Question about models and insurance...

This question came up years ago with regard to insuring models in competition, and the insurance was very inexpensive--turns out the company would only insure models up to the replacement value of the basic kits. The effort involved in building, detailing, painting and so on did not add any value to the models. Assuming your policy covers the entire contents of your home (read your insurance documents to find out), I suspect that your insuror would only recognize the retail value of the unbuilt kits. GPO

My insurance agent told me to add a rider. Seems that after a 'certain' number of unbuilts they don't see them as personal property but a collection as in BB cards n such

-- Chuck Ryan snipped-for-privacy@REMOVEearthlink.net Springfield OH>

I am talking about built ones though... Can they still use that as personal property?

William

That analysis might vary from state to state, but is essentially correct for anything that has no significant market value in the built state. Most models are worth less after they are built than before--in effect, they have been expended, so the actual valuation based on the unbuilt kit is generous. The exception is any model that was made for commercial purposes. For example, a museum that commisioned a model could insure for the cost of the completed model, which would include labor as well as materials. If a builder has a track record for building and selling at flea markets for a premium over the material cost, that would also be insurable. However, most homeowner policies also exclude commercial risks, since the policies are designed to insure residences, not businesses.

Mark Schynert (recalling his previous life as an adjustor)

I made sure to check my policy when I bought it. No limit on number or value of kits, built or unbuilt they will pay replacement value for the kits (note -ebay only items could be sticky). Since I do some commission work I checked that too, to be insured against loss on anything but the kit value should a commission piece be destroyed in an insurable event, I'd need a rider for a home based small business (and I'd have to spell out exactly what kits were my personal property and what kits belonged to my "business").