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Discussion Starter · #1 ·
Hi everyone. I thought it must be my turn to ask a daft question again! Does anyone here have layout insurance separate to their (home) contents insurance? I am concerned that, given the value of my collection, the insurers might quibble about paying out in the event of disaster. I don't have any one item worth over £500, but the cumulative value would be enough to have the insurance man spitting bits of prawn sandwich everywhere!

So, does anyone use separate insurance? Has anyone had any bad experiences with layout insurance too? Anything anyone can tell me would be greatly appreciated (unless it's your inside leg measurement!)
 

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QUOTE (Fireline @ 24 Feb 2009, 17:16) <{POST_SNAPBACK}>Hi everyone. I thought it must be my turn to ask a daft question again! Does anyone here have layout insurance separate to their (home) contents insurance? I am concerned that, given the value of my collection, the insurers might quibble about paying out in the event of disaster. I don't have any one item worth over £500, but the cumulative value would be enough to have the insurance man spitting bits of prawn sandwich everywhere!

So, does anyone use separate insurance? Has anyone had any bad experiences with layout insurance too? Anything anyone can tell me would be greatly appreciated (unless it's your inside leg measurement!)

Hi Fireline.
I don't live in the UK but I have my house insurance cover both my layout & collection.I was allowed to allocate up to 10k to cover the loss of either my model railway collection or my layout under house contents.
 

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I work for an insurance company. It would count as a collection. You should look for references to a collection on your household policy contents section. The next question you need to decide is whether it will leave the house to an exhibition, that is a whole different ball game and it would need to be insured under a different and more costly section. At the very least you should let your insurers know what you are doing. If you have a broker, speak to him/her. Contrary to popular belief Insurers are very fair people. You must let them know the full story. If you try to fool them into charging a lower premium by distorting the facts and they find out they may cancel the policy for failure to disclose a material fact. I have made an inventory of all my stuff. I have concentrated mainly on the locos and stock but you must not forget the buildings and track not to mention the boards and trestles. When you do add it all up, don't tell the wife it is frightening. Problem is my wife is also my insunace agent so she knows. Very tolerant, my wife.

PS if any of you have got your children's cars insured under your name and they are not named as a frequent user, change it now. If the insurers find out they will chop you off at the knees. Its called fronting and its fraud. Be warned. Sorry for going off piste!!
 

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Discussion Starter · #4 ·
Thanks for the advice. My problem is that my collection is at my parents house, where I am living AGAIN. (Women.....). I don't want to burden their insurance unless I have to. My collection is, I suspect, worth about 12k, so I am guessing that it could be rather expensive to add to a premium? It won't be leaving the house, as it's not even sub-exhibition standards!
 

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QUOTE (Fireline @ 25 Feb 2009, 05:21) <{POST_SNAPBACK}>Thanks for the advice. My problem is that my collection is at my parents house, where I am living AGAIN. (Women.....). I don't want to burden their insurance unless I have to. My collection is, I suspect, worth about 12k, so I am guessing that it could be rather expensive to add to a premium? It won't be leaving the house, as it's not even sub-exhibition standards!
An insurance premium is based upon the degree of risk that an insurer is exposed to. Model trains are not a high risk unless they are taken out of the property and transported. The preium may well be less than you think.

P.S. for Australians the advice by Noggins freind applies to you too. I also work for an insurance company and see stuff like this every day. It's called non disclosure and will result in the policy being cancelled restrospectively.
 

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I too work for an insurance company. Such a layout at the value stated can either be added to your dad's policy, usually without charge as long as your dad is not then underinsured for the full house contents ( his choice by the way ) OR one can separately insure it and then you have to apply for a exclusion endorsement.

It would be foolish for your dad not to declare it to the insurance company. As others have said and I re-inforce, you must tell an insurance company what is going on otherwise the insurance company will use that as an excuse to reduce or not pay a claim. To quickly define the reason for 'material fact', it is entirely possible that someone might break in specifically for your railway stock and then steal all that they can find. The insurance company could say that the non declaration of the layout increased the risk of that happening without them being informed. Hence the 'material fact' affecting the risk. It doesn't but why give them the hook?

To insure that value of layout for use away from home at a club or at exhibitions would be a specialist need that most insurance companies would need a little time to consider and quote for. Obviously, the use of Personal Possessions cover to cover the full value of stock say, away from home is quite easily added and yes, at a cost.

Most insurance companies will insure your possessions automatically at your dad's house as a member of the family but your ex is excluded from that definition!!
 

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Putting a replacement value on currently available models, notably rolling stock, is probably fairly easy. How do you value a layout that you have spent months building, lovingly chopping up lumps of card, plastic, plaster etc. to apply in an individual way that conveys the scene ?

I don't think insurance companies will ever manage to cover that. I suppose the nearest they will get to it is a complete inventory of everything purchased.
 

