In respect of Business Customers’ stock and work-in-progress, you must declare the current replacement value for all property being stored, taking into consideration the age, quality, degree of use and consequent market value of your property when calculating the settlement.
In respect of all other customers, you must declare the current new
replacement value of all property being stored. This means the cost to replace your items with a new equivalent, not the price you paid when you purchased each item.
If you are storing documents, the value declared by you must include:-
- The value of the materials as stationary;
- An estimated cost for the clerical labour required to reproduce or write the documents; and
- The costs required to reproduce any information recorded.
You do not need to include the value of the information contained in any documentation lost or damaged, as this is not covered.
Please do not ask your Safestore for guidance about your valuation. They are not valuers, and the responsibility for declaring the value is yours.
Remember that you must
declare and insure for the full replacement value of the goods being stored on a new for old basis or you will be underinsured. This means any claim would be subject to Underinsurance as per Clauses 5 and 6 within the Insurance Cover Information Document and any claim settlement would be proportionately reduced. For example, if you declare a value of £25,000, but your goods are actually worth £50,000, you are underinsured by 50% and all claims will be proportionately reduced.