I did my quarterly audit and realized my PSA 10 Lugia was gone. The safe was locked. The house hadn’t been broken into. There were no signs of forced entry. I suspect a contractor or maybe a guest took it, but I have zero proof. I filed a claim, and the adjuster asked the dreaded question: “Can you show me the broken lock?”
Key Takeaways
- Burglary vs. Theft: “Burglary” requires visible signs of forced entry (broken window, pry marks). “Theft” is broader. “Mysterious Disappearance” is when something is just… gone.
- The Exclusion: Many standard policies exclude Mysterious Disappearance. If you can’t prove how it was taken, they assume you lost it.
- Specialty Coverage: Companies like Chubb or specialty collectible insurers (CIS) often cover Mysterious Disappearance, but the deductible might be higher.
- Inventory Proof: You need to prove you actually had it recently. A timestamped photo from your last audit helps prove it wasn’t lost 5 years ago.
The “Why” (Moral Hazard)
Insurers are terrified you sold the card for cash and then claimed it was “missing.”
“Exclusion: Loss where the only evidence is a shortage of inventory.”
The Investigation: Who pays for the ghost card?
I compared policy wordings.
1. State Farm (Homeowners)
- Wording: “Theft” includes larceny. But they require “probability of theft.” Without a police report naming a suspect or entry method, they often deny it as “lost property.”
2. Collect Insure (CIS)
- Wording: Generally covers theft, but check the “Mysterious Disappearance” sub-limit. Some policies have it; others don’t.
3. High Net Worth (AIG/Pure)
- Wording: “All Risk.” This usually includes mysterious disappearance. They pay, but they will investigate your finances to rule out fraud.
Comparison Table
| Scenario | Standard Policy | All-Risk Specialty |
| Safe Drilled Open | Covered (Burglary) | Covered |
| Safe Left Unlocked (Empty) | Denied (Negligence/Mystery) | Likely Covered |
| Missing from Table | Denied | Likely Covered |
Step-by-Step Action Plan
- File a Police Report Anyway: Report it as “Larceny from a building.” State that contractors had access. This creates an official record of theft, not just “loss.”
- Check Your Policy: Ctrl+F “Mysterious Disappearance.” If it’s excluded, you are vulnerable.
- Install Safe Cameras: Put a Wyze/Ring camera inside or pointing at the safe. It eliminates the mystery.
FAQ
What if I find it later?
You must return the payout. Keeping the money and the card is insurance fraud.
[IMAGE: Photo of an open safe with one empty slot in a row of graded cards]