Insights

A Guide to Breakers Yard Insurance and Responsibilities
A Guide to Breakers Yard Insurance and Responsibilities 800 534 James Hallam

If you work as a vehicle dismantler, or you operate a breakers yard, then you may need specialist insurance to cover you for the unique risks you face in this role.

This post is an essential introduction to breakers yard insurance. We will outline what breakers yard insurance is, and what it covers. We will also discuss your specific responsibilities as a vehicle dismantler.

What is Breakers Yard Insurance?

You will face a diverse set of risks in your work as a vehicle dismantler. Rather than taking out separate policies to cover each of these risks, you can take out specialist breakers yard insurance to cover all of these risks in a single policy.

What Does Breakers Yard Insurance Cover?

We can tailor a bespoke breakers yard insurance policy to cover the unique risks you face as a vehicle dismantler. Your breakers yard insurance will likely provide cover for:

  • Road Risks – The risks associated with transporting vehicles to and from your breakers yard.
  • Equipment and Machinery – Vehicle dismantlers make use of specialist equipment. Your policy can cover this expensive equipment for loss, damage, or theft.
  • Employer’s Liability – If you employ any staff, you have a legal requirement to get employer’s liability insurance, to cover your employees for any illness or injury they sustain at work.
  • Public Liability – As well as protecting your employees, you also need cover for any accidents or injuries that might take place when members of the public visit your breakers yard.
  • Buildings – Cover for your business premises for any damages sustained as a result of fire, flood, theft, and other scenarios.
  • Business Interruption – If you are unable to operate for a period of time, your breakers yard insurance policy can provide compensation for your downtime.

Your Responsibilities as a Vehicle Dismantler

As we mentioned above, you have a legal obligation to get certain forms of liability insurance. Yet as a vehicle dismantler, there are certain other key responsibilities to be aware of:

  • Licences – You will need an End of Life Vehicle (ELV) permit from the Environmental Agency (EA) in order for your breakers yard to be classed as an authorised treatment facility (ATF). You may also need a scrap metal dealer’s licence from your local council, and you will need to issue official certificates of destruction (CoDs) for every scrap car you process on your site.
  • Depollution – As part of your duties as an ATF, you need to depollute every ELV you process. This will involve removing the vehicle’s battery, fuel, wheels, tyres, oils, catalytic converter, and more. If you do not depollute a vehicle, you must treat it as hazardous waste and follow the appropriate rules.
  • Storage – You must follow certain rules for the safe storage of liquids, batteries, car shells, and any parts you intend to resell.
  • Recycling – The government requires ATFs to work towards a recycling and recovery target of 95%.
  • Inspections and Compliance – The EA regularly inspects ATFs. Following their inspection, you will receive a written report that will outline any breaches of your permit. The more breaches you get, the more you will pay in annual fees.

You can read a full guide to your responsibilities as a vehicle dismantler.

Specialist Breakers Yard Insurance For Vehicle Dismantlers

James Hallam is a Lloyd’s broker, and the only broker in the UK with exclusive access to a specialist ELV motor trade policy. We are the trusted advisers to both the British Vehicle Salvage Federation and the National Salvage Association, and we provide bespoke services to 50 of the top vehicle dismantlers in the UK.

We understand the unique risks you face as a vehicle dismantler, and we are uniquely placed to offer some of the most competitive vehicle dismantler insurance premiums on the market.

For more information, and a free quote, call us on 0141 212 8820, or email Scott.McLaws@JamesHallam.co.uk.

What is High Net Worth Home Insurance and How Does It Work?
What is High Net Worth Home Insurance and How Does It Work? 800 533 James Hallam

Most home insurance policies place strict limits on the cover they provide for your building, your contents, or both. If you have a particularly valuable property, contents, jewellery or artwork then most off the shelf home insurance policies will not provide the level of cover you need.

This is where high net worth home insurance comes in. These specialist policies are for homeowners requiring cover beyond the limits of a standard home insurance policy.

What is High Net Worth Home Insurance?

A high net worth home insurance policy can include a combination of covers for your main home, second homes, holiday homes, overseas homes, contents, fine art, antiques, collectables, precious metals, jewellery & watches, renovations and contract works.

