What's Your Value?

[Mee]

This morning I was awoken by an old friend from near Chesterfield with an SOS, apparently he spent the day with family and after copious quantities of alcohol, decided to spend the night. During the night some low life (insert your own language here) decided to try and break into his workshop which is at the bottom of his garden and his garden looks over fields and is therefore unlit and an ideal place for the scrotes to attack from.

Fortunately they didn't get in due to robust construction and the amount of noise they would have made getting around the security but they left a lot of damage and were intent on getting in and came equipped with nearly all the right tools to get in.

This leaves us with the question of insurance and a situation I encountered several years ago due to having a collection of classic cars and fluctuating values, and this is that most people undervalue their tools and replacement values of those tools. During my assessment by the insurance assessor he mentioned the amount of tools I had and some were very rare today and suggested I have an assessment done for their replacement values and not only would I have their replacement values, but an inventory as a guide for my insurers if I was to suffer a break in.
As it was free I accepted and when it was done I found I had individual spanners costing over £1000 to replace, I laughed initially and when I did some research I found many were out of production, but batch made every couple of years, and yes they were over £1000 each, I didn't laugh then.

He explained that many people collect tools and equipment over their life, equipment they were used to work on becomes obsolete and the tools become virtually obsolete and the manufacturers move them from mainstream production to small batch manufacturing due to little demand, he was right. He further claimed that most people often didn't realise that a specific tool had been moved to batch production and in nearly all cases they couldn't put a replacement price on it.

How does this affect us? in reality we all have many tools and most people couldn't tell you how many tools they have, some bought and some home made and even home made tools have to be replaced, and if they don't know how many, and what tools they have, they cannot put a replacement value on them.

What can we do?

Make an inventory of all your tools and record any makes, models, and serial numbers.

Secure our workshops by a combination of standard and non standard locking/security devices.

Make a forced entry as noisy as possible.

Take photographs of all major/expensive tools with the time and date of when the photograph was taken.

 

[Burdekin]

Any recommendations for insurers who would insure a hoby workshop which is not located on the same property as your home?

 

[Omniata]

You can register and mark property with imobilise tags, imobilise.com, this is a UK database recognised by the Police.
You can put as many photos as you like, buy radio tags, etc, and inform your insurer of the details, they are obliged to accept them...

 

[8ob]

[QUOTE="Mee,

What can we do?

[/QUOTE]

Get a good land shark, sorted.

Bob

 

[skotl]

This morning I was awoken by an old friend from near Chesterfield with an SOS, apparently he spent the day with family and after copious quantities of alcohol, decided to spend the night. During the night some low life (insert your own language here) decided to try and break into his workshop which is at the bottom of his garden and his garden looks over fields and is therefore unlit and an ideal place for the scrotes to attack from.

Fortunately they didn't get in due to robust construction and the amount of noise they would have made getting around the security but they left a lot of damage and were intent on getting in and came equipped with nearly all the right tools to get in.

This leaves us with the question of insurance and a situation I encountered several years ago due to having a collection of classic cars and fluctuating values, and this is that most people undervalue their tools and replacement values of those tools. During my assessment by the insurance assessor he mentioned the amount of tools I had and some were very rare today and suggested I have an assessment done for their replacement values and not only would I have their replacement values, but an inventory as a guide for my insurers if I was to suffer a break in.
As it was free I accepted and when it was done I found I had individual spanners costing over £1000 to replace, I laughed initially and when I did some research I found many were out of production, but batch made every couple of years, and yes they were over £1000 each, I didn't laugh then.

He explained that many people collect tools and equipment over their life, equipment they were used to work on becomes obsolete and the tools become virtually obsolete and the manufacturers move them from mainstream production to small batch manufacturing due to little demand, he was right. He further claimed that most people often didn't realise that a specific tool had been moved to batch production and in nearly all cases they couldn't put a replacement price on it.

How does this affect us? in reality we all have many tools and most people couldn't tell you how many tools they have, some bought and some home made and even home made tools have to be replaced, and if they don't know how many, and what tools they have, they cannot put a replacement value on them.

What can we do?

Make an inventory of all your tools and record any makes, models, and serial numbers.

