With the exception of those who buy fully loaded flatware sets, most of us purchase our flatware by buying a basic flatware set. This might be a four, six or eight place setting starter set. With silver prices dipping, you might consider purchasing additional pieces as some online retailers have lowered prices.
If you purchased a basic four piece place setting with luncheon size fork and knife, you may wish to purchase the dinner size fork and knife to round out your set. For example, in the Old Master pattern from Towle, the dinner fork (7 7/8") in recent years has been priced in the $125 range. Mr. Bowen can find ones for $67 each from online retailers. Luncheon forks are even cheaper. These prices are for the gently used non monogram ones, not the new prices from the manufacturer.
The basic place setting contains a salad fork, a luncheon/dinner fork, knife and teaspoon. For a more formal setting, you might also want to include adding any or all of the following to this basic setting: a dessert fork, a dessert spoon, soup spoon(s) (oval as well as cream soup spoon), a fish fork & knife, and/or a cocktail fork depending upon your typical menu. Depending on the pattern, their are other varieties as well. In many flatware patterns, the salad fork doubles as the dessert fork. With prices depressed, this might be a good time to purchase some additional salad forks for dessert purposes. Same thing applies for spoons. Mr. Bowen prefers the oval soup spoon for the dessert spoon rather than a tea spoon. Salad forks are a plentiful item as opposed to a dinner fork. One major online dealer lists salad forks in the Old Master pattern for $45 each. The pricing for oval soup spoons has held firmer relative to the salad forks due to their less than ubiquitous nature. Tea spoons can be had in the $35 range.
Prices in the online auction arena are even lower. Salad forks can be obtained in the $30 range in the Old Master pattern. Other pieces are priced accordingly as well. These are prices for monogram free pieces. Unlike holloware pieces, you are not as likely to have pitting or other hidden issues. Flatware pieces by their nature (thickness, design etc.) tend to be in better condition than holloware pieces over time. As always with on the online auction arena, buyer beware.
Saturday, November 26, 2016
Friday, November 4, 2016
Considerations In Connection with Insuring your Sterling Silver, China & Crystal
One area a Tablemaster may not think too much about is the insuring of their valuable sterling silver flatware & holloware (including china and crystal). Typically, this is covered by one's homeowners or renter's insurance policy. One might think that is the end of the discussion. For most individuals, that is probably the case.
However, if one has remotely any sizable collection, there are additional considerations to merely being covered by a "typical" homeowners policy. For starters, there is no typical homeowners policy. Years ago, many policies followed what might be termed, "an ISO" or Insurance Services Office form. This form was adopted by many of the major insurance carriers. It enabled many of the carrier to have a fairly uniform or somewhat standardized form. This was useful to the consumer as it allowed them to compare policies between carriers and prices.
This practice was stopped when the ISO was sued by consumers organizations for "collusionary" practices. As a result, every carrier now potentially uses very different forms and pricing. Thus, one homeowners policy form might have a silverware sublimit of $2,500 and another $5,000. A sublimit is a stop gap limit a carrier places on certain types of personal property under the personal property limit of insurance. If a sublimit of $2,500 is not adequate, you may ask your agent for a higher sublimit for silverware, china & crystal. Most policies will have a per item sublimit as well. You may need to schedule coverage for one or more of your best pieces under an Inland Marine policy (sometimes this form is broader in scope than the homeowners policy) to obtain adequate coverage. Talk to your insurance agent specifically about covering your individual pieces with valuations above the per item limitations.
Make sure that your policy is on Special Form which will cover you for all causes of loss except those that are specifically excluded. It is a lot easier to prove to your carrier that a loss is covered on Special Form than having your policy on a on a named perils basis which only covers those causes of loss specifically listed.
Another area to keep in mind is that all policies have exclusions. The typical exclusions on a homeowners policy will be germaine to the region in which the homeowner lives. If you live in Texas, you will probably have a wind exclusion unless you buy additional coverage. If you live in California, you will have an earthquake exclusion unless you buy additional coverage. You may even have a policy with a THEFT exclusion on it. Flood is almost always universally excluded. You need to talk to your agent about the exclusions on your policy.
Make sure that your policy covers your silverware, china & crystal on a replacement cost basis and not actual cash value. Once you purchase your flatware or holloware, you will need to keep your receipts in a fire resistant box or have your agent store them digitally. The insurance carrier is only going to "put you in the same position" before the loss. They won't do that if you can't prove to them what you had before the loss occurred. Pictures are a good idea as well. Talk to your insurance agent about how your policy will make you whole in case of loss.
Determining whether a loss is covered under any insurance policy is subject to many factors including but not limited to: the deductible, cause of loss, coverage forms & limits, any applicable sublimits, and exclusions. The time to talk to your agent about your coverage is before you have a loss. Your agent can help you determine the correct amount and type of coverage to carry. Unlike a video game, there is no "reset coverage" button to push after a loss has occurred. This post is not intended to be specific advice, but rather an overview to start a discussion with your insurance professional.
However, if one has remotely any sizable collection, there are additional considerations to merely being covered by a "typical" homeowners policy. For starters, there is no typical homeowners policy. Years ago, many policies followed what might be termed, "an ISO" or Insurance Services Office form. This form was adopted by many of the major insurance carriers. It enabled many of the carrier to have a fairly uniform or somewhat standardized form. This was useful to the consumer as it allowed them to compare policies between carriers and prices.
This practice was stopped when the ISO was sued by consumers organizations for "collusionary" practices. As a result, every carrier now potentially uses very different forms and pricing. Thus, one homeowners policy form might have a silverware sublimit of $2,500 and another $5,000. A sublimit is a stop gap limit a carrier places on certain types of personal property under the personal property limit of insurance. If a sublimit of $2,500 is not adequate, you may ask your agent for a higher sublimit for silverware, china & crystal. Most policies will have a per item sublimit as well. You may need to schedule coverage for one or more of your best pieces under an Inland Marine policy (sometimes this form is broader in scope than the homeowners policy) to obtain adequate coverage. Talk to your insurance agent specifically about covering your individual pieces with valuations above the per item limitations.
Make sure that your policy is on Special Form which will cover you for all causes of loss except those that are specifically excluded. It is a lot easier to prove to your carrier that a loss is covered on Special Form than having your policy on a on a named perils basis which only covers those causes of loss specifically listed.
Another area to keep in mind is that all policies have exclusions. The typical exclusions on a homeowners policy will be germaine to the region in which the homeowner lives. If you live in Texas, you will probably have a wind exclusion unless you buy additional coverage. If you live in California, you will have an earthquake exclusion unless you buy additional coverage. You may even have a policy with a THEFT exclusion on it. Flood is almost always universally excluded. You need to talk to your agent about the exclusions on your policy.
Make sure that your policy covers your silverware, china & crystal on a replacement cost basis and not actual cash value. Once you purchase your flatware or holloware, you will need to keep your receipts in a fire resistant box or have your agent store them digitally. The insurance carrier is only going to "put you in the same position" before the loss. They won't do that if you can't prove to them what you had before the loss occurred. Pictures are a good idea as well. Talk to your insurance agent about how your policy will make you whole in case of loss.
Determining whether a loss is covered under any insurance policy is subject to many factors including but not limited to: the deductible, cause of loss, coverage forms & limits, any applicable sublimits, and exclusions. The time to talk to your agent about your coverage is before you have a loss. Your agent can help you determine the correct amount and type of coverage to carry. Unlike a video game, there is no "reset coverage" button to push after a loss has occurred. This post is not intended to be specific advice, but rather an overview to start a discussion with your insurance professional.
Subscribe to:
Posts (Atom)