High Net Worth Buildings Insurance

High Net Worth buildings insurance provides cover for the cost of any repairs required in respect of your property’s structure and whilst you insure your home for the total amount it would cost to rebuild it, in many cases the sum insured is extended beyond what is shown within your policy schedule if a property survey has been undertaken within the preceding 5 years.

What Home Value Requires a High Net Worth Policy?

Many standard home insurance policies will only cover properties with a reinstatement sum insured up to a maximum of £1,000,000. If your reinstatement sum exceeds this level you will require a high net worth home insurance policy.

High Net Worth Contents Insurance

High Net Worth contents insurance provides cover for items within your property, generally with no single article limit, and anywhere in the World when temporarily removed from the home.

What Contents Values Require a High Net Worth Policy?

Again, most standard home insurance policies will set strict limits on the amount of cover they provide for your home contents with a maximum level of cover of £100,000 being provided. The single article limits applicable to general contents is usually between £1,000 and £2,500 and can also apply to your items of fine art, antiques, jewellery & watches. This is far higher with a High Net Worth Insurance Policy and usually set at £25,000 and above.

The Benefits of High Net Worth Home Insurance

You need a home insurance policy you can depend on. You need peace of mind that, if you ever need to make a claim on your policy, you will receive a fair and quick settlement.

If your home would cost more to rebuild than the average UK home, then a standard home insurance policy may not provide the cover you need for repairs following fires, floods, and break-ins. Similarly, if your home is a period property, or it has non-standard features such as a thatched roof or solar panels, a standard home insurance policy might not give you sufficient cover.

Talk To James Hallam About Your High Net Worth Insurance Needs

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance professionals who are committed to getting you the cover you need.

Talk to us, and we can help to ensure you have suitable cover to protect your home and contents. We will take the time to understand your lifestyle, the risks you face, and what is most important to you. If you ever need to make a claim, you can trust us to assist insurers in delivering a fast, fair, and efficient settlement.

Get in touch for a free quote today.

Do Travel Agents Need Professional Indemnity Insurance?
Do Travel Agents Need Professional Indemnity Insurance? 800 533 James Hallam

Professional indemnity insurance, is by far the most important form of cover for travel agents. Your customers come to you because they want their trip to be as straightforward as possible. They do not want to spend hour finding the best flight, and the best rooms, at the best price. They want you to do this for them. But this puts a lot of pressure on you to get it right every time.

In this post we will discuss what professional indemnity insurance is, what it covers, and why you need it.

For more information about your insurance obligations as a travel agent or tour operator, be sure to check our dedicated travel insurance hub.

What is Professional Indemnity Insurance?

Your customers trust you to deliver certain standards of service. If you make any errors or omissions, at best your customers could be inconvenienced, or left out of pocket. Yet at worst, your oversight could place your customers in danger.

As a result of your mistakes customers may make a formal complaint, or they may even decide to take legal action against you. Professional Indemnity insurance can provide cover for any compensation your customers may be due, along with cover for any legal fees you may incur following a lawsuit.

Why Do Travel Agents Need Professional Indemnity Insurance?

Any business in any industry that provides paid services to clients needs some form of professional indemnity insurance cover. Travel agents and tour operators are no exception.

We all make mistakes from time to time. And as a travel agent, the slightest oversight on your part could have unfortunate consequences for your customers.

Plus, travel is unpredictable. Many things that could go wrong for your customers over the course of their trip might be out of your hands. The airlines you book could cancel flights. The hotels you book could be less luxurious or convenient than you were led to believe. A country could even change its entry requirements after you have arranged a trip.

Any of these instances could make life difficult for your customers, who could then take action against you. Professional indemnity insurance can help minimise the risk and liability, providing essential peace of mind for both you, and your customers.

What Does Professional Indemnity Insurance Cover?

  • Professional Negligence: As a travel agent you are responsible for various critical tasks such as booking flights, including connecting flights, and sourcing and securing accommodation. Professional indemnity insurance safeguards against potential claims made against you of professional negligence, errors, or omissions that could result in financial losses for your clients.
  • Client Compensation: If you are found liable for a client’s financial loss, professional indemnity insurance provides the necessary financial protection.
  • Legal Costs: If a client claims that your advice or service caused them financial harm, legal defence expenses can quickly add up. Professional indemnity insurance covers these costs, including legal fees and court expenses.
  • Protecting Your Professional Reputation: Professional Indemnity insurance allows you to promptly manage and mitigate the effects of potential claims, limiting the potential impact on your reputation.

