Fossil insurance - only as good as your documentation
40
Years of market knowledge
My fixed price offer
Market value
Determination of the price that can be expected to be achieved at the time of the appraisal when selling to end customers with a reasonable lead time.
Offer review
I would be happy to check suitable insurance policies from different providers, tailored to your needs.
Processing
In the event of damage, I will support you in the proper assertion of claims on the basis of my valuation report.
Fossil insurance - how does it work?
“The insurance broker, a dying species?”
“The insurance broker, a dying species?” With the photo of a dinosaur, Deutsche Vermögensberatung (DVAG) recently lamented its suffering over falling profit margins and the fact that “brokers must have the widest possible range of providers and products available in order to be able to provide needs-based advice. It may simply be the case that a single insurer does not have the right contract on offer.”
This message can be taken almost literally for fossil collectors, a relatively small target group for insurance products. Sönke Simonsen writes in an article on fossils and the law in 2020: “Anyone who is not one of the barely more than 500 professional palaeontologists and the few 1,000 amateur palaeontologists in Germany will not come across fossils too often in everyday life.”
Anyone who owns a fossil collection usually looks back over a long period of time during which it has grown. Sometimes individual specimens or family collections are passed on to the next generation. At some point, it’s worth thinking about whether your insurance cover will keep pace with the growth of your fossil collection.
From my work for insurance companies, I am familiar with situations in which a partial or total loss of fossils is to be lamented and the question of the scope of insurance must be clarified. These include water damage, rare theft, and fossils broken by extinguishing water and heat. As rare as these situations are, it is advisable to be clear about the insurance cover for high-value pieces and collections. Because, let’s be clear, the rates for fossil insurance offer plenty of scope for surprises.
Specialty insurance
Insurance products specially tailored to fossil (or mineral) collectors, such as those available for other high-priced collectibles, e.g. vintage car insurance or art insurance, would be too good. Apart from that, these products are aimed at an exclusive clientele, are correspondingly expensive and sometimes have a minimum sum insured of €200,000. In this respect, there are currently no insurance products that are transferable to fossils, no special “fossil insurance”.
Household contents insurance - the fossil insurance against damage and burglary
The classic household contents insurance remains a suitable instrument for fossil insurance. This protects your possessions against
Burglary and vandalism after break-in
Damage caused by mains water, storm and hail
Damage caused by fire, lightning and explosion
But: It’s worth taking a look at the small print – not all household contents insurance is the same.
First of all, collectibles are generally part of the furnishings, i.e. the contents of an apartment or building. Contents insurance covers all items that are used and consumed by the occupants. Household contents include valuables such as jewelry, stamps, coins, paintings, antiques and even fossils.
This is where the “tariff jungle” begins. It would be too easy if all insurance products were directly comparable, which is why each insurance company chooses specific conditions. There are various exceptions for collectors to take into account, such as the minimum age for antiques, exemptions, regulations on compensation for transport damage, exclusion of second homes and other locations, and much more. All insurance policies have the following in common
Missing listing of "fossils" in a group of valuables
Different compensation limits for valuables
Fossil insurance - Example 1
Typical brief description of the scope of benefits of household contents insurance:
Valuables are items of household contents that are only insured to a limited extent – up to the sum insured for valuables. These include:
– Cash and amounts loaded onto cash cards
– Documents including savings books and other securities
– Jewelry, wristwatches and pocket watches, precious stones, pearls
– All items made of gold or platinum metals
– Objects of art (e.g. paintings, collages, drawings, graphics and sculptures)
– All items made of silver
– Other items over 100 years old (antiques), with the exception of furniture
Important note: If certain valuables (documents including savings books and other securities; jewelry, wristwatches and pocket watches, precious stones, pearls; all items made of gold or platinum metals) are stored unlocked, they are insured up to 15.000 euros, and up to 50,000 euros in the other tariffs.
If the value of the existing valuables subject to compulsory locking is higher, a locked safe (safe deposit box) must be used for full insurance cover.
