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Jamie @ Sovereign Hobbies

** Model Show Attendance Information Post **

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** Model Show Attendance Information Post  **

This year has been a particularly quiet one for many model businesses as well as ourselves and as such we will not be attending Scale Model World at Telford this year.

Unfortunately we simply cannot justify the substantial costs involved with table space at the show. Van rental, hotel accommodation, catering and other associated small costs add up over four days a two-day show really takes and, combined, do not result in a profitable weekend.

As many of you know, personally we have had a tough year with a house fire in January which we are still fighting the insurance over. The building works are yet to begin and are living with a stripped out burnt shell of our cottage. This has obviously caused a great deal of added stress to deal with whilst we maintained the running of Sovereign Hobbies along with our day jobs.

We understand that many modellers will be disappointed by this choice but hope that you understand this decision allows us to remain open for business and produce Colourcoats paint for our loyal customers.

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Sorry to hear this, I enjoyed our little chat last year. I full appreciate the chaos you must be living in we had a header tank burst and flooded the house 15 years ago and it took 6 months to get back into the house. That was minor in comparison to your issues. Our insurance was rubbish, thank you Norwich Union and yours sound even worse.

 

Take care

 

Andy

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Understandable decision Jamie and sorry that things aren't going well for the trade, despite our best endeavours!

 

I hope the house gets sorted very soon - it's been a long time eh?

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22 hours ago, Silver Fox said:

Sorry to hear this, I enjoyed our little chat last year. I full appreciate the chaos you must be living in we had a header tank burst and flooded the house 15 years ago and it took 6 months to get back into the house. That was minor in comparison to your issues. Our insurance was rubbish, thank you Norwich Union and yours sound even worse.

 

Take care

 

Andy

Hi Andy, I may see you anyway - Stew and I are probably going to visit anyway without the financial burden of trading. Due to your involvement you probably know the table costs alone would set us back £760 and we'd spend another £300 on a van plus extra fuel etc. The amount we'd have to sell to leave with enough to cover all that and buy new stock is, umm, rather substantial, and I really struggle to believe we'd do that much business this year over the weekend.

 

47 minutes ago, CedB said:

Understandable decision Jamie and sorry that things aren't going well for the trade, despite our best endeavours!

 

I hope the house gets sorted very soon - it's been a long time eh?

 

I actually got my "final decision" through from the insurance on Saturday morning. This issue all surrounds the matter of under-insurance and the change in law in 2015. Essentially, our building was insured for an amount. That amount was less than we paid for the property at the height of the local market in 2014 before the oil price crash, and our property sits in 5.5 acres commanding superb views in all directions. Online rebuild cost calculators suggest a rebuild value very slightly more than we were insured for, but within 5%.

 

The insurance appointed a loss adjuster who sent someone to look at the damage and guesstimate a repair budget. He did, but also reported back an estimate to rebuild the entire house some 50% higher than any online calculator can replicate, and indeed more than we paid for the entire property including land. This figure has been unchallenged formally, but based upon it the insurance have decided that we are significantly under-insured overall. The affected part of the building is about 1/3rd of the overall building and the repair budget will be around 40% of the overall value we are insured for. Our policy does not have any proportionate remedy clauses in the terms and conditions, only an upper cap which we are nowhere near.

 

One month after the fire the insurance accepted our claim without penalty. Things began to happen and went as far as a formal invitation to tender for the repair works. Two days before the tender report was to be issued by the appointed Quantity Surveyor summarising the results of the process, the insurance company announced that they would be applying proportionate remedy anyway based upon that guy's made-up rebuild number nobody has challenged or can replicate, and despite the lack of clauses to that effect in the policy.

 

Within the new 2015 insurance act, insurers now have the option to make proportionate payouts if they can demonstrate that they would have charged a different premium had they better understood their risk exposure. It doesn't matter if you're over or under insured on the day someone invents a new figure - they just flip the numerator and denominator around and either way you get less. Background reading suggests there is no legal test case for this - nobody so far has forced an insurance company to demonstrate in court how they calculated their premiums.

 

In my case, the insurance has accepted they have been inadequate and should have told me at the beginning they were doing this (funnily enough there's still an absence of emphasis on what the *actual* rebuild value compared to my insured value should be - they're all happy to go with that individual's sky-high rebuild figure which values my land at around -£15,000 per acre because that is best case for them and worst case for me), and whilst their decision remains unchanged at paying me 76.42% of the claim value, they would award me £100 compensation for their failures. I'll try not to blow that all at once.

 

Our complaint has now been lodged with the Financial Ombudsman Services now who unfortunately are running a 6-12 month waiting list for home insurance complaints which tells a story of its own. The FOS have published a technical note online dealing with the subject of domestic under-insurance stating that providing there is no evidence of a customer deliberately misrepresenting the risk exposure, and the insurer gave no advice on how they expected the risk to be assessed, and when there isn't actually a proportionate remedy (or averaging, as it's also called) claus in the Terms & Conditions then they will normally side with the complainant. But, it's a year away.

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Wow, just Wow. My dad worked for an insurance company in his youth and said they were only interested in insuring outdoor swimming pools against fire. Nothing changes.

 

Ws found that making a nuisance of ourselves to the lLoss adjuster his secretary and the contractor employed got  stuff done. I ended up having to project manage them  though, for example they painted and wallpapered out lounge  finishing on a Tuesday then on the following day another workman came and channelled the freshly decorated walls  for the rewiring.  I ended up being off wprk for 3 months and that contributed to me having to take  'early retirement'.

 

I wish you all the best and hope you get your home at least sorted soon.  Like you say the FOS case is a while away, but it looks promising.

 

If you do make it to Telford , please grab me for a chat. I am fairly visible in Hall one.

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12 hours ago, Jamie @ Sovereign Hobbies said:

 the table costs alone would set us back £760

 

:o

 

 

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13 hours ago, Rob G said:

 

:o

 

 

I suspect people like Eduard, Special Hobby, Hannants and Wonderland will pay more than that.

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22 minutes ago, Whofan said:

I suspect people like Eduard, Special Hobby, Hannants and Wonderland will pay more than that.

 

SMW charge on a per-6ft table basis. There are small variations for corner/ends vs straight lines with, IIRC, the ends being cheaper. The £760 was for one end / 4 tables.

 

According to the published accounts the traders pay for almost the entire venue cost, with admissions covering residual expenses.

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1 hour ago, Jamie @ Sovereign Hobbies said:

 

SMW charge on a per-6ft table basis. There are small variations for corner/ends vs straight lines with, IIRC, the ends being cheaper. The £760 was for one end / 4 tables.

 

According to the published accounts the traders pay for almost the entire venue cost, with admissions covering residual expenses.

 My guess was that the bigger the business, the more they paid. Thanks for the explanation.

 

That the traders effectively pay the venue cost doesn't come as a surprise at all - not being an IPMS member I haven't seen their accounts.

 

 

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Notwithstanding your bad luck and wether you attend SCW I will order as much paint as I can because Colourcoats are my favourites.

Good luck for the future.

Karen

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