What Does Professional Indemnity Insurance NOT Cover?

As with any insurance policy, most Professional Indemnity insurance policies include certain exceptions. These might include:

  • Liability. Professional Indemnity insurance does not provide cover for injury or property damage customers may experience. This will be covered by a separate liability policy.
  • Moral hazard. This is where parties mentioned in the policy, whether it is the travel agent or the customer, take unnecessary risks in the belief that their insurance will cover them should anything go wrong.
  • Wrongdoing: Professional indemnity insurance does not cover claims arising from intentional wrongdoing, fraud, or criminal acts committed by the travel agent or travel operator.
  • War and Terrorism: Losses resulting from acts of war or terrorism are typically excluded from professional indemnity policies.

Specialist Insurance For Travel Agents and Tour Operators From James Hallam

At James Hallam, we have provided specialist insurance for tour operators and travel agents for over 20 years. We have a thorough understanding of the unique risks businesses face in the fast-moving travel industry.

We will take the time to understand your business so we can tailor the best possible travel and tour insurance programme for you and your customers. We can also advise on other insurance policies you may need to get truly comprehensive cover at the best price.

Find out more about our specialist travel industry insurance services.

What is General Average in Marine Insurance?
What is General Average in Marine Insurance? 800 532 James Hallam

General Average is one of the oldest of all maritime laws, with roots dating as far back as 1000 BC.

In this post we will briefly explain what General Average means in maritime law and explore the Maritime Insurance implications.

What is the General Average Principal?

The General Average principal mandates that all stakeholders proportionately share any losses resulting from situations where crew members voluntarily jettison part of the ship or cargo to save the whole.

Where Does the General Average Principal Come From?

General Average law can trace its roots back to the island of Rhodes. The Rhodian law, established in approximately 1000 BC, outlines certain rules for stakeholders following emergencies at sea.

Certain hazards may force crew members to jettison certain items of cargo, or parts of the ship itself. In these scenarios, it is unreasonable to expect crew members to take the time to carefully choose precisely which items of cargo they voluntarily sacrifice.

General Average Laws Today

In the late 19th century, maritime companies still respected the General Average principles of mutual benefit and common security. However, different countries followed different systems for calculating losses, expenses, and contributions. These discrepancies inevitably caused some issues.

The York-Antwerp Rules (YAR) were first established in 1877 with the intention of standardising loss calculations and procedures across the world. YAR has undergone numerous amendments over the years, with the most recent revisions having been made in 2016.

Rule A of YAR states that:

“There is a general average act when, and only when, any extraordinary sacrifice or expenditure is intentionally and reasonably made or incurred for the common safety for the purpose of preserving from peril the property involved in a common maritime adventure.”

How Does the General Average Affect Maritime Insurance?

Maritime Insurance policies will usually include some cover for certain expenses associated with General Average principles:

  • Jettisoned Cargo – Cover for cargo that crewmembers deliberately throw overboard to prevent the ship from sinking or capsizing during storms. Policies may also include cover for retrieving this cargo.
  • Damage to Ship or Cargo – Crewmembers may be forced to take on some water to extinguish a fire. In doing so, they may voluntarily damage some of their cargo so as to save the ship, or the rest of the consignment.
  • Docking Expenses – Ships may need to shelter in a port to allow for severe weather to pass, incurring unexpected extra expenses in the process.
  • Legal Costs – There are often legal costs associated with General Average situations. Stakeholders may disagree on the value of lost cargo, for example, which could lead to a court case. Stakeholders may also have to appoint General Average Adjusters to assess the shared costs and allocate them accordingly.

Why You Need General Average Cover

If you do not have Maritime Insurance and your ship experiences an emergency at sea resulting in a General Average Declaration, then you may struggle to manage the resulting financial obligations:

  • Contribution to the value of the cargo jettisoned or damaged.
  • Expenses associated with retrieving jettisoned cargo, along with the business interruption, lost sales, and storage fees that may result from the salvage operation.
  • Legal expenses that may arise from disagreements over the value of the lost cargo, or the fairness of the shared contributions.

