In what can be seen as a sign of the times, sports memorabilia collectors in Canada can now breathe a sigh of relief and maybe even insure that signed Wayne Gretzky jersey hanging in the den. A sparkling new insurance program, specifically concocted for the rainiest of days, has been launched by NFP, a key player in the property and casualty arena, in a collaborative effort with Berkley Asset Protection. This is not your garden-variety insurance coverage; it’s a tailored blueprint designed to blanket those prized possessions that often fall through the cracks of standard homeowners insurance policies.
Thai initiative couldn’t come soon enough. In a world where a vintage hockey card or a baseball signed by Babe Ruth can command astronomical sums, the financial stakes are sky-high. Unfortunately, the emotional attachment and the skyrocketing valuations of such collectibles often overshadow the stark reality: these treasures are vulnerable to loss, damage, and the occasional sticky fingers. Enter Greg Dunn, Managing Director of Personal Risk at NFP in Canada, who’s been a crusader for adequate collector coverage. Dunn emphasizes the essential nature of this new insurance solution, pointing out that collectors often acquire significant pieces without the safety net of proper insurance, leaving them exposed to severe financial strain should catastrophe strike.
What’s on the table with this new program, you ask? Well, it’s packed with features tailor-made for the collector. There’s automatic coverage for any new treasures you might acquire, a nod to the spontaneous nature of collectors’ purchases. Moreover, there’s transit coverage, safeguarding items from the moment they’re won at auction or purchased in a store until they sit proudly on your shelf.
Olivia Cinqmars-Viau, AVP of fine art underwriting at Berkley Asset Protection, shed some light on the customizable aspect of this insurance program. It’s shaped to snugly fit the varied needs of collectors, acknowledging the unique and oft-underestimated world of sports memorabilia. This personalized approach is geared to ensure that collectors aren’t just getting a one-size-fits-all policy but one that evolves with their collection.
The initiative has also received a nod of approval from industry insiders like Steve Menzie, president and owner of the Sport Card & Memorabilia Expo, which is, for lack of a better phrase, the Mecca for Canadian sports memorabilia enthusiasts. Menzie pointed out a common oversight among collectors: while they treasure the sentimental value of their collections, the financial significance often lurks in the shadows. This collaboration between NFP and Berkley, according to Menzie, is a beacon of hope for securing collectors’ investments.
For those eager to dive deeper, the NFP’s Personal Risk team will be rolling up their sleeves and setting shop at the upcoming Sport Card & Memorabilia Expo in Toronto from April 25-28. Here, collectors will have a chance to interact directly with the architects of this new program and understand how it can serve as an umbrella on a rainy day.
This initiative is just one branch of NFP’s expansive tree, which has planted roots not only across Canada, employing over 1,000 staff, but also globally with a workforce exceeding 8,000. It reflects NFP’s commitment to stitching a safety net tailored to the unique tapestry of needs exhibited by collectors. Whether it’s a hockey stick from the 1972 Summit Series or a mint-condition baseball card, NFP’s new insurance program stands ready to defend against the uncertainties of tomorrow while collectors continue to revel in the joys of their passions today. Thus, while this may seem like just another insurance program, it’s indeed a game-changer in preserving the legacies and the investments of sports memorabilia aficionados across Canada.
