Trophies & Awards Inventory Guide for Insurance Claims and Policy Coverage
Trophies and awards hold significant sentimental and, in many cases, financial value. Whether they commemorate athletic achievements, professional accomplishments, or academic milestones, these items symbolize personal or collective success.
Some trophies and awards, especially those tied to historic events or notable individuals, also hold substantial monetary worth. Protecting these valuable symbols of achievement requires proper documentation, appraisals, and specialized insurance coverage.
This guide will help homeowners effectively manage their inventory of trophies and awards and ensure their protection.
What Are Trophies & Awards?
Trophies and awards come in various forms, from traditional trophies and medals to plaques and framed certificates. While many hold personal or emotional value, others can carry significant monetary worth, especially if tied to major events, celebrities, or historical moments. Some common categories of trophies and awards include:
Sports Trophies: Recognitions for individual or team athletic accomplishments, from local competitions to prestigious events like the Olympics.
Professional Awards: Trophies, plaques, or certificates given in recognition of professional achievements, such as industry accolades or career milestones.
Academic Awards: Honors given for excellence in education, often in the form of medals, plaques, or trophies.
Entertainment Awards: Prestigious awards in film, music, and television, such as Oscars, Grammys, or Emmys.
Historical Trophies & Medals: Vintage or antique awards tied to historical events, military achievements, or political milestones.
Importance of Appraisals for Trophies & Awards
While many trophies and awards have intrinsic emotional value, some also hold substantial financial worth. Collectors often seek out historic trophies, vintage awards, and items associated with famous individuals, which can command high prices at auction. To ensure proper insurance coverage, obtaining an appraisal for these items is crucial. Appraisals help to establish the current market value based on factors like the item’s material (such as gold or silver), historical significance, condition, and provenance (the award’s history or association with notable events or individuals).
Depreciation and Trophies & Awards
Trophies and awards typically do not depreciate in value, especially if they are tied to notable events or people. In fact, many awards appreciate over time, particularly those associated with famous athletes, entertainers, or historical figures. Therefore, traditional homeowners' insurance policies—which often depreciate Personal Property over time—are insufficient for covering high-value trophies and awards. Specialized insurance or riders (endorsements) can provide the necessary coverage for these prized items.
Ensuring Proper Insurance Coverage for Trophies & Awards
Specialized Insurance Policies: Trophies and awards should be covered under specialized insurance policies or as part of a rider added to your existing homeowners' insurance. These policies account for the unique value and significance of these items, ensuring they are properly protected.
Agreed Value Coverage: Opt for agreed value coverage, where the insurance company and the owner agree on the value of the item upfront. In the event of a Claim, you will receive the full agreed-upon value, eliminating disputes over depreciation or replacement costs.
Documentation and Provenance: Maintain thorough records of each trophy or award, including photographs, appraisal documents, purchase receipts (if applicable), and any associated provenance. This documentation is crucial for proving the value of the item during insurance claims.
Regular Appraisals: For high-value or historic trophies, regular appraisals (every 3-5 years) ensure that your insurance coverage reflects the current market value of these items.
Quick List of Trophies & Awards
Here’s a categorized inventory guide for various types of trophies and awards. Use this guide to help organize and document your collection for insurance purposes.
Sports Trophies & Awards
Sports trophies are often highly valued for their association with significant victories, teams, or athletes. Trophies from major competitions, such as world championships or the Olympics, can have significant financial worth in addition to their sentimental value.
Olympic gold, silver, and bronze medals
FIFA World Cup trophies
NBA Championship trophies (Larry O'Brien Trophy)
Super Bowl rings and trophies (Vince Lombardi Trophy)
Wimbledon trophies (singles and doubles champions)
Stanley Cup replicas (NHL Championship)
FIFA Ballon d'Or trophies (Best Footballer)
Formula 1 Grand Prix trophies
Signed team trophies (World Series, NBA Finals)
Historic boxing championship belts
Heisman Trophy replicas (college football)
UEFA Champions League trophies
Signed football helmets and commemorative plaques
Ryder Cup trophies (golf)
Major League Baseball MVP trophies
NASCAR trophies (Daytona 500, Sprint Cup)
Professional Awards
Professional awards are often given in recognition of achievements in fields such as business, science, or technology. While many hold more symbolic or sentimental value, certain industry awards can carry prestige and financial value.
