Do You Need to Insure Your Trophy Cabinet?
There have been several recent claims from sports clubs that have had their most valuable and sentimental trophies stolen in burglaries across the country. Gloucestershire police have taken the step of warning local golf and bowls clubs about a spike in burglaries here
When taking out cover for your clubhouse, it is vital that you get a valuation for collections/assets that the club owns, and ensure they are up to date valuations.
What happens when you dont have insurance?
There has been a case where a club had 58 trophies stolen and NO valuation. What did this mean for the club? Although the insurer tried its hardest to assist with the claim, the lack of details about the stolen items made the process difficult. There was no recent inventory with valuations, and because the items were no longer available to inspect, there were no hallmarks, markers details or the ability to weigh the items, resulting in no hard evidence of the trophies’ value.
Ultimately, the club will be hugely out of pocket due to this unfortunate circumstance, all because they were never advised by their broker/insurer to provide a valuation of the assets owned by the club when taking out cover.
This is a reminder that accurate, up-to-date valuations are not just a formality, they are the key to ensuring your club is properly protected should the worst happen. Without them, even the most comprehensive insurance policy may fall short when you need it most.
What can you do to help yourself in the event of a claim?
If your club owns trophies, memorabilia, equipment, or other valuable items, now is the time to arrange professional valuations and keep them on file with your insurer. Photographs, detailed descriptions, and records of hallmarks or engravings can also make a huge difference in the event of a claim.
Installing security measures such as quality CCTV, locks, and theft deterrents could assist in keeping your assets secure. Consider taking additional security measures for your clubhouse to further reduce the risk of valuable assets being stolen or damaged.
Don’t wait until it’s too late, speak to your broker today to review your current cover and make sure your club’s most treasured possessions are fully protected.
If you are a Mann Broadbent client and have an existing policy, please contact us for further information. Addiitonally, if you wuld like to contact us regarding new clubhouse insurance, please contact us.
