No

what I've saved over the years of not paying over inflated insurance costs has more than covered the costs of any repairs.

This year I find that the water company is now responsible for the pipework right up to my stopcock in the house.

Fruit Bat /\0/\'s comment of responsibility right up to the stopcock in the house cheers me a lot, and confirms my belief too, that this is one more instance of unnecessary insurance.

My father was honest and very meticulous with all financial matters. A little more home-spun over insurance saying to me that "You can insure yourself out of business."

Like extended warranties there is a point at which such cover is just money thrown away.

"the water company is now responsible for the pipework right up to my stopcock in the house."

I would carefully check that. In my area their responsibility is only up to the join of your supply to the main (water and drains), and this is normally at the pavement area, all the pipework (and drains) from the pavement stop valve to the house is your responsibility.

I have just phoned up my building insurance company regarding a collapsed 'drain duct' repair...and I am hopeful that I will be covered for the costs...approximately 360 quid.

You may well find that the cover offered is already provided by your house insurance or can be obtained from them for less than that offered by the water companies.