Frequently Asked Questions about Gun and Trophy Insurance
Don’t Hesitate to Ask Us Your Questions
If you can’t find the answer to your question here, please contact us and we will be happy to help you.
Why Choose Gun & Trophy
1.) Why do I need to buy separate gun insurance? My insurance agent told me guns are covered under my homeowner's policy?
Your agent is correct (partially). Specifically: for all perils insured against under a homeowners policy for Coverage C “unscheduled personal property” guns are covered under a “replacement cost” basis or an “actual cash value” basis. This coverage part covers guns up to the limit insured for under Coverage C.
There is one very important exception. This pertains to the peril of theft. There is a section of all homeowners’ policies titled “special limits of liability for Coverage C unscheduled personal property” that restrict the amounts payable under the policy for the peril of theft. The types of personal property affected are those items that burglars or thieves target. These items include guns, cash, precious metals or coins, stamps, fine arts, jewelry, furs, goldware, and others. Most policies limit coverage for the theft of guns between a limit of $1,500 and $5,000 TOTAL (not for each gun).
Another reason we feel that guns should be insured under a separate policy (other than homeowners) deals with insurability and privacy. Some insurers are becoming “gun shy” (no pun intended) on the issue of guns on a homeowners policy. Not so much regarding the guns themselves (values of guns). They are becoming increasingly nervous of a homeowner’s liability for both gun use and potential gun loss (theft of guns).
Liability lawsuits (all homeowners policies include liability insurance as well as property insurance) targeting gun owners who have had guns (in particular handguns) stolen from them are on the rise. Allegations of “failure to protect the public” or “negligent storage” or variations thereof are cropping up when a stolen firearm is used in a violent crime. Defense is provided under a homeowners policy without limit as well. Accordingly, this type of loss under a homeowners policy may result in a cancellation or non-renewal of the policy. Therefore, why not carve the guns off the homeowners policy and alleviate this scenario?
Another important reason is coverage and cost. Most homeowners’ policies charge between $1.50 to $1.80 per $100 in gun value. Our rate is approximately 1/6 of that amount. Our coverage format is broader as well and is addressed in other questions.
2.) Does your policy pay on a primary or excess basis?
This answer should be considered in conjunction with Question 1. Our policy provides coverage on a primary basis on loss to an owned gun. This means you do not have to get your homeowner’s insurance company involved in a loss.
Question 1 alludes to the advantages of not alerting your homeowner’s company to the theft of your guns. The only time our policy refers to coverage on an excess basis is when referring to coverage for “non-owned guns” i.e., loaners. Most policies provide coverage for non-owned guns if the insured is deemed “legally liable” for the loss. We will pay up to $15k in excess of any valid and collectible other insurance to a loss of a non-owned gun in our insured’s care, custody, or control irrespective of legal liability. Refer to Coverage & Limits.
3.) What is the minimum premium?
We have 2 minimum premiums:
$115 per year: Silver Plan
$150 per year: Gold Plan and Premier Plan
See Plan Options for more details.
4.) What coverage extensions are found within your policy?
Please refer to the Coverage & Limits for precise contract language but we do provide up to $2,500 for “Reward Coverage” due to documented payments to others for loss caused by theft or vandalism. We will also pay up to $1,000 for “Tax Stamps” for a covered loss up to $200 per gun and $1,000 per occurrence.
5.) Why should I buy your program over one of your competitors?
- Our policy is primary (noncontributory) vs. excess coverage only.
- We offer gun and trophy insurance on one policy with one policy minimum premium. We are the only program (to our knowledge) to do this. Most competitors’ programs will feature separate policies with separate minimum premiums.
- Our pricing is the most competitive available. Competitors are charging up to 10 times the rate for the value of guns and approximately twice the rate for the value of trophies. We offer a broad range of deductibles and, as previously mentioned, our coverage format is superior (in our opinion) to any out there.
- We include earthquake and flood coverage.
- We have no coinsurance clause. Many competitors do have this feature. Simply: you can be penalized at the time of loss if you under-insure your gun or trophies.