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Many Clubs use the services of Magnet Insurance (previously Tayor McGill and John Dennison before that) who provide the majority of Exhibition Insurance and in this case the layout and stock are covered from the moment they leave your home to the end of the return journey. They also insure most Club Rooms as well as offering a separate policy to cover individual layouts and collections at home.

no connection with this company except as a satisfied customer

For details see http://www.modelrailwayinsurance.co.uk/

Hope this helps

Mike
 

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QUOTE (Mike Bellamy @ 25 Feb 2009, 12:54) <{POST_SNAPBACK}>Many Clubs use the services of Magnet Insurance (previously Tayor McGill and John Dennison before that) who provide the majority of Exhibition Insurance and in this case the layout and stock are covered from the moment they leave your home to the end of the return journey. They also insure most Club Rooms as well as offering a separate policy to cover individual layouts and collections at home.

no connection with this company except as a satisfied customer

For details see http://www.modelrailwayinsurance.co.uk/

Hope this helps

Mike
I used to use a scheme arranged through the Train Collectors Society scheme for my Triang, Wrenn and Trix stuff. But when that folded, the scheme, not the TCS, I switched to the Taylor McGill, now Magnet Insurance, scheme. They do require notification of specific items where the value of an item is over £500.

Whilst my collection may be covered by our house contents policy, by taking out a separate policy I know for certain that my trains are covered.

Keith.
 

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QUOTE (GoingUnderground @ 25 Feb 2009, 19:58) <{POST_SNAPBACK}>Whilst my collection may be covered by our house contents policy, by taking out a separate policy I know for certain that my trains are covered.Keith.

Absolutely fine but be aware that one of the insurance companies will need an exclusion waiver whilst the layout is at home. It is entirely possible that the specialist only covers away from home. So who covers it at home? Do they know that?

See what we pros mean about disclosure?
 

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QUOTE (Noggins Friend @ 26 Feb 2009, 03:22) <{POST_SNAPBACK}>This would be a good idea. Don't like the £50 excess though.
To me a 50 quid excess looks good. Over here with accidental damage policies the excess is $500 (200 quid). So if I drop a loco it isn't worth me claiming. It would only be worth claiming for Mal dam, burglary or a tree falling on the garage.
 

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QUOTE (Noggins Friend @ 25 Feb 2009, 17:22) <{POST_SNAPBACK}>This would be a good idea. Don't like the £50 excess though.

Seems quite reasonable to me - most insurance policy's have some sort of excess - personally, I would prefer a highist excess in return for a smaller premium.
 

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QUOTE (dwhite4dcc @ 25 Feb 2009, 20:34) <{POST_SNAPBACK}>Absolutely fine but be aware that one of the insurance companies will need an exclusion waiver whilst the layout is at home. It is entirely possible that the specialist only covers away from home. So who covers it at home? Do they know that?

See what we pros mean about disclosure?
Dave,

The specialist policy covers my stuff wherever it is on an "All Risks" basis, whether at home or elsewhere. That's why I took it out. So your issue about whether it is covered at home comes back to what my law lecturer drummed into us, "It all depends" on the policy wording. As a pro you should know that.

My models are not declared on the "All Risks" section of our house contents policy, so it is questionable whether they would be covered under that anyway. Also I deliberately excluded them from our recent contents revaluation exercise knowing that they were insured under the specialist policy.

So to me an exclusion looks totally unnecessary as; i) my models are covered under the specialist policy, ii) I would not claim for them under the house contents policy if we had a total loss as if I did I might end up being under-insured on the rest of my contents and suffer "averaging", and iii) if I did suffer a loss and claimed on both that would be fraud on my part.

On the subject of whether a modeller's or collector's models would be covered if they moved back in with their parents, I would question if they were as they would not be owned by the policyholder. I understand that you can only insure something if you had an "insurable interest", i.e. the policyholder would suffer a loss if the items were stolen, damaged or destroyed. For example, I was once lent a car by my father as my car was off the road whilst I and the RAC had a fight with a garage about sub-standard workmanship whilst repairing to a gearbox. I tried to insure my father's car myself as the loan was going to be for an indeterminate period, and I could see his insurance company crying "Foul - Not the Risk We Quoted For" if I'd had an accident whilst driving his car. But my insurance company wouldn't allow it as I was not the owner of the car, and hence did not have an "insurable interest". My father had to notify his insurers that I would be driving it regularly. Fortunately, they didn't want an increased premium even though I ended up borrowing the car for 3 months.

So unless there is an agreement in place, or there is case law somewhere that puts the onus on the parent/householder to recompense adult children living at home, (are they tenants?), for loss or damage to their property whlst resident in the parent's home, I would be very wary of assuming that such items were covered by the parent's house contents policy, as "it all depends" on the parent's household contents policy wording. Sorry if this sounds complicated, but I suspect there may not be a simple universal answer.

Keith.
 

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Paul Hamilton aka &quot;Lancashire Fusilier&quot;
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Thanks for all the info. I hadn't thought about specific insurance at all for the layout and associated gubbins. Must do something about that then.

Remember something my dad always said, "Always insure what you can't afford to loose."
 
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