Selling a gun on consignment what if question.

[bripro]

So right now I have two guns at my local shop being sold on consignment. The store owner helpedme reach a realistic price and he will keep 10 percent of the sale. WHAT IF his shop gets robbed in the meantime and my guns are among the stolen items? There was just a big gun shop robbery near me and it made me think of this. Thanks

[Warners Surplus]

So right now I have two guns at my local shop being sold on consignment. The store owner helpedme reach a realistic price and he will keep 10 percent of the sale. WHAT IF his shop gets robbed in the meantime and my guns are among the stolen items? There was just a big gun shop robbery near me and it made me think of this. Thanks

as long has he has propper insurance then no worries! When he logs the guns into his A&D books they actually become the property of the FFL and his insurance has to cover them as such. Now if he has crap insurance or only carries 20grand worth of insurance and loses 50 grand worth of guns THEN you could have a problem. He could be a dick and refuse to pay you for your guns and then you would need to file civil suit against him. Thats why when a consignment gun is returned to the original owner for whatever reason, the original owner MUST do the same paperwork and go thru the same PICS checks as if he/she was buying a new firearm.


Rich W.

[markkollhoff]

I am new to the forum and I realize this thread is old, but I thought I would answer the response listed above. I am an insurance agent who specializes in insuring gun shops. First of all the gun on consignment does not become the property of the gun shop. I realize that the gun is put on the FFL holders books, but it is not transfering ownership. A gun on consignment or a gun held for repair is usually covered under property of others on a commercial property form. Some companies include a nominal amount of coverage and others make the shop buy the coverage from dollar one. Most gun shop policies I have seen do not have this coverage in place. You should never rely on somebody else to cover your own property. Your homeowner policy has a theft limitation for firearms usually around $2000, but there is no limitation for other perils such as fire or wind. You can schedule your gun for around $2 per $100 of value with most companies if the value exceeds $2000. Keep in mind that most gun shop owners are forced to buy their coverage on their own through the mail. They do not have a professional insurance agent recommending coverages to avoid gaps. If anyone has any questions I can be reached at mkollhoff@kollhoffinsurance.com. Thanks, Mark

[MARINE DIVISION TWO]

Get it in writing how much commision,how long they want to keep it,will it get front case exposure or put in the back behind the new guns,if it does not sell do you pay for the PICs and a Fee,get it in writing also be inclined to sell it for a reasonable price not what you paid including taxes holster ammo,and charging to break in a gun !