Insurance value of exhibition layouts

[Kenton]

no claims but very happy with the service they offer.

Surely you can only be happy with the service given by an insurance provider when you have actually experienced their response to you making a claim. Though I have no reason to doubt their response to claims and someone must have used them with satisfaction - hopefully?

 

 

Given that you've no involvement with the insurance industry , you're being a bit dogmatic in claiming that you know what insurance companies think a layout's value is. I know of no basis for the assertion that they would only consider it at the salvage value of recoverable bits.

 

It was my opinion of the true value of a layout (which is why I pointed out that I had no involvement with the insurance industry)

That opinion has not changed and never have I stated it was an industry opinion.

 

Insurance on the basis of replacement material cost seems widely accepted in practice by those brokers dealing with model railway exhibition . As Mike says Magnet (formerly Taylor McGill) is the main broker , and there is no suggestion in any of their paperwork they would not accept replacement materials value

basis of replacement material cost - is what I was suggesting as quite reasonable. That does not include added refinements (in some people's eyes) of weathering and similar and I certainly don't think it implies some inflated view of labour costs.

[Ravenser]

 

basis of replacement material cost - is what I was suggesting as quite reasonable. That does not include added refinements (in some people's eyes) of weathering and similar and I certainly don't think it implies some inflated view of labour costs.

 

 

I'm afraid you were trying to exclude material costs for scenery and structures, and frankly if you've paid for stock to be weathered professionally that's a cost - someone, after all makes a living by charging for it in the market , so it clearly has a market value

[Pinkmouse]

This idea of insurance value came up on another site I frequent, regarding valuation of home built hi-fi equipment. At the time, we had input from a member who was an insurance assessor for a major company. His considered opinion was that payout would only be made on tangible value, i.e. stuff you had receipts for. Everything else, like your labour and time, would be judged to have no insurable value, (unless specifically detailed in your policy), as you do it for your enjoyment.

[peach james]

That's the rub- the cost of getting the same layout built via a professional model builder would be the layout's replacement value. Not a bits & bobs expense- which is for the most part, what people are doing, is co-insuring the layout, in that the owner is assuming the labour responsiblity and the insurance company is being used to cover the cost of the materials used in the layout.

 

I haven't kept accurate track of what I have spent on Long Marton, but the TTTE layout was more costed- I figured it as being $2000 (UKP 1000) for the layout, plus $600 for the controllers, and the stock value is, well, whatever TTTE stock is worth now.

 

I would figure 100 hrs, at $35/hr (17.5 UKP/hr) as being a realistic time to replace the layout. (and no, it isn't a complicated layout...).

 

So, for a 5x5 ft layout, I would figure the value for exibition would be in the order of 3500 UKP, with all RTR stock, and all RTR track. The insurance values used by people appear very low by what replacement of the layout would entail...

 

James Powell

[Mike Bellamy]

no claims but very happy with the service they offer

Surely you can only be happy with the service given by an insurance provider when you have actually experienced their response to you making a claim.

 

As a Club using Magnet Insurance for our Clubrooms and two Exhibitions each year we have been happy with the general customer service, attention to detail, speed of response and what we assume to be reasonable charges. This is in addition to a 10% discount to CMRA members which is more than enough to cover our CMRA membership costs. If we ever need to make a claim then I'm sure that the same good service would be seen - if not it would soon become known across the 125 clubs in CRMA and the 8000 members of RMweb :icon_biggrin: The fact that we have never heard of any difficulties with Magnet must be evidence of 'good service'

 

What more can I say :icon_what: :icon_what:

 

Mike

[Mike Bellamy]

A further quote which I hope will stop some of the arguments - taken from the CMRA web site http://www.cmra.org.uk/insurance.html

 

In the event of loss or damage, the basis of settlement will be professional replacement or repair, or if the owner elects, the cost of materials plus a reasonable amount of time expended, subject to the adequacy of the value of the article, as declared by the owner.

 

Mike

[steve1]

Blimey! Reading the above I seem to be undervaluing my layouts quite a bit...

 

Regarding like-for-like replacement, some years ago I was burgaled and my hifi system (only) nicked. I had all the recipts, the boxes & photos of the system to hand when the assessor visited. The insurers were reluctant to cough at first (hi-fi to them meant some crappy min-system) but on being shown all the "evidence" they paid up without further ado.

 

Might be a lesson there for layouts?

 

Regarding the value of "Borchester", surely the same reasoning applies to it as it does to any other layout? Sentiment, however worthy, has no monetary value, especially to an insurer.

 

steve

[Dagworth]

When Dagworth goes out on the road its insurance value is listed as ??30k with stock, control systems, computers etc.

Quite simply if a show does not have cover for the layout for that amount, that insures it from the moment it leaves my front door till the moment it gets back then it stays at home.

 

How do you put a value on something like my DCC sound fitted Hornby 86, with a stretched Heljan 33 chassis, detailed, repainted, dancing pan mech etc.?

 

Andi

[Russ (mines a pint)]

How do you put a value on something like my DCC sound fitted Hornby 86, with a stretched Heljan 33 chassis, detailed, repainted, dancing pan mech etc.?

This indeed is another problem, someone already mentioned providing receipts for stuff? Sometimes you could be looking at special constructions which would be worth at least as much as RTR yet the 'bits' to make them could have come from various sources- on the forum for instance? swaps? how do you get receipts for them?

[peach james]

If Dagsworth was to claim for his all singing, all pantograph dancing 86, he would be claiming that the original chassis, body to construct it on, then materials to build it...and then the time. Otherwise, he would be hiring some other kindly soul to do the work for him, describing what there was already. If Andi's engine came over the 1000 quid mark, that is where it starts to get dicy- the insurance cover that I have seen tends to go to that number, and stop. (unless it is a specified item...like a 3 1/2" gauge railway engine, which might well be at a "model" show. I've done it...)

 

It's simple- say some sod stole the 86, then Andi would file a claim, and state a value that he assessed it at. If he has reasonable proof that the 86 that he had went missing at the show, and that it's value was xxxx.xx quid, then the insurer would pay out. The value would be either that of the bits that went into it and a reasonable assesment of time required, or that of a built version by someone else- whatever was less.

 

For the most part, I don't think that any hobby activity taken that way pays- I paid roughly 80 quid for one of my comet coachs, for it being built & painted. I can't build one in 20 hrs...

 

James