Secure our workshops by a combination of standard and non standard locking/security devices.

Make a forced entry as noisy as possible.

Take photographs of all major/expensive tools with the time and date of when the photograph was taken.

...Take photographs of all major/expensive tools with the time and date of when the photograph was taken

You'd have to buy a camera first. How about sharing some of those pictures of the classic cars and £1,000 spanners as you've obviously got them safely filed away?

 

[daleyd]

You'd have to buy a camera first. How about sharing some of those pictures of the classic cars and £1,000 spanners as you've obviously got them safely filed away?

Must be tricky when you "don't do" pictures....

 

[roofman]

This time last year i thought i was dying and i made an inventry of all my stuff and rough prices incase the wife had to sell and clear my evidence of exsistence...I was shocked and it was clear i was well under insured,Ime now not dying and have made upto date figures for my insurance to cover all risks.

 

[atomant48]

I've found with a home workshop it's hard to get "extra" insurance - I think most policies are only up to 1000 for a garage or shed. I do pay extra for an extra amount of cover with one of the few companies that will provide , but I doubt it is enough. However, it's a start. Fortunatelymost of my shiny type tools come with a red cardboard wrapper which I store safely in a box so I could prove most of it to the insurance man. I agree that photos etc are a great idea.

However, a £1000 spanner must be on a whole new level. What's it made of, unobtanium? At current SO prices that must be about a 300mm A/F?

 

[Richard.]

This morning I was awoken by an old friend from near Chesterfield with an SOS, apparently he spent the day with family and after copious quantities of alcohol, decided to spend the night. During the night some low life (insert your own language here) decided to try and break into his workshop which is at the bottom of his garden and his garden looks over fields and is therefore unlit and an ideal place for the scrotes to attack from.

Fortunately they didn't get in due to robust construction and the amount of noise they would have made getting around the security but they left a lot of damage and were intent on getting in and came equipped with nearly all the right tools to get in.

This leaves us with the question of insurance and a situation I encountered several years ago due to having a collection of classic cars and fluctuating values, and this is that most people undervalue their tools and replacement values of those tools. During my assessment by the insurance assessor he mentioned the amount of tools I had and some were very rare today and suggested I have an assessment done for their replacement values and not only would I have their replacement values, but an inventory as a guide for my insurers if I was to suffer a break in.
As it was free I accepted and when it was done I found I had individual spanners costing over £1000 to replace, I laughed initially and when I did some research I found many were out of production, but batch made every couple of years, and yes they were over £1000 each, I didn't laugh then.

He explained that many people collect tools and equipment over their life, equipment they were used to work on becomes obsolete and the tools become virtually obsolete and the manufacturers move them from mainstream production to small batch manufacturing due to little demand, he was right. He further claimed that most people often didn't realise that a specific tool had been moved to batch production and in nearly all cases they couldn't put a replacement price on it.

How does this affect us? in reality we all have many tools and most people couldn't tell you how many tools they have, some bought and some home made and even home made tools have to be replaced, and if they don't know how many, and what tools they have, they cannot put a replacement value on them.

What can we do?

Make an inventory of all your tools and record any makes, models, and serial numbers.

Secure our workshops by a combination of standard and non standard locking/security devices.

Make a forced entry as noisy as possible.

Take photographs of all major/expensive tools with the time and date of when the photograph was taken.

I think it's a good post mee
Not many people realise how easy and quick it is to break into there little shops and security tends to be overlooked until we get bitten the first time.
My tools are not quite on the value of £1k a spanner mind but they are mainly snap on so pretty stealable to say the least but I keep my fishing gear locked in there too and this stuff is irreplaceable. Custom made 1 off rods that cost a fortune and can't be replaced not to mention all my workshop equip. I have a motion sensor alarm in mine. Just a cheap one mind but it's good. It's not insured mind. Something I should look into really as I can't imagine what it would cost to replace.

Which co did your assessment mee?

 

[skotl]

...I wouldn't hold your breath...

 

[Richard.]

...I wouldn't hold your breath...

Me?
Why?