Instances of lost or damaged cargo can be disruptive enough already. If you add the considerable shared financial responsibility that can arise from a General Average Declaration, without adequate cover in place, your maritime business could face a potentially devastating financial loss.

Get Comprehensive Maritime Insurance Cover From James Hallam

Everard Insurance Brokers are the specialist marine trading division of James Hallam Limited who are accredited Lloyd’s brokers. We have a dedicated team of experienced insurance professionals who are committed to protecting your business.

We specialise in offering tailored marine insurance cover. As we deal with a wide range of niche insurance providers, we can arrange the cover you need, whether you are looking to cover a single vessel or an entire marine trade supply chain.

Find out more about our specialist marine insurance services.

James Hallam Open New Cyber & Technology Hub – August 2024
James Hallam Open New Cyber & Technology Hub – August 2024 1920 1284 James Hallam

Seventeen Group broking subsidiary, James Hallam, has opened a new Cyber & Technology Hub at Exeter Science Park. This extends James Hallam’s branch network in the South West to four, being Plymouth, Penzance, Torbay and now Exeter. It also brings a specialist team together to focus on the fastest growing area of the economy and the area of risk where clients require huge support. The team will work with a strongly supportive insurer panel, delivering specialist risk management and insurance solutions to clients across the UK.

Steve King, Director of Cyber & Technology Risks, comments: “This is a truly exciting prospect for myself and the team. Exeter has embraced the technology sector and supports the business community in so many ways. It felt right for us to be in the heart of it at Exeter Science Park, the South West’s centre for businesses in science, technology, engineering, maths and medicine (STEMM)”.

End of Press Release

For more information contact Jackie Knight Head of Marketing and Media

Email Jackie.knight@seventeengroup.co.uk

Tel 07824 486319

Do I Need Scheduled Airline Failure Insurance?
Do I Need Scheduled Airline Failure Insurance? 900 599 James Hallam

Scheduled airline failure insurance (SAFI) provides cover for travel agents and tour operators in the event that an airline goes out of business.

In this post we will provide an essential introduction to SAFI – how it works, what it covers, and who needs to consider it.

What is Scheduled Airline Failure Insurance?

For tour operators and travel agents, it offers financial protection if an airline fails, covering the cost of booking new flights or helping customers stranded abroad.

If your customers are yet to take their flights, it will be a struggle to get a refund from an airline that has gone into administration. Even worse would be if an airline goes out of business before they are due to fly your customers home. This could leave them stranded in a far-off airport, which is why SAFI is so important.

What Does Scheduled Airline Failure Insurance Cover?

The Tour Operator or Travel Agents Net Ascertained Financial Loss which can include:

  • The cost of booking new flights, usually up to an agreed limit.
  • Reimbursement for any flights customers were not able to take.
  • The cost of booking new return flights should an airline go into administration while customers are already abroad.
  • The cost of alternative modes of transport, if no other flights are available.

Most SAFI policies include a number of exceptions. For example, they might not provide cover if you procure flights from an airline that has already gone into administration. It will also not cover any costs associated with the airline’s failure, such as missed connections or reservations.

Who Needs Scheduled Airline Failure Insurance?

Scheduled Airline Failure Insurance is crucial for travel agents and tour operators who depend on reliable airlines to ensure smooth travel for their clients. It helps them book alternative flights and handle disruptions, protecting their reputation and their clients’ travel plans. Plus, this form of cover is highly recommended and encouraged by the Civil Aviation Authority for all ATOL holders which can be a major trust signal for potential and existing customers.

Get Comprehensive Travel Industry Insurance From James Hallam

At James Hallam, we have provided specialist insurance for tour operators and travel agents for over 20 years. We have a thorough understanding of the unique risks businesses face in the fast-moving travel industry.

We will take the time to understand your business so we can tailor the best possible travel and tour insurance programme for you and your customers.

Find out more about our specialist travel industry insurance services.

ships cargo

Different Types of Marine Insurance: A Guide
Different Types of Marine Insurance: A Guide 560 372 James Hallam

Marine insurance is designed to protect boats, their crews, and their cargo from the many risks associated with sailing. Marine insurance policies can also provide cover for any legal expenses that may arise from incidents.

In this post we will discuss some of the different types of marine insurance. For a full introduction to how marine insurance works, and what it covers, be sure to check our dedicated marine insurance hub.

