It is vitally important that your chosen sum insured are adequate to compensate you for the full reinstatement/replacement cost of your Club’s Contents, in the event of a total loss.
If the sum insured does not adequately reflect the full reinstatement/replacement value of the Club’s Contents, then the ‘Average Clause’ (Under Insurance) will apply. This means that any claim notified to us may be reduced in proportion to the percentage of under insurance.
If you choose a Club Contents sum insured of £10,000 but the actual replacement/reinstatement value 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’, so settlement of a Theft claim for £5,000 may be reduced by 50% and settled at £2,500.
You should include ALL Club-owned Contents, including but not limited to:
Baseboards, electrical control equipment and wiring, scenery, track work, locomotives and rolling stock, model buildings and all other model railway accessories, including, books, magazines, DVD’s, videos, photographs, etc.
Finally, don’t forget to include those other important contents such as the kettle, microwave, toaster, TV, computer, carpets, curtains, etc.