- Review and compare additional coverage charts. Check to see if your current program addresses ANY of these extensions.
6.) Do you require appraisals or pictures?
Unlike most homeowners insurance carriers, we only require appraisals or bills of sale for individual items over $50k. Items over $50k also need approval prior to securing coverage.
7.) Are my guns covered if they are stolen from my car?
Most insurance contracts that cover guns provide coverage for theft anywhere in the world. Having said that, there are contractual restrictions that adversely affect the scope of this coverage. Every insurance contract has “conditions” and “exclusions.” One specific limitation deals with a provision known as a “locked vehicle warranty.” Most policies will stipulate that theft of a gun from a vehicle is not covered unless the vehicle was locked at the time of the loss and there were visible signs of forcible entry.
Our contract has a locked vehicle warranty as well, but it is far less restrictive. Our policy says that theft from vehicles is covered, even if the vehicle is unlocked at shooting venues, shooting clubs, or shooting ranges. Our intent is to provide broad coverage for theft while at shooting venues. We also remove the “locked vehicle warranty” when being shipped by a common carrier.
8.) What happens if I purchase a new gun and it is stolen before I notify you to add it to my policy?
We have a built-in “automatic pickup feature” for newly acquired guns or trophies. We will provide coverage for guns until the first of these three contingencies arise:
- You report the newly acquired gun to us.
- 90 days pass after the date you acquired the gun.
- This policy expires.
The limit for this coverage is $25k (refer to Coverage & Limits).
9.) What happens if the barrel of my gun blows up? Is there any coverage?
We have added a $5,000 limit for any one occurrence if this arises (under our Coverage & Limits section).
10.) What happens if I have purchased an extended warranty, maintenance contract, or service contract for my guns and they become invalid due to a loss to my gun?
If the loss is a result of a covered cause of loss, and you have included the cost of the aforementioned warranty on your schedule of insurance and you repair or replace covered property, we will reimburse you up to $1,000 on the unused portion of your nonrefundable warranty (refer to the Coverage & Limits section).
11.) What happens if my gun is stolen by someone that I have loaned the gun to (to test drive it before purchasing), i.e., a conman?
We provide coverage under Coverage & Limits section up to a $25k limit for “deceit and fraud” and “willful parting.” There are some exclusions and restrictions so we suggest you read the contract carefully.
12.) Is there any coverage for guns and trophies in transit or temporarily not at my location?
Yes, we will pay for a loss to covered property in transit. We will also pay up to $500k in covered guns and $100k for covered trophies temporarily at a location other than “your location.” We do not cover trophies until they clear U.S. Customs.
13.) Do you cover government seizure?
We do NOT cover government seizure (U.S. or foreign). There is not enough capacity in the insurance industry to cover the financial loss of a catastrophic “gun grab.” The reasoning behind this exclusion is similar to the “communicable disease” exclusion on commercial policies. The insurance industry would be bankrupt overnight if insurers covered the financial loss businesses suffered from Covid.
14.) What is the best way to insure guns under your program?
There are 3 valuations on our policy in the event of a covered claim; they are “stated amount,” “replacement cost,” and “fair market value.”
The best methodology to utilize is generally “stated amount.” In this format, you schedule the gun and accessories, provide serial numbers, and declare a value for the guns to be insured. Upon a covered claim, we will pay up to the amount purchased and possibly 25% more than that. (See “Insufficiency of Limits” under Coverage & Limits.) All guns over $10k in value have to be scheduled on a stated amount basis. Many people schedule guns that are less than $10k to secure the stated amount format.
If guns are insured using the “blanket/unscheduled” option and there is a covered loss, the valuation is “fair market value.” This is defined as the reasonable cost to repair or replace with property of like, kind, and quality of similar age and condition. If repair or replacement of property with like, kind, and quality and a similar age is not available, fair market value will be the actual cost to repair or replace without deduction for depreciation.
