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Worth of Valuables Adds Up Fast, Points Out Atlantic Mutual

Insurer Offers Free Q&A and Worksheet for Protecting Treasured Items

NEW YORK, NY, June 1, 2005 -- June is the traditional month for weddings, which means it's also the month for purchasing valuable anniversary gifts. When consumers purchase jewelry and other precious items, they should consider insuring them with valuables coverage to supplement their homeowners coverage— advises Atlantic Mutual.

"The combined value of precious items can add up quickly and exceed the coverage limits in a homeowners policy," said Dan Olmsted, president of Atlantic Mutual. "A typical affluent client of ours with valuables coverage carries over $40,000 in additional protection." A recent study by Unity Marketing found that affluent consumers spent an average of $21,250 in 2004 for luxury items including jewelry, watches, art and antiques.

Besides allowing a higher amount of coverage, a valuables policy includes coverage for losses due to breakage, mysterious disappearance, and floods. It also carries no deductible.

To help consumers understand when and how a valuables policy is appropriate, Atlantic Mutual is offering a free question-and-answer guide and worksheet on the company's Web site, www.atlanticmutual.com. A sample of the questions and answers:

  1. What types of items usually go under valuables coverage?
    Jewelry is the most common item put under valuables coverage. Many people also include artwork, silverware, china & crystal, antiques, rare coins & stamps, wine collections, musical instruments, fur coats, and golf clubs.
  2. How much do precious items need to be worth before a valuables policy makes sense?
    If the value of your precious possessions exceeds the limits in your homeowners policy, you should strongly consider valuables coverage. Even if the value falls under the homeowners policy limit, you can still benefit from having a valuables policy. Unlike a homeowners policy, it automatically covers loss due to breakage, mysterious disappearance, and flood. Many people also appreciate the lack of a deductible when losing an item that often has sentimental value.
  3. Do I need to insure precious items one by one or can I insure them as a group?
    You can insure a group of items under "blanket" valuables coverage. This is particularly appropriate for collections of jewelry, fine wine, artwork, etc. in which each item may not be particularly valuable but the entire collection is. An important benefit: if you lose one of the items, it could fall under the deductible in your homeowners policy but would be covered by the valuables policy, which has no deductible.

"A valuables policy has many advantages," said Olmsted. "We encourage people to take stock of their possessions and consult with an independent insurance agent for expert advice on their specific needs."

About Atlantic Mutual

Formed in 1842, Atlantic Mutual offers property-casualty insurance products for individuals with substantial assets to protect. Its flagship product, the Atlantic Master Plan, is sold through a select group of independent agents. Additional information about Atlantic Mutual and the Atlantic Master Plan can be found at www.atlanticmutual.com.


Contact: Peter G. Scott
Corporate Marketing & Communications
973-408-6044