Members Coin Collection Insurance Program
The Executive Committee is pleased to offer all members a coin insurance program.
Hugh Wood Canada Ltd. is an international insurance broker based in Toronto, Ontario and they have been able to obtain excellent rates and a commitment from their underwriters at Lloyds to provide full coverage to all members of the RCNA at a discounted rate.
In order for members (member dealers are covered in a separate section) to be eligible for insurance through the program a simple application must be completed and forwarded to Hugh Wood Canada Ltd., for issuance. Each application provides space for the members' RCNA number in order that they may be identified and obtain the discounted rate. Once Hugh Wood receives the application they can either provide a quotation or process the insurance immediately depending on the preference of the individual.
Policy documentation is forwarded to the individual along with their invoice for the annual premium of the insurance. Premium is due and payable immediately upon receipt of the policy documents. The discounted rate for collectors under this program is approximately 60¢ (plus applicable taxes) per $100 of value to be insured.
The property insured will consist of any numismatic collection comprising of coins, numismatic literature and/or other articles of numismatic interest and/or associated accessories. Any specific items not listed above may be written into the policy. The minimum ANNUAL premium will be $50.00 plus applicable taxes. Territorial limitation is within Canada, however coverage can be extended to the United States or worldwide if required. Coverage automatically includes the lower of $50,000.00 or policy limit for personal conveyance/registered mail and off premise risks such as shows. Individual items, or sets, valued in the amount of $5,000.00 or more must be scheduled. Basis of the valuation is fair market value. 10% of value, 30 day acquisition clause. NO DEDUCTIBLE.
Insurance for U.S. members may also be obtained through Hugh Wood Canada. Rates and coverages may vary due to territory. Further information for U.S. policies may be obtained by contacting Hugh Wood Canada direct at the numbers shown at the end of this article.
A discounted rate for dealer members under the RCNA program will be provided, however this will be determined by the type of stock and specific details of coverage required by the individual member dealer. In comparison with the collector which is a flat rate for private collections of an individual, the member dealer may require coverage for shows, transit, exhibitions, buying trips, etc., thus a flat rate would not be to the benefit of the individual member dealer. A member dealers package is available from Hugh Wood Canada Ltd.
Property insured: stocks of coins or numismatic material of every description and/or other articles of numismatic interest belonging to the insured or for which he is responsible. Minimum annual premium is $150.00. Deductible of 1% of package/sending value subject to a minimum of C$500.00 each and every loss.
All members are encouraged to discuss this offer with the company and they can be contacted at the following address: