We must understand the total value of all goods stored with us, even if you arrange insurance elsewhere. It is, therefore, a requirement for all customers to declare a suitable Maximum Replacement Value and to ensure it remains adequate for the storage period.
Your Maximum Replacement Value must represent the total current cost of replacing all stored property as new, except the following items where the replacement cost is calculated differently:
- household linen and clothing, motorcars, motorbikes, boats, caravans, motorhomes and any other motorised vehicle, where the Replacement Value allows for the age, quality, degree of use, existing damage and consequent market value;
- any goods which cannot be purchased new (such as antiques or works of art, for example), where the replacement value shall be the current market value; and
- documents, where the Replacement Value shall be calculated as the physical cost of replacing the documents and/or cost of reprinting, re-issue and/or reconstitution, but excluding the value of the information contained in the documents.
If you opt for StoreProtect:
If the Maximum Replacement Value you provide is less than the actual total Replacement Value of all of your property stored at the time of loss or damage, then our liability under StoreProtect will be reduced to reflect the proportion that your Maximum Replacement Value bears to the actual total Replacement Value (“Proportional Reduction”).
For example: if the total replacement value of your property is £10,000, but you have declared a Maximum Replacement Value of £5,000, our liability will be reduced by 50%. So, if £3,000 worth of Your Property is lost or damaged, our liability would be £1,500.