Imagine a world where your treasured Wayne Gretzky rookie card or that signed Michael Jordan jersey hanging proudly on your wall is not just safe from dust and time, but also safeguarded against the unforeseen and unthinkable. For Canadian sports memorabilia aficionados, this scenario just became a reality, as NFP, a leading property and casualty broker, has unveiled a new insurance program tailored specifically to protect these precious assets. This initiative, developed in collaboration with Berkley Asset Protection, represents a significant stride forward in securing both the sentimental and financial value of collectibles.
The sports memorabilia market in Canada is not just a hobby; it’s a passionate endeavor for numerous enthusiasts who invest heavily in these tangible pieces of sports history. However, until now, the coverage options for such items were often limited, tucked away under standard homeowners insurance policies that typically fail to cover the full spectrum of risks associated with high-value collectibles. Understanding this gap, Greg Dunn, Managing Director of Personal Risk at NFP in Canada, has spearheaded the development of a coverage solution that addresses these unique needs directly.
This new insurance scheme is not just another add-on to an existing policy; it’s a fully realized product crafted with the specific challenges of memorabilia collection in mind. Features of this program are quite comprehensive: it includes automatic coverage for new acquisitions—a boon for collectors who are continually adding to their arrays. Transit coverage ensures that items are protected not only while safely displayed or stored but also in transit, providing a crucial layer of security for those pieces that travel to shows, exhibitions, or new homes.
Olivia Cinqmars-Viau, AVP of Fine Art Underwriting at Berkley Asset Protection, illustrated the bespoke nature of this insurance solution. Her insights shed light on the painstaking efforts to tailor this program, ensuring it meets the nuanced demands of sports memorabilia collectors. By recognizing the distinct aspects of this enthusiast community, the program stands out as a vital resource tailored to shield collectors’ investments and passions.
To rally community support and awareness, NFP’s Personal Risk team plans a significant presence at the Sport Card & Memorabilia Expo in Toronto, slated for late April. This involvement underscores the firm’s commitment not merely to peddle an insurance product but to educate and integrate within the community it serves. Steve Menzie, president and owner of the Sport Card & Memorabilia Expo, lauded the introduction of such a needed service. His endorsement highlights a crucial acknowledgment from within the collector community – while these items hold immense sentimental value, their financial aspects cannot be ignored, providing a strong impetus for proper insurance coverage.
This announcement is more than just a launch; it’s a commitment from NFP, which boasts a robust team of over 1,000 staff in Canada and an extensive global presence. This insurance offering is part of a broader strategy to cater to the unique needs of niche markets and specialized collectors, reinforcing NFP’s role as a protective umbrella over the cherished collections of many Canadians.
For collectors, this new insurance program offers not just a policy, but a promise—a promise of peace of mind, security, and continued enjoyment of their collections, safe in the knowledge that their valuable investments are comprehensively protected against a wide array of potential perils. As memorabilia collections grow both in size and value, the assurance provided by such targeted insurance solutions becomes indispensable, transforming the way collectors can engage with their passions, safe from the worries of what might happen in the absence of such protection.
