It is vitally important that your chosen sums insured are adequate to compensate you for the full replacement cost in the event of a total loss and reviewed regularly. If the sum insured does not adequately reflect the full reinstatement/replacement value of the model railway items insured, then the Average Clause (Under Insurance) will apply. This means that any claim notified to us could then be reduced in proportion to the percentage under insurance.
If you chose a sum insured of £10,000 but the actual replacement/reinstatement value of your total Model Railway contents was £20,000, then you have under-insured by 50%. Therefore, any future claim settlement could be reduced by 50%, under the policy ‘Average Clause’, therefore settlement of a Theft claim for £5,000 could be reduced by 50% and settled at £2,500.
You should include everything you have that is connected to your Model Railway hobby, so there is a clear distinction between what is covered under this policy and what is covered under your Home Contents policy.
Our policy covers all damage to Model Railway Contents and Equipment, including but not limited to: Baseboards, electrical control equipment and wiring, Scenery, Track work, Locomotives and rolling stock (in respect of garden railways, cover is subject to items being stored away in locked building whilst not in use), Buildings and other model railway accessories, including, Books, Magazines, DVD’s, Videos, Photographs, etc.