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[U-33]

The good lady asked me earlier how much my Akula was worth...a quick spot of mental arithmetic came up with a figure that frightened the life of me. (and her...)


She then asked if it was insured against accidental damage indoors or in transit to a sailing outing...good question, it's not covered separately on my household contents policy.


So, my question is this: do any of you guys have your models insured when they are indoors or in the car? If so, who with?

[roycv]

Hi U33, I belong to a model engineering society and it is usual to insure live steam locos which start at around a couple of grand.  Footman James and Walker Midgely handle this kind of insurance mainly through Sun Alliance Insurance company.
I think if you are concerned about total loss with a house fire or car accident then it is worth doing, otherwise most damage is manageable to contain.

I would guess a premium at 3% per £100 value (there maybe a fixed element as well) gives an idea of cost.
But I would look at your Household contents policy and include it on there.
regards, Roy

[Shipmate60]

If you put it on your household insurance which valuation do you use.
There is the replacement value. The value for a professional model maker to make exactly the same model ( which would be £thousands).
OR
The resale price if put on the open market.
Either way the value should be over the "special" limitations and be an additional item.


Bob

[Jerry C]

I took my steam launch "Wear" to an auctioneer/valuator and he valued it at £20,000, however he advised me to think of a sum that would make me want to build it again because the premiums would be very high. So we agreed on £7500. I sent his valuation to my house contents insurers as an individual item and they agreed to put it on my policy for an extra fiver a month.
Jerry.

[U-33]

Thanks ever so much, guys...first thing Monday morning I'm on the phone, Ive decided that I'm going to insure it as a separate item to the usual household contents. When I was a member of the AMS, we used a company called Walker Midgley to insure our subs, so I guess I'm still on their books somewhere in the archives.

Thanks again guys...

[roycv]

It's a Bank Holiday on Monday.
Roy

[U-33]

Oh sh...ame. Tuesday then...