 

[Omniata]

I might add I own a UTP Uni-Spray-Jet with 5 extra nozzles, the nozzles are £500 each, the jet itself is between £6k and £9k new, it's not itemised on the insurance as my father won't pay the extra on the premium as it's his house. I won't say anymore as it wouldn't be appropriate here...

 

[WorkshopChris]

A friend once said to me "if ever i die don't let my wife sell things for what i told her they were worth."
Often it the modifications or alterations to tools and machines that you can not put a price on.

 

[brightspark]

A friend once said to me "if ever i die don't let my wife sell things for what i told her they were worth."
Often it the modifications or alterations to tools and machines that you can not put a price on.

wifey knows what I pay for everything . if I snuff it she knows she can sell them for more than I paid for them

 

[arther dailey]

I absolutely gaurantee that if any of you die one of you friends/co workers or some one you have done a job for in the past will appear and offer to "help" sort out your stuff, it always happens.

 

[indy4x]

I've found with a home workshop it's hard to get "extra" insurance - I think most policies are only up to 1000 for a garage or shed.

I noticed this on my house contents policy a few years ago, contents of garages and outbuildings were only insured up to £2000- which isn't enough. Shopped around and am now with the Prudential, their cover for my garage and its contents while not unlimited is part of the overall figure for the house contents

 

[skotl]

Me?
Why?

I might be being overly cynical, especially after more than a few xmas whiskies, but Mr Mee's adventures seem to exist pretty much entirely in his head. I'm happy to be corrected, but I don't think any of his claims have so far had any weight of evidence. If Mee could provide photographic evidence (he claims not to own a camera) of his classic car collection, £1000 spanner or whatever then I might begin to take him seriously.

 

[Tinbasherdan]

When I first purchased the tirpitz and the Graf spee, the assessor came round and valued them at around 32 million, however whilst he was walking through the garage he noticed a imperial adjustable spanner made from adamantium that I had forgotten about after Neil Armstrong left it, and apparently as it has been to the moon it's worth at least 10k. Strangely the home insurance were happy to cover all this with no quibbles whatsoever. No pictures tho as the garden hedge prevents me standing far enough back to get the superstructure of the Graf in

 

[Mee]

I think it's a good post mee
Not many people realise how easy and quick it is to break into there little shops and security tends to be overlooked until we get bitten the first time.
My tools are not quite on the value of £1k a spanner mind but they are mainly snap on so pretty stealable to say the least but I keep my fishing gear locked in there too and this stuff is irreplaceable. Custom made 1 off rods that cost a fortune and can't be replaced not to mention all my workshop equip. I have a motion sensor alarm in mine. Just a cheap one mind but it's good. It's not insured mind. Something I should look into really as I can't imagine what it would cost to replace.

Which co did your assessment mee?

They used an independent assessor close to me, cannot remember the company name; the one who appointed him was Hastings Insurance Richard.

My offer of a free camera still stands.

@Mee - could be useful for your insurance purposes, especially since I found:

No it wouldn't as the assessor took the photos and sent me a digital copy.

 

[Mee]

Any recommendations for insurers who would insure a hoby workshop which is not located on the same property as your home?

Its a case of shopping around, or find a package which includes it as an add on.

You can register and mark property with imobilise tags, imobilise.com, this is a UK database recognised by the Police.
You can put as many photos as you like, buy radio tags, etc, and inform your insurer of the details, they are obliged to accept them...

An excellent suggestion.

This time last year i thought i was dying and i made an inventry of all my stuff and rough prices incase the wife had to sell and clear my evidence of exsistence...I was shocked and it was clear i was well under insured,Ime now not dying and have made upto date figures for my insurance to cover all risks.

Brilliant, I found my values for replacement were about 20% of the true replacement value and I found tools I had forgotten about for many years.

I noticed this on my house contents policy a few years ago, contents of garages and outbuildings were only insured up to £2000- which isn't enough. Shopped around and am now with the Prudential, their cover for my garage and its contents while not unlimited is part of the overall figure for the house contents

Apparently its a common mistake people make, they assume they are covered until they see the actual value cap which will be paid out, and by shopping around you have included it on your house insurance which is one option, at least you will have more covered. One other thing people forget is the cost of repairing any damage done during any break in.