December 5, 2021

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Are Your Trophies Covered Property?

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I was thinking about Tom Brady and wondering if he was going to add another trophy to his collection today. While the Super Bowl Trophy will not be his, I thought about the trophies we collect, keep, and receive in our lifetime. If you are like me, many are in a box somewhere and usually in an attic or back corner of a closet.

The typical Homeowners form says:

C. Coverage C—Personal Property

1. Covered Property

We cover personal property owned or used by an “insured” while it is anywhere in the world. After a loss and at your request, we will cover personal property owned by:

a. Others while the property is on the part of the “residence premises” occupied by an “insured”; or

b. A guest or a “residence employee”, while the property is in any residence occupied by an “insured”.

The typical property not covered is usually listed as:

4. Property Not Covered

We do not cover:

a. Articles separately described and specifically insured, regardless of the limit for which they are insured, in this or other insurance;

b. Animals, birds or fish;

c. “Motor vehicles”.
This includes a “motor vehicle’s” equipment and parts. However, this Paragraph 4.c. does not apply to:

(1) Portable electronic equipment that:

(a) Reproduces, receives or transmits audio, visual or data signals; and
(b) Is designed so that it may be operated from a power source other than a “motor vehicle’s” electrical system.

(2) “Motor vehicles” not required to be registered for use on public roads or property which are:

(a) Used solely to service a residence; or
(b) Designed to assist the handicapped;

d. Aircraft, meaning any contrivance used or designed for flight, including any parts whether or not attached to the aircraft.

We do cover model or hobby aircraft not used or designed to carry people or cargo;

e. Hovercraft and parts. Hovercraft means a self-propelled motorized ground effect vehicle and includes, but is not limited to, flarecraft and air cushion vehicles;

f. Property of roomers, boarders and other tenants, except property of roomers and boarders related to an “insured”;

g. Property in an apartment regularly rented or held for rental to others by an “insured”, except as provided in E.10.Landlord’s Furnishings under Section I – Property Coverages;

h. Property rented or held for rental to others off the “residence premises”;

i. “Business” data, including such data stored in:

(1) Books of account, drawings or other paper records; or
(2) Computers and related equipment.
We do cover the cost of blank recording or storage media and of prerecorded computer programs available on the retail market;

j. Credit cards, electronic fund transfer cards or access devices used solely for deposit, withdrawal or transfer of funds except as provided in E.6. Credit Card, Electronic Fund Transfer Card Or Access Device, Forgery And Counterfeit Money under Section I – Property Coverages; or

k. Water or steam.

I see nothing about trophies not being covered. But we are not done. Does the policy limit the value? Unfortunately, we find a typical limitation to the coverage if the loss is by theft:

g. $2,500 for loss by theft of silverware, silver-plated ware, goldware, gold-plated ware, platinumware, platinum-plated ware and pewterware. This includes flatware, hollowware, tea sets, trays and trophies made of or including silver, gold or pewter.

One final warning—not all polices read the same. In this day and age, where insurance companies are adding small words that significantly change coverage and unfairly compute in this manner, you have to read the full policy. Many insurance companies are selling cheap insurance and can limit your trophies to smaller sums, indicate that the limits apply to any type of loss or exclude trophies or increase the number of excluded items.

I bet most of Tom Brady’s trophies are worth more than $2,500. When you have significant valuables or collections, it is important to let your insurance agent know and buy additional coverage for those items.

Thought For The Day
—Go Tampa Bay Buccaneers!

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