Workshop Insurance

[derek hall 1Participant @derekhall1]

Hi everyone,

I know this has been discussed in the past, but I am interested in anybody’s recent experiences of insuring their workshop. I have just recently renewed my home and building insurance and realising that it would not really cover my workshop in the event of the worse happening. I am just wondering if anyone has any recommendations of a good insurance company that specialises in insuring “our” sort of stuff?

Walter Midgely used to be a name I recall but they seem to have been taken over and I cannot seem to find anything specific on their “new” web site of the sort of insurance that will cover metal fighting in a garden workshop.

I keep thinking I should do something about it after renewing my house and contents but never get round to making sure my model engineering workshop and equipment is covered – maybe its time to do that…

All the best

Derek

[bernard towersParticipant @bernardtowers37738]

Mines covered by nationwide but only to 20000 quid and I’m thinking that at my age would I really want to start again.?

[Andrew CrowParticipant @andrewcrow91475]

Walker Midgley now go under the name of “Everywhen” and I have insured with them  for quite a few years.

For £15000 (probably woefully under valued) worth of cover this year cost close to £200 which I think is rather expensive when you get your house and contents insured or car for not much more.

Unfortunately most insurers are not interested in insuring equipment kept in sheds and garages not physically attached to your house and when they do the additional cost becomes astranomic.

Hobsons choice I’m afraid.

Andy

[Bill PhinnParticipant @billphinn90025]

Unless, in the event of a claim, you’ve got receipts or written valuations for what you’re claiming for, I’m not sure how useful an insurance policy would be.

Personally, I think the best insurance is doing all you can to avoid ever having the need to claim on it. Not always possible, I know, but make sure you’re properly equipped with fire extinguishers and your security leaves nothing to be desired. The latter involves making it obvious you have above average security consciousness (e.g. spikes on side gate, alarms, security handles and high security locks on doors, exterior lights that stay on all night) and not letting your premises look as if the occupants are affluent and have things worth nicking. Having an unremarkable twenty-year old car on the drive helps.

Risks from flooding and other “acts of God”, as well as from vehicles crashing into your property, can all be mitigated too in many circumstances.

[Nigel Graham 2Participant @nigelgraham2]

Judging by my recent renewal “Everywhen” seems to have kept the Walker Midgley brand, at least this time round.

I think the best approach is to consider your own risks and adjust the cover to suit as far as the options allow.

Could the workshop burn down?

Is it too accessible to burglars?

Which is the more valuable – equipment or models? Which items would be most likely to be stolen? The scum would likely take a large-scale model if they can, or something like a big copper boiler, but probably not a heavy, unwieldy lathe. They might take any house/garden tools also in the workshop, though.

Can you keep at least some of the most valuable in the house? Would it be home contents and luxury / valuable possessions?

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I am not sure if Everywhen /WM offer home insurance but given I have discovered how much my present one, my bank, is charging over twice the average premium for no good reason, I might ask it when renewal falls due.

I commented caustically to them that I might not mind the hefty premium so much if some of my money was not being wasted on pseudo-intellectual “branding consultants” needlessly changing to name to nothing meaningful.

[Michael GilliganParticipant @michaelgilligan61133]

Have a look at NFUMutual

https://www.nfumutual.co.uk

With their ‘Farmers’ origins, they seem to understand the concept of  “stuff in sheds” and the way they conduct business is both efficient and ethical.

MichaelG.

[Robert Atkinson 2Participant @robertatkinson2]

If you think insuring machne tools is hard don’t try used electronic test equipment. Conversation with agent goes something like: me “for example a R&S FSH-3 with all the options, new replacement cost £28,600.” Them “So that’s quite big then?” “no it’s portable, all fits in a medium size peli-case”… They didn’t want to know and would not even consider an agreed value at what I paid for it (about £2300 in stages). I’ve got individual bits of test equipment that cost well into six figures new (and have current model replacements at similar cost) some of which I paid less than £100 for. There is a bit of cover under the household insurance if it bunt down but you would have to be careful what you claimed for.

Robert.

[bernard towersParticipant @bernardtowers37738]

I have a library of photos for my stuff

[Charles LamontParticipant @charleslamont71117]

I am insured with NFU Mutual, and have an endorsement to increase the cover for theft from garage and outbuildings. (At our previous, larger, property the diesel lawn tractor was a specific item.)

[MacolmParticipant @macolm]

The problematic bit about insurance is the concept of “average”. When it comes to payout time, the company may consider whether the value of everything has been  correctly declared, and if it considers not, arrive at a reduction factor to allow for the “average” under insurance. Then think of new for old, where you must insure for the “new” value. Now, what about the well worn Hardinge in the garage?

What you should aim for is  “workshop contents not new for old”, so a declared mutually accepted value.

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