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Author Topic: Model boat insurance?  (Read 1226 times)

U-33

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Model boat insurance?
« on: May 28, 2016, 01:55:13 PM »

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?



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Rich

K-157 Vepr. Akula-II (project 971U)
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roycv

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Re: Model boat insurance?
« Reply #1 on: May 28, 2016, 02:22:27 PM »

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
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Shipmate60

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Re: Model boat insurance?
« Reply #2 on: May 28, 2016, 04:52:21 PM »

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
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Jerry C

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Re: Model boat insurance?
« Reply #3 on: May 28, 2016, 05:36:30 PM »

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

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Re: Model boat insurance?
« Reply #4 on: May 28, 2016, 08:16:34 PM »

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...
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Rich

K-157 Vepr. Akula-II (project 971U)
---------------------------------------------------------------

~~~~~~~  "Motorflotes need love too...."  ~~~~~~~

MotorFlote build log : http://www.modelboatmayhem.co.uk/forum/index.php/topic,15222.0.html

roycv

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Re: Model boat insurance?
« Reply #5 on: May 28, 2016, 08:51:30 PM »

It's a Bank Holiday on Monday.
Roy
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U-33

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Re: Model boat insurance?
« Reply #6 on: May 28, 2016, 09:08:09 PM »

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

K-157 Vepr. Akula-II (project 971U)
---------------------------------------------------------------

~~~~~~~  "Motorflotes need love too...."  ~~~~~~~

MotorFlote build log : http://www.modelboatmayhem.co.uk/forum/index.php/topic,15222.0.html
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