BRM Poll - Is your collection/layout insured?

[Andy Y]

As part of a poll for a future issue of BRM we would like to ask members if they actually have their collections and/or layouts insured against loss?

 

Any responses to this survey are anonymous and there is no commercial intent. We are discussing a forthcoming article about security and reducing the risk of loss and thought it would be interesting to see how cautious we are in reality.

[Phil Bullock]

Thanks Andy

 

Responded to say in household contents cover

 

Have asked this question several times of my household insurance providers over the years and have consistently been told that as no single item exceeds a value of £1k then the collection is covered as individual items.

 

The total replacement cost theoretically escalates as prices rise - might be an interesting discussion if the worst did happen.

 

Kind regards

 

Phil

[njee20]

The rising cost shouldn't be relevant, until it exceeds the insurers limit (which should also rise). Insurers will either offer 'new for old' or they'll deduct a proportion for wear and tear. Members would definitely be well placed to check which they have, as obviously the losses could be very significant if an insurer deducts 50% for age.

[norfolkchinaclay]

As part of a poll for a future issue of BRM we would like to ask members if they actually have their collections and/or layouts insured against loss?

 

Any responses to this survey are anonymous and there is no commercial intent. We are discussing a forthcoming article about security and reducing the risk of loss and thought it would be interesting to see how cautious we are in reality.

 

Magnet Insurance have a scheme for model railways etc Andy. No doubt you have already been talking to them in preparation for the article?

[Andy Y]

Magnet Insurance have a scheme for model railways etc Andy.

 

I've used Magnet for years when covering any of our events; thoroughly recommended.

[Brinkly]

I've used Magnet for years when covering any of our events; thoroughly recommended.

As a club we use Magnet to insure our two sheds and their respective contents.

 

They have always been very helpful from what I know.

 

Kind regards,

 

Nick.

[adb968008]

Consideration is also for items temporarily away from home or in storage (which isn't always covered).

I recently suffered damage from builders working on the neighbours extension, knocking a brick through the wall into the loft, squashing a Bachmann Hong Kong tram and covering my ltd edition prairie in builders dust amongst other damage to model buildings. fortunately it landed on a testing shelf first, dispersing the brick's damage, sadly I'm yet to find a roof for my L&Y Baltic which was under long term repair, and it was a bit close for comfort for my LNWR cauliflower.

I took a few pictures, and went next door, fortunately the builders took care of it and the damage was limited, so no need to look into a claim, but how would you value "personal effort" put into building your layout, kits etc should the worst happen.

 

I have the job of sourcing a cab roof for a baltic and a replacement green HK tram, neither of which is overly expensive, but aren't off the shelf available.

[APOLLO]

I also use Magnet, which also includes my Book / Magazine and Railway artifacts (not that I have many !).

 

I've thus far never had to claim, but I'm happy that it is seperate to my house contents after discovering (a few years ago) that my model railway "might" not be covered, despite paying extra !! The brokers (I've since left them) just had no idea what a model railway was, or how to value / insure it.

 

Magnet certainly do, and I am confident using them

 

As to valuation, I just insure my collection as to what I paid for each item - I keep a spreadsheet. A general sum for track / buildings etc.Work / time spent I'm not fussed with, though those of us who spend ages painstakingly building layouts invariably do so. Just how you would breakdown this as an insured value I don't honestly know.

 

Brit15

[northendboy]

Another vote for Magnet from me. Which reminds me, it's premium renewal time this week!

 

Costs me £66.00 which I think covers me up to £6,000 of railway stuff. Seems good value to me, never claimed anything though, they don't cover hamfistedness...

[Matt]

Something I've always been nervous about... as others have said I have asked my household insurers repeatedly and they have assured me i would be covered but many years back when I was burgled and some model rail stuff was damaged (fortunately burglars were more interested in video recorder etc... remember them?) the insurers solution was to send me an Argos voucher for the value of the damage... wasn't a big deal at time but if someone got my collection of locos then i don't think Argos vouchers would cut it...  Have looked at Magnet and shied away as they don't take account of the fact that my collection is housed in doors and we are in very low risk area - doesn't seem to take this into account.  On this basis probably good value for someone keeping things in a shed in a higher crime area?

[jonhall]

I do wonder how kits and bits would be treated, and how I would go about proving what I had (not in the case of theft, but if the house burnt down) if I was to itemise the packets of buffers, kits, tools, and even screws etc, that would bring a significant total value, but I'd never have time to actually itemise my stock.

 

I did wonder if what I needed to do was tidy up the workshop and then go through draw by draw pulling out all the packets, laying them all out on the bench and taking a group photo - it probably wouldn't be adequate to identify every single item, or if there were only 3 odd buffers left in a pack of 12, but I guess it would give an insurer some indication of the quantity of material at a date in time, and would at least give me something to base a list of losses on?

 

Jon

[great northern]

I too have separate cover with Magnet. I'm not convinced at all that an ordinary house policy would cover me properly, and so having talked to a specialist there who clearly did understand exactly what I was talking about, I'm quite happy to pay the premium. In fact he sent me away to think again when I gave him an estimated value, and by the time I had added various things he mentioned, I was much better covered.

 

I should add that when I changed insurers a while back I did talk to a representative over the phone and try to explain to him what a large model railway actually entails. I was by no means sure that he understood, or that I would be able to make a hassle free claim if needed. I have no such doubts with Magnet.

[Tony Wright]

I've used Magnet for years when covering any of our events; thoroughly recommended.

May I echo your thoughts Andy, please? 

 

The idea of having an extensive model railway layout/collection covered by plain house insurance is asking for trouble if a claim is made. How does one explain why such and such a loco, say, is worth much more than one on sale at a retailer if it's damaged or stolen?

