Sarnia

[David Hooper 1Participant @davidhooper1]

Hi everyone,my police launch is going along fine and thanks for all of the help you have given me. Now on a totally different tack as it were I am trying to help out someone whom I met by chance and whose father was a modeller (he is not). However he tells me that in his attic there is a substantial collection of model boats (some built of matchsticks!!!). One of the models is the railway ferry Sarnia that ran out of Weymouth,although he does not want to sell them he wants to know a value for insurance purposes and wondered if anyone in our hobby could point him the right way. Many thanks in advance Dai H

[David Hooper 1Participant @davidhooper1]

Older model

[Paul TParticipant @pault84577]

Hello Dai

Photos will be needed before any valuations can be made.

Paul

[Colin BishopModerator @colinbishop34627]

I'm afraid this rather falls into the '''' how long is a piece of string' category. If the models are amateur built then the time spent building them has no monetary value and they are effectively irreplaceable. They may have a sale value but there are no guidelines for this and you could only find out by actually selling them! Generally, amateur built model boats have very little monetary value when sold. If any are working models then maybe the cost of the radio systems etc. could be claimed for but that might not exceed the insurance excess.

It's no doubt similar to if your hobby was painting pictures – how could you put a monetary value on them. Usually they just have sentimental value and you can't put a price on that!

Colin

Edited By Colin Bishop on 13/06/2018 14:03:51

[Paul TParticipant @pault84577]

Hello Colin

I must disagree with your comments as an insurance valuation is different to an estimate for sale.

I agree that amateur built model boats rarely realise a resale value that equals the original material costs (never mind the hours of labour that are put into a build) but for an insurance valuation you can attach a monetary value that includes the kit or material cost plus an estimate of the labour element required to re-construct the model.

These insurance valuations are usually complied by someone with wide and demonstrable experience within this particular field.

This doesn't mean that insurance companies have to accept the valuation as accurate and might require a separate policy for individual models which will probably attach high premium payments to cover their risk.

Paul

[Colin BishopModerator @colinbishop34627]

In theory you may be correct Paul but in practice it could be difficult to establish a fair valuation that an insurance company would accept and if they were to appoint their own appraiser then the consequential premiums are likely to be unaffordable as some people have discovered. I suspect the best you could hope for in practice, assuming you have really well documented your model, and it is included under your household policy, would be something based around the going Ebay rate for a broadly comparable item.

It will however be interesting to see if anyone has direct experience.

It may be easier to get a payout if your model was in a show and covered by the organiser's third party insurance but that also raises interesting questions. Over many years as MEX judge I used to see some quite fantastical estimates of value offered up by entrants – £10,000 for a kit in one instance as I recall and I remember thinking '''good luck with that if it falls off the stand!'

Colin

[Paul TParticipant @pault84577]

Colin

I can totally agree that some people have a wildly inflated idea as to what their model is worth and are either viewing the model through very rose coloured glasses, are delusional or hoping to con an insurance company. These types are easily spotted and soon deflated with a more realistic valuation.

As you say one of the best valuation exercises comes from ebay where a boats true value is usually found.

Occasionally a really superb model comes along and it is a joy to help the owner out.

Paul

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