Types of Marine Insurance Cover

Freight Insurance

This is specialist cover for marine trade businesses to cover any loss or damage to freight cargo in the event of accidents.

Marine trade businesses can also take out Freight Demurrage and Defence (FD&D) insurance to cover any legal costs that are not covered by other insurance policies.

Hull Insurance

This is cover for a ship’s hull, along with any pieces of equipment or furniture. Hull insurance can cover any repairs or replacements that may be necessary following accidents or incidents.

Ship owners may also choose to take out dedicated machinery insurance to cover damage to any essential machinery used on the ship. Or they can choose a combined Hull & Machinery (H&M) policy.

Liability Insurance

If a ship is involved in a collision, liability insurance covers the crew and any other individuals involved for compensation resulting from their injuries.

Marine Cargo Insurance

This covers the ship’s cargo for loss or damage. Marine cargo insurance can also cover for any losses incurred by delays either in sailing, loading, or unloading.

Most marine cargo insurance policies also cover for third parties, in the event of any loss or damage caused by heavy or otherwise dangerous cargo.

P&I Insurance

P&I stands for protection and indemnity insurance. This provides policyholders with cover for claims made by their crew and passengers for illnesses, injury, and death as a result of collisions or other incidents. In the result of a major incident at sea, P&I insurance can also cover for the salvage and removal of the shipwreck.

Types of Marine Insurance Policy

As well as different types of cover, there is also a range of different types of marine insurance policies:

  • Floating Policy – Also known as an open policy, or a blanket policy. It is designed for major exporters. Rather than taking out separate policies for each shipment, they can instead take out a floating policy to cover every shipment they make over an agreed period of time. Periodically, the policyholder will have to declare details of every shipment they made during this period.
  • Voyage Policy – A Marine Insurance policy designed to cover a single shipment or consignment.
  • Time Policy – A Marine Insurance policy that is issued for a fixed period of time, usually a year. The policy will cover all voyages undertaken during this period, with no need to take out separate policies for each voyage.
  • Valued Policy – A policy in which the value of a voyage’s cargo and consignment is specified in the policy wording. This makes it clear how much reimbursement will be due following an incident at sea.
  • Unvalued Policy – The opposite of a valued policy, in which the value of the cargo and consignment is not specified in the policy document.
  • Single Vessel Policy – A Marine Insurance policy that provides cover for a single vessel.
  • Fleet Policy – A Marine Insurance policy that provides cover for multiple ships, usually over a pre-agreed period of time.
  • Port Rick Policy – This provides cover for vessels while they are docked in ports. Usually, marine businesses will take out this policy when they expect their vessel to be anchored at port for an extended period of time. The cover usually stops the moment the ship leaves the port.

Get Comprehensive Maritime Insurance Cover From James Hallam

If you are not sure what type of Marine Insurance cover is right for you, give us a call.

Everard Insurance Brokers are the specialist marine trading division of James Hallam Limited who are accredited Lloyd’s brokers. We have a deep understanding of every aspect of the maritime industry, and the various insurance implications.

We deal with a wide range of niche insurance providers, we can arrange the cover you need, whether you’re looking to cover a single vessel or an entire marine trade supply chain.

Find out more about our specialist marine insurance services

small business

How Much Does Small Business Insurance Cost?
How Much Does Small Business Insurance Cost? 900 507 James Hallam

In this post we will discuss how much small business insurance costs in 2024. We will explore some of the factors that affect the cost of cover, along with some strategies for reducing your premiums.

Is Business Insurance Getting More Expensive?

A recent report by the Federation of Small Businesses revealed that around 60% of small businesses had seen their insurance premiums rise in the past year. What’s more, 52% of these businesses have seen a rise of 11% or more.

There are many reasons for the rising costs of small business insurance. Enforced government lockdowns during the pandemic forced many small businesses to make business interruption claims, which may have raised the cost of cover for all. Plus, the UK’s been hit by soaring inflation in recent years, which for many will have made a difficult situation even worse.

What Can Affect The Price of Small Business Insurance?

