Developing your collection and taking it to group meetings or events is a natural part of being a model railway enthusiast, but do you know the total value of your collection and whether it is insured once you take it out of your home or store?

Keeping your fingers crossed and hoping that your household insurance will cover the full value is a natural reaction but for as little as £63 per year (based upon a £12,000 sum insured) your collection could be covered by Magnet Insurance on an ‘All Risks’ basis.

Tony Bound, from Magnet Insurance commented “We have been arranging insurance for model railway clubs, societies and individual collectors/enthusiasts throughout the UK since June 2003, a solid 7 years experience of understanding your insurance requirements and meeting your needs.”

With Magnet Insurance Model Railway Insurance Scheme the model railway community benefits from pooling your insurance needs under a single scheme, getting the bulk buying power of the collective hobby; put simply, you get the right cover at very competitive premiums! We know you want your insurance needs to be dealt with by people who understand your hobby, the terminology and the inherent value of collections. We understand that your Model Railway is a lifetime’s work and a huge financial investment made over many years.

Please contact Tony Bound on 01636 858249 to discuss your insurance needs and obtain a quote or visit: www.modelrailwayinsurance.co.uk  to quote and buy on-line.

Chris James, Treasurer of Seaboard Southern recounts his club's unfortunate experience.

Every model railway club's worst nightmare became a reality for the members of Seaboard Southern when we awoke on the morning of 23 July to discover that our clubhouse had been burned to the ground. Ten years' work and thousands of modelling hours had simply disappeared.

Luckily we were insured, and the process of claiming on our policy was relatively straightforward. After alerting Magnet, we met with a loss adjuster appointed by the insurance company. We had to answer three simple questions:

• what had we lost?
• What evidence did we have to support this?
• what was the replacement cost?

We started by compiling a list of contents on a spreadsheet, but keeping an up to date list from the start, noting if items belong to the club or to specific members, would have been easier! Photographs of the inside of the clubhouse helped provide evidence of items we had lost and adding hyperlinks to suppliers’ websites on our spreadsheet enabled the loss adjuster to easily verify costs. Our claim was dealt with quickly and painlessly and I am happy to report that we reached a satisfactory settlement and payment within a month of the fire

Nothing can replace what we have lost, but at least we have the funds available to start again and we have been overwhelmed by the support shown to us by fellow modellers and the trade.

For further information about the club see www.seaboard-southern.org.uk

If you sit on the committee or contribute to the decision making process of a club, society, association or charity, you could be deemed one of its trustees or officers and could be personally exposed to litigation should the unexpected happen.

Committee members and those running and managing clubs and societies can be exposed to potentially damaging actions from a variety of sources such as: members of the public, volunteers, regulatory bodies, suppliers or other club members, all of whom could make a claim against you personally or your Organisation. Claims can arise from any number of situations, including:

• Alleged breach of statutory duty – e.g. failing to manage health & safety issues
• Alleged breach of trust – e.g. using money for purposes outside the Club/Society remit
• Alleged breach of duty of care – e.g. not acting in your Club/Society’s best interests
• Alleged libel or slander – e.g. derogatory remarks made about another
• Alleged discrimination or harassment – e.g. allegations of bullying or abuse

If an individual thinks they have a claim against your Organisation, their solicitor would usually deliver the legal claim to the Organisation itself. However, if your Organisation is not a legal entity, i.e. unincorporated, such legal papers would have to be delivered to the individual trustees or committee members, something which can be very unsettling. And without insurance, defending the claim could prove extremely costly. Litigation can be a long and time consuming process, with no guarantee of success at the end of it.

A specialist insurance policy from Magnet Insurance would provide full coverage up to the Policy limit for all of the defence costs for any covered claim, usually without deduction of any excess. If needed, the Insurer will arrange the appointment of a solicitor, barrister and/or accountant, all of whom will be experts in their fields, to defend you, the Club Official. Whether the case is successfully resolved or an eventual settlement is reached, unlike a legal expenses policy, the Insurance Policy will pay for the claim settlement as well as the defence costs for all covered allegations and claims.

The Facts

Who is it for?	Trustees and Committee Members of UK Charities, Clubs and Associations
What limits are available?	Up to £1 million
How much does it cost?	Annual premiums start at £98.50* per year, including Insurance Premium Tax and a £25.00 Underwriter Fee * (Based upon a £50,000 Limit of Indemnity)
What is covered?	Legal liability arising from Wrongful Acts Defence Costs and Expenses Investigation Costs and Expenses Criminal Defence Costs and Expenses Harassment and Discrimination Fidelity Extension (financial loss from dishonesty) 6 Years Cover for Retiring Officials Identity Theft Costs and Expenses

What to do next?

We felt it was important to bring these potential risks to your attention, so that you can decide whether you feel you should be insuring against these risks or whether you feel you can live with these potential risks. Either way, at least you are aware that we do have an insurance solution, if required.
If you would like further information or a quotation for your Club/Society, please telephone us on 01636 858249.

This article represents a brief overview and does not represent a comprehensive explanation of its subject matter. Whilst care has been taken to ensure the accuracy of the information provided, Magnet Insurance Services Ltd does not guarantee such accuracy and accepts no liability for loss or damage resulting from reliance on this article.

Magnet Insurance Services Ltd has purchased the Model Railway Insurance business from Taylor McGill. McGill.

"It is very much business as usual for our model railway insurance customers"

Magnet's managing director Tony Bound, who was previously a director of Taylor McGill, commented on the acquisition: “Whilst working at Taylor McGill, I was responsible for the Model Railway Insurance business and over the last 3 years have helped to insure most of the UK’s model railway clubs, societies, and individual enthusiasts. During this time I have acquired a good understanding of the particular insurance needs for those connected to the model railway hobby and built some strong relationships."

"Magnet Insurance will continue to provide our new customers with a personal, high quality service and I look forward to continuing our relationship. It is very much business as usual for our model railway insurance customers, other than the name over the door has changed to Magnet Insurance.”

During the time that Tony has been managing the scheme, it has grown by over 100% and its policyholders now account for more than 70% of the UK market.

For new quotations for Exhibition, Club or Collector’s Insurance please visit www.modelrailwayinsurance.co.uk or tel: 01636 858249.