A_V, from what you're describing, you have reason to be concerned with reimbursement after a possible loss. It sounds like you have a fantastic collection of designer clothing.
At long last, couture and designer clothing and bags, even of recent vintage, are getting the respect they deserve. Dealers and auction houses are understanding what collectors like you have known all along--that design and craftsmanship can be magnificent in these items, they can transcend their stylistic period, and this has some financial worth.
Insurance is for replacement value. From what I have always understood, you insure items so that in case of loss, you can be made "whole" again, not better and not worse off than before. In the case of a Chanel suit from 1995, you can replace the item, given enough money and time. Chanel would probably remake the suit from photos, but can this be done for $5K? Probably not.
Collections of items are frequently more valuable than a smaller group of single items. One or two Chanel suits from a recent collection might be depreciated in case of a loss. The same Chanel suits as part of a collection can be arguably not depreciable.
Your collection of clothing probably needs to be professionally appraised and added as a rider to your policy. Once this is done, it's significantly easier to work out arrangements with an insurance company in case of a loss. I can't tell you how many clients I've worked with, arguing with insurance companies, explaining how a brand new tea set from Reed and Barton can't possibly replace the loss of a 19th century tea set made by one of the best English silversmiths ever known. The company wanted to replace a 6 figure tea set with one costing around $4K. Not cool.
Bottom line, from your description, I would think you have a collection worth appraising and insuring. I'll be happy to let you know how to go about finding a qualified appraiser if you PM me.
At long last, couture and designer clothing and bags, even of recent vintage, are getting the respect they deserve. Dealers and auction houses are understanding what collectors like you have known all along--that design and craftsmanship can be magnificent in these items, they can transcend their stylistic period, and this has some financial worth.
Insurance is for replacement value. From what I have always understood, you insure items so that in case of loss, you can be made "whole" again, not better and not worse off than before. In the case of a Chanel suit from 1995, you can replace the item, given enough money and time. Chanel would probably remake the suit from photos, but can this be done for $5K? Probably not.
Collections of items are frequently more valuable than a smaller group of single items. One or two Chanel suits from a recent collection might be depreciated in case of a loss. The same Chanel suits as part of a collection can be arguably not depreciable.
Your collection of clothing probably needs to be professionally appraised and added as a rider to your policy. Once this is done, it's significantly easier to work out arrangements with an insurance company in case of a loss. I can't tell you how many clients I've worked with, arguing with insurance companies, explaining how a brand new tea set from Reed and Barton can't possibly replace the loss of a 19th century tea set made by one of the best English silversmiths ever known. The company wanted to replace a 6 figure tea set with one costing around $4K. Not cool.
Bottom line, from your description, I would think you have a collection worth appraising and insuring. I'll be happy to let you know how to go about finding a qualified appraiser if you PM me.
) in the blink of an eye, let me tell you. anyone want to play cops and robbers this weekend? (i shouldn't joke.)
i hope there is a rider that can cover it.
) quite a bit to do so!
