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This topic contains 4 replies, has 4 voices, and was last updated by  Men in Sheds West Bletchley 12 months ago.

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  • #894

    Eddy Flynn
    Participant

    Hi all how many sheds took advantage of the new insurance offer last year from Export and general, we(Bootle tool shed) did and we saved hundreds of £££, did anyone else make savings

    #947

    Hi Eddy,

    As an Ambassador, I’m hearing that some of the ‘new’ insurance suppliers are not properly understanding Shed’s needs. When I have evidence of this, I’ll be sharing it with the UKMSA.

    My own Shed has since day 1, insured with Zurich and found them to be fairly reasonable and responsive. We did that mainly because they are the insurers to our landlord, West Bletchley Council so their requirements were more than covered.

    Paul Egerton

    #1529

    Anonymous

    I agree with this blog post insurance really good sector for the human life to safe their old time when they going to older. Even insurance gives to your children extra ordinary future for their australian writings discount code study and their living level to raise up. I want to make insurance for my future and my kids future secure.

    #1623

    DavePuttock
    Participant

    We are a new shed at startup and have been quoted £300-£400 by Zurich for £5M public liability and theft/damage insurance on £5k contents does that seem reasonable? Has anyone any better ideas, Whilst I know its anecessity, it seems a shame to look for grants to pay insurance when we could put the money to much better use.

    #1626

    Around £350 sounds about right but it would depend on what you are insuring, for how much, and what cover you actually need. I would suggest that the minimum cover should have £5 million public liability, fire and theft (possibly at replacement value) and cover for Shed members in case of personal accident whilst in or about Shed premises.

    It was announced at the UKMSA Shed Fest in Worcester that a tender would shortly be issued to find a “preferred” insurance provider to Sheds. This will attract a discount, but Sheds will not be compelled to use that insurer whoever they might be, and it will not be a condition of membership of UKMSA to have to do so. As ever, shop around and if you can obtain similar or better cover elsewhere at a more competitive price, then go for it.

    I would advise that it would be a good idea to provide your insurer with an inventory of your equipment together with its present value and the depreciation factor that is applied (around one-third per year). I created an Excel spreadsheet that allows me to apply the depreciation to come up with a net value of total equipment. It requires you to input the value new, assign an expected life and the depreciation factor to be applied. This calculates the present day value and the date when the equipment should be written off for insurance purposes. I have done the same for donated second hand equipment where it is possible to attribute a value to it by finding similar on the http://preloved.co.uk and adding the new and second hand values together to produce a total stock value. This is then provide by email to the insurer.

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