“Accessories” are insured with a “replacement cost” valuation. Payment for a covered claim is first issued using actual cash value for the value of the item lost/damaged. The insured then has 24 months to replace the accessory. Once the insured replaces it, we will reimburse the difference (if any) to the insured.
15.) What should I schedule?
Our agents schedule guns over $3,500-$5,000 on their policies. Every insured’s feelings are different with some scheduling every gun and others scheduling nothing unless it’s over $10k.
Guns that are out of production, are scarce, or are collector’s items are typically worth scheduling.
Guns that have several modifications, custom work, and expensive optics are often worth scheduling.
16.) Should I use blanket/unscheduled if I don’t have an inventory list complete with serial numbers?
We suggest having records (including serial numbers) stored in two locations e.g., in a safe, family member’s house, safety deposit box, or email/cloud.
Some insured schedule all items with us if they didn’t previously have an inventory list created.
At claim time we will need proof that the guns were owned. It can be difficult to recreate a lifetime of acquisitions if an inventory list was not created prior to a claim.
17.) How is my rate determined? What deductible should I select?
Our rates drop for larger collections. This is triggered for collections over $100k, $250k, and $500k.
We also have 4 deductible options: $500, $1,000, $2,500, and $5,000. The majority of clients use a $500 deductible. For larger collections, especially large trophy collections, a higher deductible becomes more attractive.
18.) I have a detailed schedule, can I send that instead of typing in the application?
Yes, we don’t want you to create unnecessary work. You can upload it at the time of application or send it to us beforehand. We are always happy to assist!
19.) What if my hunt costs more than the set limits shown?
Our intent with trophy/hunt replacement coverage is to provide the insured with a payment that is more in line with the amount invested into a hunt. Our limits are generally 75% of what a hunter spends on a particular hunt, some being higher some being less.
There are too many variables to calculate specific limits for each hunt/species that an individual has taken. A whitetail hunt for example can cost anywhere from $0 to $25k. We are able to make some modifications (on larger collections) however it is subject to approval.
20.) Can I get a refund if I wish to cancel my insurance?
Unfortunately, no. Policies are 100% minimum and deposit premium.
21.) How do I make a change to my policy?
Changes must be submitted using the Change Request form under the Support menu above. Please be sure to include specifics of the change. We will contact you with an additional or return premium that is due to process the change.
22.) Does the deductible apply per gun or per occurrence?
The deductible applies per occurrence.
23.) What if I am not comfortable with disclosing serial numbers and other specifics?
Our “blanket/unscheduled” option does not require any information about an insured’s collection until a claim is made. The total requested limit of coverage is the only thing required utilizing this coverage format. The max paid per item under this format is $10k. Items have to be scheduled if seeking over $10k for a particular firearm.
24.) Do you cover class 3’s? What Accessories are covered? Ammo and reloading? Knives? Archery?
Yes, we cover class 3’s and even give some coverage for Tax Stamps under our additional coverages.
We define “Accessories” as stock and grips, bayonets, flashlights that attach to a covered firearm, barrel-mounted suppressors, sights, scopes, spotting scopes, magnified or non-magnified optics, red dot or reflex sights, holographic sights, lasers, other optics designed for aiming or sighting of firearms, slings, holsters, cases, or boxes designed for the carrying or transport of firearms, bipods and tripods designed for the use with covered firearms, magazines, clips, links, or other devices designed for the feeding of ammunition into a covered firearm, shotgun chokes, sub-gauge tube sets, and binoculars.
“Accessories” do not mean and do not include ammunition, communications equipment, tactical, sporting, or hunting apparel or vests, body or plate armor, cleaning supplies and equipment, prescription or safety eyeglasses, knives, archery equipment, or reloading equipment.
Ammunition is already covered by most homeowners policies under section C-Personal Property albeit the valuation and fighting with the carrier could cause heartburn, especially with the current scarcity in supply.
25.) Do you share any of my information with other parties?
No. We do not disclose client information with the exception of claims in which case we provide our carrier with the coverage details necessary to adjust a claim. We do not sell or distribute any client data.