Fossil insurance - example 2
Typical brief description of the scope of benefits of household contents insurance:
The following valuables are also insured:
Cash and amounts loaded onto cash cards
Documents (e.g. ID, certificates), savings books and other securities (e.g. shares)
Jewelry (wristwatches and pocket watches with an insured value of €2,500 or more per item), precious stones, pearls (natural and cultured pearls), stamps, coins and medals as well as all items made of gold or platinum
Furs (animal skins), hand-knotted carpets and tapestries, works of art (e.g. paintings, collages, drawings, graphics, sculptures) and other silver items that are not jewelry, coins or medals (e.g. silver cutlery)
other items that are over 100 years old (antiques), but not furniture
General compensation limits:
Basis: 20 % of the sum insured
Classic/Classic PLUS: 40 % of the sum insured
Special indemnity limits Classic/Classic PLUS Special indemnity limits Basic
Cash and amounts loaded onto cash cards € 3,000 € 1,000
Deeds, savings books, other securities € 20,000 € 3,000
Jewelry, precious stones, pearls, stamps, coins, medals, items made of gold or platinum € 40.000 € 12,000 €
If the aforementioned valuables are stored in certain containers (e.g. multi-walled steel cabinet with a minimum weight of 200 kg), the special limits do not apply and we will pay up to the general compensation limit.
The following questions arise for the fossil collector?
are fossils treated as "other things over 100 years old"?
Are there special requirements for fossils, as there are for gemstones (safe)?
Don’t be surprised if you initially receive the following reply from an insurance specialist: “This is not an everyday request. I’ll do some research and get back to you shortly.” As a result, the (major) insurance companies I contacted answered “yes” to both of the above questions. Fossils are treated like normal household contents and do not need to be secured (which is practically impossible, as they often hang on the wall).
My research revealed two different insurance models for determining the amount of valuables
Variant 1: Sum of valuables = living space [m²] x insured value [e.g. 500 €/m²]
Variant 2: Sum of valuables = sum insured x insurance share [e.g. 20 - 50%].
Variant 1 is rather uncommon, but is offered by SIGNAL-IDUNA, for example.
The most common way of determining the sum insured is to use different percentages based on the total sum insured.
My research revealed two different insurance models for determining the amount of valuables
Fossil insurance - Example 3
Typical brief description of the (total) sum insured of a household contents insurance policy:
“We recommend a minimum sum insured of 650 euros per m² to adequately protect household contents.
For an apartment with 100 m², the recommended sum insured would be 65,000 euros.”
In most cases, a “normal” household contents insurance policy with an insurance share of usually 20% – 40% is not sufficient to cover valuable individual items and collections. The “adjusting screw” for an adjustment, an increase in the insured sum of valuables often lies in the choice of the underlying living space or the often freely selectable sum insured. However, there are also insurers, such as AXA, which increase the sum insured for valuables – usually not via an online calculator, but in a consultation – if the sum insured remains unchanged.
The above comparison shows how the sum insured for valuables, in this case €100,000 for fossils, can be achieved in different ways (choice of product, living space or sum insured) – with all major providers such as Allianz, AXA, Gothaer, HDI, HUK and Signal. Depending on the provider, the annual costs for household contents insurance vary between approx. €200 and €300 (data as of 01.2024, without excess, without optional additional benefits).
Don’t forget: In the event of a claim, your household contents insurance (here: fossil insurance) is only as good as your documentation.
Reason for the fossil insurance
For individual items or collections with a value of EUR 5,000 or more, I recommend documentation and valuation by means of an expert opinion.
The valuation report forms a reliable basis for decision-making for e.g.
- Possible adjustment of your household contents insurance
- Valuation in the event of damage (mercantile reduction in value, repair costs)
On the subject of household contents insurance, the following recommendation from an insurer is an example:
“Your fossil collection falls under the normal compensation limits for valuables and would therefore be insured for a maximum of XX% of your sum insured (current tariff). An increase in your sum insured to XXX,000 € would be possible in principle. We recommend that you document your fossil collection precisely and provide evidence of it in the form of photos.”
Costs for determining the sum insured for fossil insurance
The fee for an appraisal depends on the number of properties and their marketability.
If you are interested, please contact me and send photos without obligation. If possible, please describe your piece or your collection. On this basis you will receive a fee offer with a fixed price.
Clients
Independent expert opinions from Fossiland meet the highest standards of objectivity and market conformity and are accepted by banks, insurance companies and estate administrators.
Further information on fossil insurance
Please feel free to contact me if you have any questions about fossil insurance.