 

I've been with Magnet for years. My policy covers my railway to over six figures. If this seems ridiculous, then one has to consider total loss (through the likes of fire) or mass theft of removable items. Any individual item over £500.00 is listed separately. If, for the sake of argument, a loco were to be stolen or destroyed, how do I value it? Well, many are built by a professional (me) and painted by a professional (Ian Rathbone). If I were to build a DJH A1 on commission and get Ian to paint it, at today's prices, on commission, the commissioner would receive no change out of £1,400.00 (this, of course, is not at mate's rates). That would include everything. So, I have to abstract myself from the equation and (theoretically) get a replacement built to the same standard and to exactly the same specification. I'd build it myself, of course, but how does one replace a loco built 40 years ago, from scratch or from a kit now no longer available? I should also point out that every loco is 'signed' in some way or another, either an etched plate soldered inside or my hand-painted signature, often only visible if the body is taken off. This precaution won't make anything thief-proof, but if a model were to be stolen, it will have a provenance, not always automatically visible. Another tip is to photograph anything of high-value. Again, this won't deter all thieves, but it'll make it very difficult to move it on. 

 

Simple general precautions should be taken as well. I have a wireless burglar alarm which cannot be disabled from the house. It's damn' loud I can tell you, when I open the door inadvertently without cancelling the nine-digit code.

 

It's my experience that most folk are grossly under-insured when it comes to estimating the value of their collection/layouts.

 

I hope this is of help.  

[LNER4479]

Another Magnet customer here.

 

I never used to bother much about such things but have come to realise that I now have something that has certainly cost a fair amount to put together over the years (expense which I would regard as typical 'hobby' expense, as others might spend on golf, fishing, etc). If it were to be damaged / lost then I would at least like to recover the cost of the materials.

 

There have been debates on other threads on here over what exactly should be covered, especially the unpaid hours of 'love' that has gone into making one's creation(s). For sure, certain things - most notably rolling stock - can have a market value in excess of the purchase value of the original materials. Opinions differ widely, depending on where one is coming from. For me, it is essentially a hobby and I place no commercial / insurable value on my time. If I was making money out of the hobby, building things for other people at commercial rates then I might have a very different view.

[ardbealach]

No one can value the time spent in constructing a model railway layout with all the scenics etc involved.  When it comes to sell the layout the potential sale price certainly does not reflect the modeller's time involved.  But cost does not come into it as most of us modellers are modelling for pleasure, and as a pastime.

 

Kit built models are difficult to give a replacement value, with their construction and painting costs to be added in.  Stock regauged to P4 or EM in 4mm both of which require new wheelsets etc for their conversion have an added replacement cost.

 

But a starting point of valuing the layout and all the stock is to schedule all your stock on an Excel, or similar, spreadsheet and add in the value of each item from say Hattons website.  (Other websites are available)   And when you add it all up, I bet the final total figure  will surprise you!  Oh and don't forget all those modelling tools as well!

[Ozexpatriate]

As part of a poll for a future issue of BRM we would like to ask members if they actually have their collections and/or layouts insured against loss?

 

Any responses to this survey are anonymous and there is no commercial intent. We are discussing a forthcoming article about security and reducing the risk of loss and thought it would be interesting to see how cautious we are in reality.

I have two big concerns for myself regarding insuring model railway items:

• Even though there maybe sufficient coverage in a home-owner's policy, I don't have what I own catalogued sufficiently for any meaningfully accurate claim. (What is proper is a comprehensive list, with prices and photographs which of course needs to be supplied to the insurer. If it is only maintained with the collection, it would be destroyed with it in the event of catastrophic loss.)
• It is not possible to precisely replace what any of us have. Much like "adb968008" mentions, we can't easily go out and buy what is no longer available new and the second hand market is unreliable.

It feels like the only practical idea is to insure the value with the plan that if something does happen, you can start over and do something new with the money.

[Steven B]

One thing to watch out for in home contents insurance is that a model railway "collection" may in some cases count as a single item, and hence you may find any payout significantly limited. It's always worth reading the small print of the policy!

 

 

Happy modelling.

 

Steven B

[Gilbert]

I raised this with house insurers and was assured that  as long as I had an inventory (to which I've added photos - I keep a copy on a CD at work in my drawer) I'd be covered - add the lot up and it gets a bit scarey...

[cravensdmufan]

Interesting subject.

 

Have checked a few times when renewing household insurance and individual items that never leave home are covered as contents.

 

This thread has prompted me to "get snapping" as the very helpful lady from Aviva advised me it's best to take photos of my individual items.

[Jenny Emily]

Aviva cover my stuff as part of the contents. As long as no single item is valued at more than £1000 then they cover it. When my shed got burgled they paid out in full, and were as pleased as I was when the Police caught the scrotes and recovered nearly all my stuff - the assessor was in the house when the Police knocked on the door and brought back my stock boxes with CSI weathering where they had taken prints. 

 

Separate insurance is only worth it if you want it covered away from home. As most of my stuff never leaves the house, it isn't an issue. There are no special clauses other than outbuildings must be kept secure and not be a doddle to break into. Just make sure than your contents cover is for an adequate amount to cover everything. It is possible that an insurer may reduce the payout if they consider you to be under insured. That is, if you have £10,000 of cover but own £40,000 of stuff and only £8,000 stolen then they may only pay out £2,000 as you only were insuring a quarter of the potential loss. 

[njee20]

Yes, that last point is salient, and again, I would urge people to check their outbuilding limits. Many insurers will include a limit of £3k or whatever for outbuilding (including garage) contents.