In a notable development for Canadian sports enthusiasts and collectors, a new insurance program has been introduced, aimed specifically at those who collect sports cards and memorabilia. This initiative is the brainchild of NFP, a leading property and casualty broker in Canada, which has teamed up with Berkley Asset Protection to craft a coverage plan that addresses the often overlooked needs of memorabilia aficionados.
The intricacies of collecting sports memorabilia—not just as sentimental tokens but as valuable assets—demand a nuanced approach to insurance. Standard homeowners insurance policies often fall short when it comes to covering these unique items, leaving collectors in a lurch when it comes to safeguarding their investments. Acknowledging this gap, NFP’s new program promises to provide comprehensive insurance solutions tailored to the world of sports collectibles.
Greg Dunn, Managing Director of Personal Risk at NFP in Canada, has been a driving force behind this innovative insurance solution. Dunn pointed out the critical need for such a program, noting that collectors often make significant financial investments in their collections, which are seldom sufficiently protected under typical insurance policies. The new program aims to rectify this by offering immediate coverage that begins at the moment of purchase. Moreover, it includes transit coverage, ensuring that both new acquisitions and existing items are well protected whether at home or on the move.
The personalized nature of the coverage was highlighted by Olivia Cinqmars-Viau, AVP of fine art underwriting at Berkley Asset Protection, who shared insights into the development of the program. It is engineered to cater specifically to the needs of collectors, recognizing the distinct nature of their hobbies and the value of their collections. This thoughtful approach ensures that every policy is as unique as the collection it protects.
The reaction from the community has been overwhelmingly positive. Steve Menzie, president and owner of the Sport Card & Memorabilia Expo—the largest event of its kind in Canada—lauded the new insurance offering. Menzie emphasized that despite the sentimental value collectors find in their items, the financial aspect is undeniable and significant. The collaboration between NFP and Berkley, he noted, is a crucial step in helping collectors safeguard their financial investments against potential risks.
Prospective and current collectors will have a chance to learn more about this bespoke insurance offering at the upcoming Sport Card & Memorabilia Expo in Toronto. Slated to run from April 25 to 28, the event serves as a perfect backdrop for NFP’s Personal Risk team to showcase and explain the myriad benefits of their new program. This effort is part of a broader commitment by NFP to meet the unique needs of various collectors, with the firm leveraging its extensive network of over 1,000 staff in Canada and more than 8,000 globally.
By addressing a longstanding need within the collector community, NFP and Berkley Asset Protection are setting a new standard in specialized insurance. Canadian collectors of sports memorabilia can now pursue their passion with an added layer of security, knowing that their cherished items, and the investment they represent, are thoroughly protected.
