Ray LaMantia is our Property and Casualty Insurance member. Ray gave us a handout with an appraisers evaluation of a Blackhawks Stanley Cup Rings as an example of the appraisal used to evaluate the insurance value of unique item. There is often an extreme difference between the owners perceived value of an item like this vs. what the insurance will pay out for its loss. Allstate would pay out the replacement value of the gold and the diamonds, but not necessarily the artistry value.
Ray stated that he wants to make sure that his clients do not pay for things that are not necessary. He cited the instance of a condo owner who actually only needed to pay for the contents of his condo, not the structure since that would be covered under the condo associations insurance. Ray also mentioned that he can cover classic cars under his affiliation with Haggerty insurance, This type of insurance deals with the stated value of the car and may take into account the history of the car affecting its value. A policy written under Allstate would have to take into account its depreciated value. Ray also stressed the importance of evaluating a customers need to secure a personal umbrella policy. We are surely in good hands with Ray’s help.
Remember Ray LaMantia and Allstate when you hear your associates mention that they are looking for an evaluation of their insurance needs.