Collectibles and Memorabilia Stores

What Does GL Code 11155 Cover?

ISO GL class code 11155 covers retail establishments primarily engaged in selling collectibles and memorabilia, such as stamps, coins, sports cards, comic books, antiques, and other unique items. This code classifies businesses that deal with items often of high value, requiring specialized handling and security measures. Operations include direct sales, appraisals, and sometimes consignment services.

Who Uses This Class Code?

Businesses that fall under this code include antique shops, coin dealers, stamp dealers, sports memorabilia stores, comic book stores, art galleries specializing in collectibles, and vintage toy shops. These are typically small to medium-sized retail operations with a focus on niche markets.

Common GL Claims for This Class

Common claims include theft of high-value inventory due to burglary or shoplifting, property damage to delicate items during handling or display, and customer slip-and-fall incidents within the store premises.

Coverage Tips for Code 11155

• Ensure your property insurance includes adequate coverage for high-value inventory, especially for rare or irreplaceable items, and consider a fine art floater if applicable.
• Implement robust security measures, including alarm systems, surveillance, and secure display cases, as theft is a significant exposure for collectibles stores.
• Verify that your general liability policy covers appraisal errors or misrepresentations, particularly if you offer valuation services to customers.
• For businesses operating in Florida, be aware of specific sales tax regulations on collectibles and ensure compliance to avoid audit-related liabilities.