break-in, the not-so-nice guys will just say "Open the safe." And you better do that if you know what's good for you. I am not worried about this contingency where I live. And, I am usually 'packin', if you know what I mean. the dogs will give me notice. Fires? My safe seems to have pretty good credentials, but I can't be sure. I have never burned anything down except one of my diaries, in 1999. LOL.

I have got a lot of money taken up by my knives, into the 6 figures a few times over. My collection is not of a relatively small number of high value knives, but of a very large number of relatively low value knives ($50-$500). There are too many to make an inventory. If i was robbed i would not know what or how many are missing.
I think what i have described applies to many knife collectors. I think my lack of documentation would make a successful claim unlikely.
Hence, i have no insurance for my knives and simply hope for the best. I have 2 gun safes, about 750 pounds empty each one, but have nothing to 'pack'. It's Canada, only police 'pack' & gang members in big cities.
kj

tongueriver wrote:Second of all, if you are home during a break-in, the not-so-nice guys will just say "Open the safe." And you better do that if you know what's good for you. I am not worried about this contingency where I live. And, I am usually 'packin', if you know what I mean. the dogs will give me notice.

Messrs. Bad Guy would meet Mr. Sig Sauer long before they had a chance to determine the existence and location of my safe in the house. Your dogs are an excellent first line of defense too.

Fires? My safe seems to have pretty good credentials, but I can't be sure. I have never burned anything down except one of my diaries, in 1999. LOL.

I've never put mine to the test but I've often wondered that if a metal safe can survive a fire, would a more sensitive collectible inside really fare well being contained within and possible stored atop superheated metal? I imagine there'd be a lot of cracked, dehydrated stag, bone, and maybe even Delrin and wood after a protracted fire around a typical gun or wall safe. Smoke and even water damage might also be a factor if the safe isn't totally airtight.

That being said, if my place burns down I probably have bigger problems than my knives...

a few things about safes. after the huge Forrest fires many find all inside are toast. if it is in a basement with a major house fire the water level from the fire hoses usually rises enough to flood the inside of them. most of the ones I have mostly looked at in the stores are rated at only 45 minutes. so what? I used too own a locksmith shop, and sold new and used safes. the rating is based on paper starts too burn at 350 degrees. I do not know what if any changes have been made to the insulation but they used a fill that remained slightly moist so it could turn to steam to help keep the temperature inside to reaching 350 degrees, for instance 45 minutes vs. one hour. this is assuming that the fire department will arrive in time to keep the fire away or if you are home to ask them to direct a hose on the safe. me, I live in the country with a volunteer fire dept. with a water truck. response time not so good as the township is 33 square miles and most have to leave work or get off the farm and drive too the station and get the truck, well you get the picture versus a city with a full time crew.

If you are to buy one weighing like 900 lbs. or more consider where you will put it and how to get it home. if inside the home on wood floors I suggest to add a floor joist beam under it. and add the extra heat rod for inside plus they used to suggest opening the door on occasion to help with all the moisture coming from the insulation. your millage may very but I hope this helps. I guess that the next chose is a digital lock over the dial type and if you have guns having room for a growing collection and storage shelves for knives and hand guns. Bob

Some excellent points, Bob, and you echo a lot of the concerns I've had regarding keeping collectibles in floor safes. At least I don't have to worry about the moisture buildup issue -- my safe is open more than it's closed so I can get my grubby hands on my knives, and I've had to rescue the cat from a tight shelf more than once. I think a good option for you folks who have bona fide worthy safe queens of substantial value is to take the ones you really want to protect and put them in a bank locker, which should definitely cost less than paying for a value-based monthly insurance premium over time. If a perfect storm of bad luck occurs, like the a total loss from a fire at the bank or a robbery that somehow netted your lock box, well, maybe you were just never meant to have those knives?

You pays your money and you takes your choice.

knifeaholic wrote:I use Collectibles Insurance Agency - very easy to deal with.

This is the same company I've been using for about the last 6 years. I've never had to file a claim so I can't really comment on the service but their prices are very reasonable in my opinion and the coverage is about as good as it gets.

In those 6 years my collection has gotten both larger and smaller so I have to change the amount of coverage annually. I've never paid an annual premium higher than the cost of dinner for my wife and I at a fancy restaurant.

Railsplitter wrote:

knifeaholic wrote:I use Collectibles Insurance Agency - very easy to deal with.

This is the same company I've been using for about the last 6 years. I've never had to file a claim so I can't really comment on the service but their prices are very reasonable in my opinion and the coverage is about as good as it gets.

