You will have to periodically update your insurer as to new chip/collectible acquisitions; and sales if you sell portions of your collections. As to additions to your collections, the insurance company requires proofs of purchase (invoices) - we don't get such proof when buying/trading from club meetings, chip shows, the Convention, flea markets, etc. Come to think of it, we don't even get proof when buying off the casino tables! Next time you buy a chip from a casino, ask for an invoice and see how long it takes someone to show you to the large door marked EXIT. Your own logs showing what you paid may or may not help. Also, insurance companies may demand photographs. Not easy to get full payment on a theft claim!

I once worked on a case where our client claimed an art theft from her 2-room apartment - something like 113 paintings and sculptures gone. Nope, I don't know how she stacked all that stuff in her place.

Another time, a captain claimed that his fishing boat sank in the Pacific Ocean. Our client, the insurance company, refused to pay until they got the boat (under maritime law, they have salvage rights). Looked everywhere, but couldn't find the darn boat. (Yeah, they actually hired Lloyd Bridges type Sea Hunt divers. Apparently there is a lucrative business for Scuba divers, looking for lost ships in the Ocean.)