You’ve trained your entire life and accomplished something only a small number of athletes on this earth have accomplished. You’ve won an Olympic medal.
This is an amazing accomplishment and your medal is something that should be protected.
It is important to know that not every insurance agent and company is equipped to properly insure your medal so you need to work with an agent with relationships with the companies that will be able to do this appropriately, such as Deland, Gibson Insurance and Pure Insurance.
Recently we had a client that won a gold medal at the 2018 Winter Olympics. The family called us to see how we could get this insured. And who says insurance is boring! Here are some of the steps going through the process.
First, we looking into the value by weight:
The medal is comprised of 580 grams of silver and 6 grams of gold. Per the current values of the metals, the value by weight of the medal is about $580. However, the value by weight does not adequately account for the true value of the piece.
Then the Haven Art Group reviewed the Cultural/Sentimental Value:
Haven completed research into the current market for Olympic medals and found that the price range can be drastic depending on Olympian, sport (popularity), result (gold, silver, bronze) and independent vs team sports. Generally speaking, a single medal from a modern Olympiad is worth around $30,000. However as above, the price can vary. For example, the estimated worth of a single one of Michael Phelp’s medals is about $100,000. Conversely, a member of the US men’s hockey team from the 1980 Miracle on the Ice team sold his medal in 2002 for $40,000.
As this was the US women’s hockey team’s their first gold medal against Canada in 20 years, there is some cultural significance to consider.
Haven Art Group’s Recommendation:
They came back with the following information: “After discussions with the appraiser and in completing our own research, we estimate the value of the Olympic medal in question to be between $30,000-35,000.“
It was an interesting process to go through. At the end of the day we are happy that our client was happy and comfortable that she had the proper coverage for her well-earned Medal.
Providing Peace of Mind Through Proactive Service
Deland, Gibson: a Trusted Choice, Five Star Accredited independent insurance agency. Established in Massachusetts in 1900, Deland, Gibson is a 4th generation family-run insurance agency that has thrived working as a trusted advisor for its client base. We work with individuals and businesses to lower their Total Cost of Risk. We analyze a client’s direct and indirect costs and implement risk reduction plans to address areas of business, hazard, or strategic risk.