In those 6 years my collection has gotten both larger and smaller so I have to change the amount of coverage annually. I've never paid an annual premium higher than the cost of dinner for my wife and I at a fancy restaurant.

Same as collectinsure.com?

Other than my homeowner's insurance, which is with Travelers, I've never had insurance on my knife collection and I never added a separate rider to that.

That probably wasn't wise, but there you are.

All of you, however, should create a detailed database for your knife or gun collection(s).

I used a program called Documents to Go. I created the headers for the separate columns and you can make as many columns as necessary. Pattern Number, Brand, Tang Stamps, Blade Configuration, Length, Handle Material, Shield, Blade Etch, Price Paid, Price Sold, Current Market Value (with date), etc are all possiblilties.

The beauty of Documents To Go is that it can be uploaded to your smart phone as an app. If you take your phone to a knife show, you have your entire inventory in your hand.

Any changes you make in the database on your phone or on the computer will be duplicated on the other device next time you sync the two.

If you include columns for price paid/sold and current market value, you will have an accurate record with which to file with your insurance company if ever you incur a loss of any kind.

Documents To Go is not expensive and it's user friendly.

There are also collector softwares available or used to be. I had one at one time to which you could attach digital photos. it was limited in the number of categories available. But, the database I created is far more detailed. Windows versions updates have rendered that not useable anyway.

Not sure if one can import a photo to Documents To Go, I never tried. May be one could import a link to a photo stored on the same device.

Charlie Noyes

[quote="Jcj02"Same as collectinsure.com?[/quote]

Yes, that's the one.

I have got a lot of money taken up by my knives, into the 6 figures a few times over. My collection is not of a relatively small number of high value knives, but of a very large number of relatively low value knives ($50-$500).

Insurance issues aside, Roland your statement does a great service to everyone here. If I arbitrarily assume an average value of $100 I come up with a rough estimate of 3,000 knives in your collection. The next time my wife hints that maybe I am collecting too many knives I can say, "Oh no dear mine is just a small, below average collection, my friend Roland has over ..."

Dennis

In my humble opinion insurance in any form;whether it be automobile;home;life(especially)or knife is like gambling at a casino. You are paying someone with the hope that you will die and get a big payout and they are taking your money and betting you are going to live a long time. Either way you lose. What is the old saying? Oh yes I remember now:" He who dies with the most toys STILL dies!"
I use the "Three Large" system of insurance: A LARGE safe;a LARGE dog;and a LARGE caliber handgun.

I agree with Knife7Knut, it's a gamble. I don't have anything but household and shop insurance but I have been a "anti-insurance" guy all my life. The insurance company will always come out on top. But if having a insurance policy on your collection makes you sleep better than go for it. It's a personal choice, just saying I don't have my small collection insured. Terry

When I was buying houses, at the insistence of the lender, I had home owner's insurance.
When I was working during the early years, I had health insurance because it was provided by the company. As time passed, it became more of a necessity than a luxury.
Because I wasn't always the most attentive driver, it was prudent to have automobile insurance. Now it's mandated by the state.
Because I was never good at saving, I have life insurance so my children won't have to pony up the exorbitant price of planting me when the time comes.

As for my knives and guns, they are locked in a safe that will stop the casual thief and slow down the determined thief. For the unlikely event there is an incidence of breaking and entering while I'm at home, my 9mm is loaded, cocked and locked and secreted in a place that is handy, easy to get at but not obvious. A dog is more trouble than they are worth. I have all I can do to take care of myself without piling on the responsibility of plants and animals.

knife7knut wrote:In my humble opinion insurance in any form;whether it be automobile;home;life(especially)or knife is like gambling at a casino. You are paying someone with the hope that you will die and get a big payout and they are taking your money and betting you are going to live a long time. Either way you lose. What is the old saying? Oh yes I remember now:" He who dies with the most toys STILL dies!"
I use the "Three Large" system of insurance: A LARGE safe;a LARGE dog;and a LARGE caliber handgun.

BINGO!!! Well, my dog is rather small. Otherwise...

For the cost of insurance premiums on collectibles, you can buy a very large safe in mere months. The only time a safe doesn't work is if you are home at the time, and the dirtbags ask you politely to please open it. You will. Meanwhile, my .357 and shotgun and barky dog are useful. If I heard a Winchester 12 or 97 racking a shell, I would definitely leave quickly unless I was gone on meth. All bets are off with a meth addict. Life is a gamble.