We sell a new-for-old policy which means that if your equipment is lost, stolen or damaged beyond repair, we will either replace it or provide the amount it would cost to replace it with the equivalent new item.
So, if you're insuring a piece of equipment that can't be bought any more, you should insure this for the value of the closest equivalent equipment that's available now.
You should also make sure that it's not a sale price, as this sale might not be running at the time you need to replace it, and that your valuation includes VAT.
Finally, if you bought your equipment outside the UK, that's fine, but you need to insure it for the UK value of replacement.
If you're still not sure, just ask us!