A number of things can affect the price of your small business insurance:

  • The size of your business. Generally speaking, the larger your workforce, the more you’ll pay for cover. However, insurers sometimes offer group insurance policies to cover employees who face similar risk profiles, which means that some larger businesses may be able to get a discount on their cover.
  • The industry you work in. Businesses in certain industries face different risks than others. For example, builders and architects may have to pay more for cover than, say, marketing agencies, as the risks associated with their work are much higher.
  • The people you’re covering. Different members of your team will face different risks, too. For instance, it will probably cost more to cover warehouse staff than office staff, as warehouse staff face a higher risk of injury.
  • The area you operate in. Businesses based in London and other major cities may have to pay more for cover than businesses located in less populous areas.
  • Your claims history. Unfortunately, if your business has ever made a claim on your policy, it can raise the cost of your premiums. It largely depends on the frequency of the claims, and the severity.

How Much Does Small Business Insurance Cost – Rough Estimates

The cost of cover can vary greatly from business to business. Market conditions can also affect the price of premiums. So, please treat the following as rough estimates only. For a more accurate idea of how much you should expect to pay for small business insurance, get in touch for a free quote.

All of our figures are based on the averages provided by the finance and lending research and information specialists at Business Financing.

  • Public Liability – On average, small businesses pay £118 a year for public liability cover. Yet depending on the business, the actual premiums can be as little as £50 a year, or as much as £5,000 a year.
  • Professional Indemnity – Small businesses can pay as little as £115 a year for their professional indemnity cover. However, Business Financing reports that businesses working in certain high-risk industries may need to pay up to 10x more.
  • Employer’s Liability – As we mentioned above, it will cost a different amount to cover different employees based on the work they do. For desk-based workers, you might expect to pay £60 per year for employer’s liability. Yet for any employee who does physical labour, this can rise to over £200 a year.

These are just three of the most common insurance products that small businesses might need. The more cover you get, the more you will need to pay. See the full cover available through James Hallam.

How to Reduce The Cost of Small Business Insurance

When it comes to insurance, your priority should be to get the cover you need, and not to make your premiums as low as possible. But there are a few things you can do to reduce the cost of your business cover:

  • Pay annually, rather than monthly. Some insurers offer small discounts if you pay for your cover in an annual lump sum, rather than in monthly payments.
  • Choose a different level of cover. You have a legal requirement to get some forms of cover, such as employer’s liability insurance. Beyond your regulatory obligations, the amount of cover you get is entirely up to you.
  • Pay a higher excess. Offer to pay a higher excess in the event of a claim, and you can reduce your monthly premiums.

However, there are serious risks associated with each of these money-saving strategies. Paying annually for your insurance can lead to cashflow issues. Intentionally choosing less cover can leave you vulnerable to underinsurance. Paying a higher excess could lead to trouble if you ever need to make a claim on your policy, as it will mean that your settlement could be less than you need.

Talk To James Hallam About Your Small Business Insurance Needs

James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance professionals who are committed to getting you the cover you need at a price you can afford.

Talk to us, and we can help you ensure you have enough cover to protect your business, at a fair price. We will take the time to understand your risks so we can tailor a flexible SME insurance package that offers full cover at outstanding value.

Get in touch for a free quote today.

antiques

Unlocking Hidden Treasures: The Value of ‘Cash in the Attic’
Unlocking Hidden Treasures: The Value of ‘Cash in the Attic’ 600 400 James Hallam

Many of us have attics, garages, or spare rooms filled with forgotten items and family heirlooms. The concept of “cash in the attic” taps into the idea that these neglected spaces might hold hidden treasures of significant value. This notion isn’t just a fanciful thought but a reality for many who have discovered that old possessions can be worth a small fortune.

How to Understand the Value of Your Items

Often, we overlook the potential value of items inherited or collected over the years. Antique furniture, vintage jewellery, rare books, and even old toys can hold considerable worth. The key to uncovering this hidden wealth lies in proper appraisal. Professional valuation services can assess the true market value of your items, helping you understand their value and the best way to protect and manage these assets.

The Benefits of a Professional Appraiser

Engaging a professional appraiser ensures that every item is carefully examined and accurately valued. This process can reveal the historical significance, rarity, and market demand for each piece. An accurate appraisal not only satisfies curiosity but is also crucial for insurance purposes.

