Insuring your railway

[weave]

Hi all,

Just read through it all. It has crossed my mind but I'm rubbish at sensible things like insurance, so must do something about it. I'll have a word with Mrs. Sensible when she awakes.

She has lots of marine fish (4 tanks) and I think they're insured so will find out where I stand on the home contents.

Thanks for making me think about it.

Cheers weave 

PS. To stop people going off topic again, my van is insured, fully comp. I'm not that unsensible   

[daffy]

Well yes, obviously companies have motor fleet insurance, which means you don't need to name drivers, you still have to have cover for all vehicles though, it's just under a fleet policy. That still doesn't mean that if you're a millionaire (or anyone) you can somehow just have liability insurance though which makes you compliant. Again, it's the vehicles which need insurance not the person.

Hopefully I can finally put this matter to bed and we can get back to layout and collection insurance, which is not mandatory.

The Road Traffic Act 1988 makes it quite clear that you can in fact effectively self-insure for third party risks.

Provision 143 covers the third party requirement:

"143 Users of motor vehicles to be insured or secured against third-party risks."u

BUT....
Provision 144 covers the exceptions to this requirement, the first of which is quoted here:

"144 Exceptions from requirement of third-party insurance or security.

(1)Section 143 of this Act does not apply to a vehicle owned by a person who has deposited and keeps deposited with the Accountant General of the [F1Senior Courts] the sum of [F2£500,000], at a time when the vehicle is being driven under the owner's control.

[F3(1A)The Secretary of State may by order made by statutory instrument substitute a greater sum for the sum for the time being specified in subsection (1) above.

(1B)No order shall be made under subsection (1A) above unless a draft of it has been laid before and approved by resolution of each House of Parliament.]"

So @The Q is quite right.

[Bealman]

Put me to bed! 

[daffy]

Put me to bed! 

I'm glad that's not a request.

[njee20]

Well much like than man in orthopaedic shoes, I stand corrected. I even worked in insurance for years and wasn't aware of that, it wasn't motor in my defence! Apologies to The Q!

Very interesting provision. Originally it was only £15,000, but after 3 months they realised that a lot of people could put that amount forward, but given the liability of a potential claim could be millions it was swiftly raised!

Anyway, yes, layout insurance, which is definitely not mandatory!

[Bealman]

 

Daffy:

My post was just a comment reflecting my attitude to all that sort of stuff, which unfortunately is a part of everyday life.

My daughter is a lawyer and makes her living out of that sort of stuff.

Unfortunately it bores me to tears, and even more so when I attended the funeral of a good mate yesterday.

It's so trivial at the end of everything. 

Having suitably depressed half the forum, cheers! Have a beer! 

[daffy]

 

- and it's only 8:45am here!

[Bealman]

Here in Australia we always have a dilemma...

Red or white wine on the cornflakes 

[daveg]

A difficult choice, George!

Meanwhile, I'm quite pleased the topic stirred a bit of interest and perhaps nudged a few folk to think about protecting their precious railways.

It would seem that we should all ask how our insurers consider our kit. Can it be included in the usual Contents section or if it needs a specific ID under a Collection?

A reminder also that if we switch insurer, ask that key question again.

Have a splendid weekend. 

Dave G

[weave]

Here in Australia we always have a dilemma...

Red or white wine on the cornflakes 

Sweet white on the cornflakes, full bodied red on the side. What's the dilemma? Bunch of Ockers 

Cheers weave 

[Trainfish]

You must have a load of stuff then. I got an online quote of £67.20 for a value of £12k. No public liability though.

I didn't opt for public liability either

Current stock levels are as follows:
Locomotives: 151
Coaches: 222
Wagons: 437
Pre-assembled buildings: 160

So no, not a lot of stock really 

[daffy]

My wife just saw these stats @Trainfish 

Her reaction towards me, not voiced, but clear as crystal, was "Now don't you go getting any silly ideas about buying more stock Mike."

[Trainfish]

@daffy There's more when I look at the rest of my spreadsheet

133 Oxford diecast vehicles
18 BT Models
29 buildings which have ended up on the wrong tab for some reason
52 Tomytec trucks
2 Vortrak controllers
The list goes on. There are of course lots of scenic items not included in these stats, Bachmann figures, track, electrical/electronical stuff etc

Maybe you need to supply Mrs daffy with a Christmas list

[daffy]

@daffy There's more when I look at the rest of my spreadsheet

133 Oxford diecast vehicles
18 BT Models
29 buildings which have ended up on the wrong tab for some reason
52 Tomytec trucks
2 Vortrak controllers
The list goes on. There are of course lots of scenic items not included in these stats, Bachmann figures, track, electrical/electronical stuff etc

Maybe you need to supply Mrs daffy with a Christmas list

Methinks the list will be in use for many, many Christmas's to come.  How much I can reduce its bulk during the remaining 364 days of the year remains to be seen.

[austinbob]

You must have a load of stuff then. I got an online quote of £67.20 for a value of £12k. No public liability though.

I didn't opt for public liability either

Current stock levels are as follows:
Locomotives: 151
Coaches: 222
Wagons: 437
Pre-assembled buildings: 160

So no, not a lot of stock really 

Only £160 for all that. Sooo... CHeap.