Today organizations have many owned items that appreciate in value, are unique items or are items that are moved from place to place. These items do not fit the coverage benefits of the normal insurance policy, therefore, they are covered improperly if covered at all. Many of these items are excluded from the normal policy specifically.  Examples are religious items, antiques, collectibles, fine art, handbells, lawn equipment, tools, cell phones, etc.

Many times items may have value because of their connection to an event or situation, but they may have no real value otherwise. This type of value is not insurable. For value to be insurable, it is critical that you have a proper appraisal, completed by a competent appraiser, or a receipt of purchase, as well as pictures that clearly show all angles of the item, and a story or note about the item's history; if it is a collectible or an antique, this should include its description, flaws and imperfections, and any other notations that might make its uniqueness apparent. All information and pictures must be submitted to our office for review in order for unique, collectible, or antique items to have provided coverage. Depending on the items, a new appraisal should be done every several years and submitted to our office with new pictures.

Provided coverage for scheduled items is provided for a stated qualified value amount, which you have provided for our office, with data to substantiate it should a loss present itself. If the item is valued less, should a loss occur, you will collect the stated value; however, should it be of a higher value, you would collect for the stated value as well and suffer loss.  Therefore, it is critical that your value is correctly done and current for the item(s).

For religious items: Please present our office with an appraisal by a qualified appraiser with a complete detailed description or a receipt, and a picture that clearly shows the item.  If you have religious items with precious stones, they should be cleaned and tightened to assure they do not fall out with use over time.

For Antiques:  Please present our office with an appraisal by a qualified appraiser with a complete detailed description and a picture that clearly shows the item; a receipt is helpful as well.

For Collectibles: Please present our office with an appraisal by a qualified appraiser with a complete detailed description and a picture that clearly shows the item; a receipt is helpful as well.

For Fine Art:  Please present our office with an appraisal by a qualified appraiser with a complete detailed description and a picture that clearly shows the item; a receipt is helpful as well.

For Musical Instruments such as handbells: Please present our office with an appraisal by a qualified appraiser with a complete detailed description; a receipt is helpful also.

For Specialty Equipment:  Please present our office with a complete detailed description and a picture that clearly shows the item; a receipt is helpful as well.

For Tools:  Please present our office with a complete detailed description and a picture that clearly shows the item; a receipt is helpful also.

For Lawn Equipment: Please present our office with a complete detailed description and a picture that clearly shows the item; a receipt is helpful also. 

For Small Boats: (for example: canoes, rowboats, etc.) Please present our office with a complete detailed description and a picture that clearly shows the item; a receipt is helpful also.

For Items that sit on your property but are not attached to your property: (for example: a picnic table, portable sporting items or such) Please present our office with a complete detailed description and a picture that clearly shows the item; a receipt is helpful also.

For the pastor/staff owned items, you should have a separate inventory form--the church's; their schedule may include library items and office equipment, or other items they use in their work with the organization. For equipment such as computers, cell phones, etc., it is important to have serial numbers, year, make and model, if they have them. For books, a replacement notation is important from your supply source. Other items may fall into one of the above categories which would require the same data for coverage. Please present these on an Excel spreadsheet which can be updated as items are added or deleted, with a copy filed with our office.

For an inventory form you can use to document these items, please click on the provided link to go to that location on our site.     http://www.phelpsfinancial.com/summary/p/160

If for some reason the data is not available for an item, please contact our office for a possible acceptable suggestion.