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If you are reading COINage magazine, it is likely that you have asked yourself if you need insurance to cover the value of your coin collection or inventory in the event of a loss.

In order to answer this question, the concept of “insurance” needs to be defined. In its simplest form, insurance undertakes to protect the insured against monetary loss that is the outgrowth of the happening of some unfavorable contingency. Through the agency of insurance, the burden of risk is transferred from the shoulders of the individual to whom it attaches to a carrier willing to assume it.

With this in mind, you only need to ask yourself whether you are willing to assume the burden of risk. There is a cost involved in transferring the risk to an entity willing to assume it. You are in the position to determine if the benefits of risk transfer outweigh the cost.

Several factors weigh into the decision of your insurance needs. You need to determine if you have an insurable interest.

For example, if you have a collection or inventory of coins that would be in your interest to protect against the perils of the coin business, that would be a factor. You need to determine if you can afford a monetary loss that is the outgrowth of the happening of some unfavorable contingency or event.

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About COINage Magazine

CoinAGE November 2018, Special Edition: Protecting Coins from Danger, Wind, Water & Coins, And More......