Nobel Prize medals (Peace, Literature, Science)
Pulitzer Prizes (Journalism, Letters, and Music)
Academy of Management awards (Leadership, Research)
American Medical Association medals (Medical Excellence)
Fields Medals (Mathematics)
Emmy Awards for Business and Financial Reporting
International Business Awards (The Stevies)
National Medal of Technology and Innovation
Chartered Financial Analyst (CFA) awards
Honorary degrees and medals from prestigious universities
Professional association plaques (CPA, Bar Association)
Wall Street Journal Best Innovator awards
Sales achievement trophies and plaques (Top Producer)
Fortune 500 leadership awards
Distinguished Public Service Medals
Global Industry Leadership Awards
Academic Trophies & Medals
Academic awards celebrate excellence in education and scholarly achievement. Some of these trophies and medals, particularly those tied to prestigious institutions, can carry significant monetary and symbolic value.
Rhodes Scholarships and medals
Valedictorian medals and trophies
Phi Beta Kappa keys (academic excellence)
National Science Foundation awards
Dean’s List recognition plaques
National Honor Society trophies
Math Olympiad medals
Intel Science and Engineering Fair awards
Spelling Bee trophies and medals
Academic decathlon plaques
National Merit Scholarship plaques
International academic conference awards
National Forensic League debate trophies
Honorary doctorate degrees (medals and certificates)
Fulbright Scholarships and awards
Entertainment Awards
Awards for film, music, television, and theater are among the most valuable and prestigious in the world. Memorabilia from award ceremonies, particularly if associated with major celebrities or historic wins, can carry substantial financial value.
Academy Awards (Oscars)
Grammy Awards (Music)
Golden Globe Awards (Film and TV)
Emmy Awards (Television)
Tony Awards (Theater)
MTV Video Music Awards (Moonman trophy)
Cannes Film Festival Palme d’Or
Screen Actors Guild Awards
Brit Awards (Music)
American Music Awards
BAFTA Awards (British Academy of Film and Television Arts)
Critics' Choice Movie Awards
People’s Choice Awards
BET Awards (Entertainment and Sports)
Billboard Music Awards
Historical Trophies & Medals
Historical trophies and medals often have immense cultural and historical significance. Items tied to famous figures, military victories, or significant political events can be highly valuable to collectors.
Military medals (Purple Heart, Congressional Medal of Honor)
World War I and II victory medals
Presidential Medals of Freedom
Antique campaign medals (Civil War, Revolutionary War)
Royal family ceremonial trophies and awards
Commemorative plaques from historic events (World Fairs)
British Empire military honors (Victoria Cross)
United Nations Peacekeeping medals
Medals from notable world exhibitions and expositions
Historic naval trophies and awards
Early 20th-century athletic competition medals
Vintage political campaign trophies and memorabilia
Historic Olympic participation medals
Medals of Honor from international institutions
Commemorative historical plaques (D-Day, Normandy)
Miscellaneous Trophies & Awards
There are many unique or specialized categories of trophies and awards that fall outside of traditional classifications but are still highly valuable or meaningful to their owners.
Car show trophies and awards (Best in Show, Vintage Car)
Sailing regatta cups and medals
Equestrian competition trophies (Derby, Show Jumping)
Dog show trophies (Westminster Best in Show)
Chess tournament trophies and plaques
Film festival awards (independent and international)
Community service plaques and medals
Boy Scouts or Girl Scouts achievement awards
Cook-off and food competition trophies
Collector’s edition replica trophies (Super Bowl, World Cup)
College or university sports trophies
Celebrity charity event trophies
Vintage arcade or video game competition trophies
Music competition medals and trophies
Competitive gaming trophies (eSports)
Ballroom dance competition trophies
Tips for Managing Your Trophies & Awards Collection
Create a Digital Inventory: Use a digital inventory system to track your collection of trophies and awards. Include detailed descriptions, high-resolution photographs, and any associated certificates or provenance documentation.
Safe Storage: Trophies and medals made from precious metals or other valuable materials should be stored in a secure environment. Display cases with UV-protection glass can preserve the condition of the items while reducing the risk of tarnishing or wear.
Security: High-value or historically significant trophies should be protected with enhanced security measures such as safes, alarm systems, or Security Cameras.
Regular Insurance Updates: As your collection grows or appreciates in value, it’s important to revisit your insurance policy to ensure that your trophies and awards remain fully covered.
Wrap-Up: Protecting Your Trophies & Awards Collection
Trophies and awards commemorate personal and collective achievements, and some hold substantial monetary value. Whether you have an extensive sports memorabilia collection, prestigious professional awards, or historic medals, securing proper insurance coverage is critical.
By maintaining a detailed inventory, obtaining appraisals, and selecting the right insurance policies, you can safeguard your trophies and awards, ensuring they remain protected against loss, theft, or damage.