Cigarson

[DeeDubya]

A cigar aficionado insures his stogies against fire, then tries to collect from his insurance company after he smokes them. It gets better...

http://www.snopes.com/crime/clever/cigarson.asp

Now, may I ask, is anyone here familiar with scheduling cigars on their fire insurance? I have a collection that needs to be insured. How would you document the ever-changing inventory?

 

[SkinsFanLarry]

This story has been told countless times over the last few years.

 

[DeeDubya]

This story has been told countless times over the last few years.

I know, but I was hoping someone else might have some advice on adding a cigar collection to their insurance. My agent wasn't exactly sure and is going to follow up with the company.

 

[derfatdutchman]

First my dsclaimer, insurance rules vary from state to state and from company to company. This is general information, check with your agent to make sure of your company's rules.

Cigars like any other item of personal property "should" be covered under the personal property section the homeowners policy. This coverage is named peril meaning what is covered is listed in the policy (fire, hail, etc).

Things like damage by vermin (bettles), mold, flood, damage by loss of humity, etc would not be covered.

Illegal items such as CC's cannot be covered as all polices have clauses
denying coverage on illegal acts or items obtained through illegal acts.

You may be able to get coverage through a specialty carrier or the surplus lines. But these companies have very strict rules. You will need to have a complete inventory and keep it updated. Price will be a factor.

 

[DeeDubya]

First my dsclaimer, insurance rules vary from state to state and from company to company. This is general information, check with your agent to make sure of your company's rules.

Cigars like any other item of personal property "should" be covered under the personal property section the homeowners policy. This coverage is named peril meaning what is covered is listed in the policy (fire, hail, etc).

Things like damage by vermin (bettles), mold, flood, damage by loss of humity, etc would not be covered.

Illegal items such as CC's cannot be covered as all polices have clauses
denying coverage on illegal acts or items obtained through illegal acts.

You may be able to get coverage through a specialty carrier or the surplus lines. But these companies have very strict rules. You will need to have a complete inventory and keep it updated. Price will be a factor.

First, thanks for the reply.
My agent did say that they should already be covered under personal property, but when I told him that my cost (per vendor's purchase history) is around $30k, he said wait, maybe not. Of course fire is my big concern because all evidence might be consumed. I don't have CC's.

Yes, inventory is the biggie. Keeping it updated. This would mean keeping a count (list) somewhere safe and not in the humidor. Or, maybe just taking an inventory monthly or something?

Anyway, once again I really do appreciate your input. I should hear from my agent in a day or two and I'll post his answer.

 

[derfatdutchman]

No problem, I'd like to hear what your agent says.

How often and how detailed an inventory you would need to keep under a collecters policy will vary by carrier. Having an inventory is a good idea for everything in the house, we advise insureds to take a video or photos of every room also and keep them in a safe placee out side the home.

 

[caseabb]

People have been insuring wine for years. Cigars and wine are very comperable. Both considered luxeries, they would definetly need a special line of insurance to cover them. I would try a wine insurer. Best place to start.