Stock

What needs insuring?

Stock consists of various elements. You need to include all of these when working out your total Stock sum insured.

Firstly take the raw materials, vinyl, laminate, boards, frames, inks, cartridges, even the screws, nails and fixings and add these together. Don’t forget to include your stationary stock in this as well!

Then add the value of the work in progress i.e. signs which are currently in the process of being made.

Lastly add the value of the finished signs and products which are waiting to be sold or delivered to your customer. Remember when adding the finished stock value you should calculate this based on the cost to you of the materials and not what you are charging your customer.

Add all of these together and it will give you the total value of your own stock at premises.

Now whilst you are calculating your own stock figure you should also take into account any items you may have which you don’t own, ie customers goods which you are working on. These are called ‘Goods in Trust’.

Determine the value of the customer’s item in your possession and provide this information alongside your own stock figure.

Thirdly, if you keep stock at other premises you must declare this too as the additional premises must be shown on your policy and the stock at that location stated separately in order for cover to be provided.