Protecting Your Passions


Protecting Your Passions

When did collecting- anything- coins, stamps, baseball cards and comic books go from being a hobby shrouded in secrecy done in the basement of your parents’ house to a passion deserving its own insurance policy? For me, it was in 1991 when the “Great One,”Wayne Gretzky, purchased a mint condition 1909 T206 Honus Wagner baseball card at a Sotheby’s auction for 451K. Or more recently, in 2014 when a pristine issue of the 1938 Action Comic, which marked the first appearance of Superman, sold on eBay for $3.2 million. Whether you have a passion for collecting jewelry, watches, antiques or are a wine or art aficionado, it is important to remember that most high value assets will not be properly protected through a basic homeowner’s policy. Your passions are best protected through separate policies strictly for valuables.  Let’s take a closer look at some of the aforementioned passions that people collect and strategies that should be considered when insuring them.

Jewelry and Watches

According to the US Department of Justice, more than $1 billion worth of jewelry “disappears” in the US each year. To properly mitigate against this exposure you may choose to itemize or schedule your pieces on a policy, or you could select blanket coverage that includes many pieces with a per-item limit. In both cases, the majority of our carrier partners provide an agreed value feature, allowing you to establish the value for the specific item. Our Private Client Advisors at Marsh & McLennan may also suggest a policy that includes Worldwide Coverage, allowing you the flexibility to travel with your passion pieces, as coverage extends anywhere in the world. 

Fine Art

One of the most important conversations that we have with our clients who are passionate about collecting art is to make sure that, prior to purchasing a work, its authenticity and provenance have been verified. In addition, many fine art claims occur during the packaging, shipping and installation process. Our Private Client team can suggest a network of firms that specialize in this area. Once your art is installed, it is important that all staff members understand the unique requirements for maintenance and cleaning, while bracing mechanisms for hanging pieces are checked periodically.


Many of our clients are passionate about their wine collections. The perils that you normally insure against- such as theft, fire, even tornadoes- can wreak havoc on the most up-to-date temperature and humidity controlled wine cellar. For the passionate collector who has an eye towards the resale market, water can damage the labels, which can greatly decrease the value of the wine. We suggest that an up-to-date inventory is maintained, including when and where the wine was purchased and for how much, as well as the condition when bought. Similar to jewelry, wine can also be insured on a per item or blanket basis.

Passion Documentation

With countless potential types of collections in the marketplace today when insuring your passion, it is important to create and maintain a database that lists your inventory and includes photos. Not only will this help to determine the correct coverage amount, in the event of a loss, this will help the claims process run more smoothly and efficiently.…..POTENTIAL TO TALK ABOUT THE APP HERE

Our Pledge to Protect Your Passions

At Marsh Private Client Services, our passion is  insurance and making sure that you have the appropriate coverage. Included in our 360 approach is our industry leading fact-finding process where we take a holistic view of your risk profile and create a customized insurance solution tailored to meet your unique needs. Our expectation is that the solutions that we suggest will lead to an increase in efficiency and concurrency within your personal insurance portfolio. We can coordinate the work done by your trusted advisors, including financial planners and attorneys, to make sure that your insurance program responds to asset strategies that have previously been put in place. We take pride in the level of talent and commitment we provide to ensure you receive the highest level of advice and service possible.