Collectible Coins and Special Limits

Our insured was the victim of a burglary from his residence. Among the items stolen were a collection of coins. Some of the stolen coins included a 1909 $5 Indian Head, a 1912 $10 Indian Head, a 1915 $2.5 Indian Head, a 1922 $20 (Double Eagle) Saint Gaudens and miscellaneous Liberty Head coins of various denominations. The insured purchased them from a coin dealer in 2005 and they were kept in plastic display sleeves, which were then kept inside a velvet drawstring bag.

We are attempting to determine whether coverage would extend to our insured, beyond his $200 money, etc. limitation under his homeowner's policy. The homeowner's policy we are dealing with is an HO-3, edition 4-91 and the insured did not have the coins scheduled.

We would appreciate it if you would review this matter and advise us as to your opinion if coverage should extend beyond the special limit of liability.

California Subscriber

Coins are coins, and while these were in a protective sleeve in a velvet bag, they weren't scheduled as anything other than regular coins so the policy provides only the special limit of liability. Notice that the special limit refers to money and coins separately. Since coins are money, the intent is to limit coverage to collectible coins such as those the insured had, as well as the few rolls of everyday quarters, nickels and dimes an insured may have.

 

 

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