Examples of Valuable Items to Look Out For

  • Antique Furniture: Pieces from specific periods or crafted by notable makers. An old, intricately designed chair or table might be more valuable than you think.
  • Vintage Jewellery: Items made from precious metals and stones or unique designs. A seemingly ordinary brooch could be a rare designer piece worth thousands.
  • Rare Books: First editions, signed copies, or historically significant texts. That dusty book collection could contain a rare edition that collectors would pay a premium for.
  • Old Toys: Collectibles, especially in good condition and from popular eras. Original action figures or dolls in mint condition are highly sought after.
  • Artwork: Paintings, drawings, or prints that might be rare or by renowned artists. Even an unassuming sketch could turn out to be a valuable piece of art.

Discovering valuable items can be an emotional journey, connecting us to our past and the stories of previous generations. It’s a unique way of preserving heritage while potentially reaping financial benefits. In some cases, what seems like a dusty old painting or a tarnished piece of silver could be a collector’s dream.

Understanding Provenance

Beyond the monetary aspect, the process of uncovering and valuing these items can lead to fascinating historical discoveries. Items that have been passed down through generations may have stories attached to them that are worth exploring. Understanding the provenance of an item can increase its value and make the selling process smoother.

Ultimately, “cash in the attic” reminds us that treasures can be found where we least expect them. By taking the time to explore and appraise our stored belongings, we might not only find financial gain but also a deeper appreciation for the history and memories embedded in these items. Taking a fresh look at what we own and seeking professional guidance can unlock hidden value and provide a sense of fulfilment and connection to our heritage.

Get in touch

If you have any concerns or queries on your insurance cover please don’t hesitate to speak to us.
You can call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk

watch collection

How Often Should You Have Valuable Items Valued?
How Often Should You Have Valuable Items Valued? 600 400 James Hallam

In the world of insurance and asset protection, valuations are a key topic of discussion. But what exactly is a valuation, and why is it so important?

What is a Valuation?

A valuation is an expert assessment of the value of an item, carried out by a professional with extensive experience and specialised training. This expert will consider various factors including the current market value, condition, provenance, and material of the item. The result is a “Retail Replacement” value, which represents the cost to replace the item with a similar one in the event of a loss.

Why are Valuations Important

  • Accurate Insurance Coverage: The primary purpose of a valuation is to ensure that your valuables are insured for their true worth. This prevents the risk of underinsurance, which can lead to significant financial loss if an item is damaged or stolen.
  • Claims Settlement: In the unfortunate event of a loss, a professional valuation provides solid evidence to support a full claims settlement, ensuring you receive the appropriate compensation.
  • Estate Planning and Inheritance: Valuations are also useful for making wills and understanding the value of inherited items.
  • Market Insight: Regular valuations provide insights into the current market value of your items, which can fluctuate significantly over time.

How Often Should Watches and Jewellery Be Valued?

The frequency of updating valuations depends on the item to be valued and market conditions. For example:

  • Luxury Watches: Given the volatile nature of the luxury watch market, an annual valuation is advisable.
  • Jewellery: Jewellery should be revalued every two years to ensure it is not underinsured due to rising market values.

What is Underinsurance?

Underinsurance occurs when an item is insured for less than its replacement cost. This often happens due to outdated valuations or incorrect initial assessments. In the event of a claim, underinsurance can result in receiving a much lower payout than needed to replace the item or less than you would need for an item to be repaired or restored.

How to Avoid Underinsurance

  • Regular Updates: Ensure your valuations are updated regularly, considering market changes and the specific type of item.
  • Professional Advice: Consult with professional valuers who have the necessary expertise and can provide comprehensive valuation reports.

Choosing a Professional Valuer

When selecting a valuer, consider the following:

  • Expertise and Training: Ensure the valuer has specialised knowledge relevant to your items.
  • Professional Indemnity Insurance: Verify that the valuer has adequate insurance coverage.
  • Reputation and Reviews: Look for valuers with a strong reputation and positive reviews.

Regular valuations are essential for protecting your valuable assets, ensuring your insurance cover is right, and providing you with peace of mind. By staying informed and proactive about valuations, you can safeguard your possessions and be prepared for any eventuality.

Get in touch

If you have any concerns or queries please don’t hesitate to speak to us.
You can call any of the team on 0203 002 9859 or email pcl@jameshallam.co.uk

Start Typing