Insuring your watches?

[divemax]

Does anyone here have any of their higher valued watches insured under some type of personal article floater policy?
As soon as I get my Franken Sub 116610 back from my modder, I plan on having it insured with other jewelry we own. The only issue I see is how my jeweler is supposed to place a value on the watch since you cannot go out and buy one. I will have nearly $5000 USD in this project by the time I get it back.


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[DaleM]

Does anyone here have any of their higher valued watches insured under some type of personal article floater policy?
As soon as I get my Franken Sub 116610 back from my modder, I plan on having it insured with other jewelry we own. The only issue I see is how my jeweler is supposed to place a value on the watch since you cannot go out and buy one. I will have nearly $5000 USD in this project by the time I get it back.


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Keep.receipts and proof of work with this.

 

[mech500]

You obviously can’t insure the illegal rep counterfeit parts.

As for the gen parts, the insurance value for each part will be what Rolex charges for parts they supply for watches they build...and as such it’ll be a fraction of what we pay for gen parts on the internet.

For specialist comprehensive floater insurance policies here in the U.K, you are typically required to present a valuation certificate from a chartered member of a recognised valuations institute (and not a typical AD manager or random mall jeweller that works on reps ).

You may therefore find, that for insurance purposes, and outside the forums, your franken has less value that your suit and shoes (- and you don’t insure those.


Have you contacted your home contents insurance provider? It is easier to get “gen collectible watch parts” or similar, added to your home insurance than to organise a comprehensive independent policy that will cover you for lost in park, robbed on train, smashed at work or whatever.




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[Hazing]

Talk to your insurance company. Especially if it’s a single watch they will most likely insure it. As long as you have receipts and are valuing it fairly - which would probably be at least slightly less than You paid to have it all done. But not definitely. It’s not much different than building a car and insuring it. You can insure anything you want, the question is, with the premiums, is it worth it?

if it is multiple watches, this is where you’ll run into problems. I have a number of reps and a few gens of various brands and the insurance is a pain.

with multiple watches over a certain value, it’s not uncommon for them to stipulate you have a safe if they’re goin g to be insured. Also when you have many or multiple watches they may stipulate that they be stored in a safe deposit box and keep no more than... 4 or 6 in your house at any time.

but a single watch should be easy to insure. Even if you were to just insure all the parts individually, that may be an option. talk to your insurance company. And remember, there is no law in the USA against owning counterfeit/replica items. Only in selling them.

 

[imajedi]

I built up my watch collection over many years. I always meant to ensure it because it had gotten to be very valuable. Went to visit my parents for Xmas and thieves broke in and stole the entire safe. 23 high end watches gone including two 1966 omega Speedmasters in absolutely stunning condition. Probably worth $15K each. Nothing was insured and my insurance gave me $2500, my policy maximum. I highly recommend you insure your watches.


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[Hazing]

I built up my watch collection over many years. I always meant to ensure it because it had gotten to be very valuable. Went to visit my parents for Xmas and thieves broke in and stole the entire safe. 23 high end watches gone including two 1966 omega Speedmasters in absolutely stunning condition. Probably worth $15K each. Nothing was insured and my insurance gave me $2500, my policy maximum. I highly recommend you insure your watches.


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Not to use you as a cautionary tale but that is why insurance companies have a (usually) limit on how many watches you can keep in your house. I know we like to look at our collections but there is no reason to keep 30 watches at home unless you have a crazy security system.

intalk to a guy with 60 or 70 watches. Many of them in the $80,000 to $200,000 range. A few over $500,000 and the security precautions he has to go through for his insurance company is crazy. And his security system is crazy too.

 

[mech500]

^Yes, that’s a good point. Home insurance policy for watches and jewellery is limited. It won’t typically cover you for being mugged in the park. Receipts don’t mean a thing. Just because I paid £1500 for a gen bezel to put on my fake watch, don’t mean the insurance guys will pay you that.


