Carolina Footsteps October 2018 Opt

Gun Rights
by Joe Forbes
October 2018
OPINION 7
Joe Forbes is a lawyer based in Elizabeth City, NC.
He is passionate about our second amendment
rights and writes articles on gun law.
Don’t simply assume that your homeowner’s
coverage will compensate you in the event of
a loss of your guns. Most homeowner’s insurance
policies have a limit of $1,500 or so for firearm losses
due to fire or theft. That’s not adequate coverage,
especially if you have several guns. Get out your
policy and read it, so you will know what your limit is.
Then, if you want more coverage, you must obtain
“scheduled coverage” for the weapons, where each is
listed individually, along with its value. This can be in
the form of a rider on your existing policy or a supplemental
policy. Depending on what level of coverage
you desire, the additional cost can range from $100 to
$1000 per year in extra premiums. Premiums for coverage
for “replacement value” are usually higher than
for “actual cash value”. Make sure you know what you
are buying. Understand the fine print in the policies.
Some policies require that the firearms, especially the
expensive ones, be kept in a locked gun safe. Some
may cover losses at home, but not from a vehicle.
Practically all policies insuring in the event of a theft
from a vehicle require that the vehicle be locked.
Even if you have adequate coverage, you must still
be able to document the value of your weapons in the
event of a loss. Think “overkill”. Take photographs
of both sides of each gun with a digital camera. Get
close-ups of anything like engraving, model numbers
and serial numbers. Do the same for any accessories,
like that expensive rifle scope. Photograph any boxes
that the weapon came in. (Especially in older, collectible
weapons, having an original box can add 10% to
the value). The loss of the box should be compensable
as part of the value of the weapon.
Save the bill of sale for each gun, along with any
letters of research or authenticity, etc. Having such a
letter from a collectors association detailing the gun’s
history can add $100 to its overall value. Also, include
any written appraisals. Assemble the photos and
documents for each firearm in sections of a binder.
Make multiple copies of the binder contents and keep
at least one copy in a location separate from the guns.
Take photographs or scans of all the documents.
Then email copies of everything to yourself. The idea
is to have multiple, independent sources of documentation
in the event of a loss.
In the event a claim is made, don’t expect the
adjuster to be familiar with the sometimes subtle differences
in firearms. He probably has much more experience
in valuing buildings and vehicles than firearms,
especially collectibles, and may not understand why
you aren’t happy replacing a 1912 L.C. Smith with one
from 1955. You may have to educate him. Anticipate
the standard insurance company argument about
depreciation, and be prepared to counter it with facts.
Your first purchase should be a copy of S.P. Fjestad’s
“Blue Book of Gun Values”, which is the industryaccepted
authority on values. Another source of
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actual value (although less recognized) is the Selling
History feature on Gunbroker.com. Be aware that the
insurance company may try to use their own valuation
service (like they are doing now with vehicles), which
will always show a lower value.
Even if you never have a claim, it is important to
keep your coverage updated. Review your policy every
year to determine if anything needs to be added or
deleted from the schedule of coverage. After all, there
is no sense in paying a premium on that expensive
rifle/scope combo if you sold it last year. The goal is
to pay the lowest premium for coverage adequate to
your situation, and to be prepared to collect in case of
a loss.
Joseph H. Forbes, Jr.
Attorney at Law
We will be closed
from October 1, 2018
until April 1, 2019
252-335-5568
FAX 252-335-4876
joeforbeslaw.com
joe@joeforbeslaw.com
307 E. Church St
Elizabeth City North Carolina 27909