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[mech500]

If it was that easy to get a £5k insurance pay out for a fake watch with gen parts, every heroin junky would be claiming they got mugged. Showing a pile of Internet receipts for gen parts ain’t gonna lead to a payout for out of the house loss. The sum of parts ain’t the same as the overall value of the item you are claiming to have lost on the street. It’s easier if you’re trying to insure against watches being stolen from your house but if you’re trying to insure against loss/stolen in the streets then it’s quite tricky. I have a policy for gen watxhes and its not cheap


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[Hazing]

If it was that easy to get a £5k insurance pay out for a fake watch with gen parts, every heroin junky would be claiming they got mugged. Showing a pile of Internet receipts for gen parts ain’t gonna lead to a payout for out of the house loss. The sum of parts ain’t the same as the overall value of the item you are claiming to have lost on the street. It’s easier if you’re trying to insure against watches being stolen from your house but if you’re trying to insure against loss/stolen in the streets then it’s quite tricky. I have a policy for gen watxhes and its not cheap


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The problem with that, most junkies don’t own a home never mind have a home owners insurance policy (or even renters insurance).

that being said, you can probably add one piece to a policy and - and this is the key, you add the watch and specify its value before hand. And they’ll just make sure they charge accordingly.

I mean if you wanted to, most claims reps aren’t Rolex experts. You could show fake rolexes and claim they’re genuine and with a fraudulent but authentic looking receipt, it won’t be an issue. They’ll insure it and it won’t be too much of an issue. But if you start trying to insure $700,000 in watches or more, that is when they’ll have someone verify, photograph, authenticate and stipulate up the ass a lot of different things.

But insuring a single $5000 to $10,000 watch shouldn’t be a problem. Even putting a rider on it in case it gets lost or damaged outside of the house. That can usually be added on your home owners policy for a negligible amount) . The problem is if you put in a claim, especially a fraudulent claim. I don’t know where you live, but this part of the world and country, insurance is ridiculously expensive. So... here, putting in a claim for a $5000 to $10,000 watch, it might not be worth it because you’ll pay that in premiums over the next 7-10 years.

when it will matter is if someone breaks in your house and steals a ton of jewelry. This could be a $5k to $10k hit you don’t have to take on an otherwise $30k to $50k Claim. Ya know what I mean?

 

[mech500]

I mean if you wanted to, most claims reps aren’t Rolex experts. You could show fake rolexes and claim they’re genuine and with a fraudulent but authentic looking receipt, it won’t be an issue. They’ll insure it and it won’t be too much of an issue..

Hi. You are correct if you’re taking about adding watches/jewellery to your home insurance policy

I was however talking about a specialist watch/jewellery insurance policy that provides extensive cover outside the home against lost/damaged/stolen/broken. I have this type of policy here in the U.K to cover gens.

If you want a comprehensive policy, a receipt and picture is not good enough. That does not prove the value of the item. It only proves what you paid.

To prove the value, I had to have the items certified by a chartered member of an insurance recognised body. An AD or typical Jeweller valuation or invoice was not acceptable.






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[srhoque]

Insurance of watches (and jewelry in general) is tricky, you have to keep appraising them periodically to determine "true" value and as mentioned above keep all receipts. Otherwise, the insurance companies will use a random algorithm to determine value (based on age, wear/tear, comparable values etc.) and if you ever have to get money back you may not like the amount. Also, as mentioned, there is a upper limit and it is never encouraged by insurance companies to keep a large collection at home.

My 2 cents, keep high value watches in a fire/moisture protected safe box away from eye sight and normal human traffic areas.

 

[imajedi]

Yeah, you can’t “fake” the collection because everything has to be appraised. It can cost thousands to get all those appraisals.

No security system is enough, you need insurance. Criminals don’t care about your security or your home. They smash everything to get to what they want and leave. Cops also don’t care. My security system began alarming immediately upon entry. They cops were called by my alarm company multiple times. The cops came three hours later. That’s right, three hours later. I was so furious. Oh you must live far away you’re thinking. Nope, police station is not even a mile from my house. Because I’m on a hill, you can actually see my house from the police station parking lot. They don’t care. Too many false alarms they told me so they don’t bother anymore. They also will do nothing to try and investigate afterwards. The entire experience was madening.

To this end, no safe, no alarm system, nothing will protect you outside of insurance. Get it or leave your watches in a vault.


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[imajedi]

At the bank.


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[Bellatorseo]

Great post topic. I’ve been wondering what ppl here do for insurance on their modded reps

TDs and Modders here don’t exactly issue an invoice. I’d be interested to hear from anyone that’s brought a modded rep in to get appraised.

On a side note. I was gifted a gen no date sub. Got it appraised and the insurance company denied coverage because the appraisal didn’t establish ownership. Just validated value.....


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