Watch Collectors Insurance

[SteveHarris]

Afternoon All,

Some of you may know that I'm an insurance underwriter by trade and specialise in insuring jewellers and jewellery etc and work for for a syndicate at Lloyds of London. I'm exploring the idea of putting together a specialist watch collectors policy for WIS. This is very much in the exploratory phase, so please don't send me any requests for insurance (I can't deal with the public directly anyway as you would need to go to a broker).

I thought I would sound out some ideas for cover that you would ideally like to see. My current thoughts are:-

* Standard watch cover whilst being worn worldwide, carried by you in the UK (I'm thinking of hand-delivery of items to a buyer or picking up a new watch - you may not necessarily be wearing it) or in an adequate safe at your home (we have a very large limit, so no issues with values depending on your age)
* Cover whilst in a Safe Deposit Box
* Cover whilst with a repairer
* Postal sendings cover via RMSD Next Day (I think initially this would be for EU only and see how things go)
* Automatic cover for additions to your collection up to a certain limit (not sure on what yet) subject to advise to insurers within 14 days
* Cover would be on a replacement cost basis, so as long as you've got it insured for the correct amount and have paperwork etc this would cover rise in values like the Omega ST for instance. May perhaps build in some leeway of 10% or so in case there's any price movement in the policy period.

The issue we might have is that currently we require copies of valuations or receipts (if bought in the last 5 years). We all trade watches between us on here and other places but how many of us have paperwork to prove we own it or valuations? This could be a stumbling block and I need to have a think on how best to approach it.

Any other thoughts? Cover for things like buying a fake watch or stolen ones would be a no-go though.

Thanks,

Steve

[walkerwek1958]

Sounds like a great idea, I`d definitely be in favour.

Paperwork is a problem, but some form of validation to prove that we own the watches should suffice. Not sure what format this would take, but going through official valuation channels is costly and doesn`t prove much other than the fact that an individual owns the watch.

I`m probably in a minority but I`m happy accepting the risk of wearing/losing a watch outside the house myself, it's a risk I can minimise by care and sensible behaviour so I`m OK with that.

Theft from the home is the major worry IMO.

Pauul

[Sinnlover]

I think it's a good idea, I would be interested in covering my poor excuse of a collection with specialist insurance, as opposed to my current arrangement with my household provider.
Re the ownership issue, could it not be sorted with an email between both parties noting serial number price etc? Would an underwriter accept that as proof of transfer of ownership?

[turbonick84]

Good concept. Only thing I'd say is in my recent experience it's not been too painful adding my watches to my existing house insurance as protected away from home etc so it would need to be a good offering to give enough of a reason to change. Feels like a good offering for someone with a lot of watches as opposed to one or two.

[Foxy100]

I'd be interested in this.

[sarky]

I'd be interested in this.

Me too.

I have pretty good home insurance, which allows cover without notification of any item to £5k. Over that, I have to specify, which is an issue if flipping, as you're never off the phone.

A stand alone policy with flexibility would be excellent and something I've found lacking in the usually mentioned Hiscox, TH March etc.

[sweets]

I would alos be very interested in this, but I would like it simplified if it can be.
Maybe to the tune of buying cover for a collection at a total value level (£5k, £10k and so on) with simple conditions.
Covers a watch as it is worn (home and abroad)
Covers all watches left in the house provided they are in an appropriate safe.
Covers a spare watch in a hotel safe (or similar)
Covers accessories (boxes, papers, straps) not necessarily in the home safe.
Cover when sending would be great but I thik it might be difficult.
I believe cover at a repairer is up to the repairer.

I think insuring only on the basis of individually valued items is quite hard - I am not sure where I would go to get my watches valued (other than myself, and I am pretty realistic) and if I did it would cost a lot to do so for 10-15 watches. And to have to do so for every one bought and sold? Tough requirement.

Dave

[minkle]

I'll keep an eye on this thread too.

My current insurer (John Lewis) has said once my Sub is 5 years old they will not insure it for the replacement value that i currently give them.

[Webwatchmaker]

Great idea. There's a serious gap in the market here.
Postal cover would be a great help to me since RMSD only goes up to 2.5k which leaves many expensive watch owners nervous...although I haven't lost one yet !
A better postal insurance definitely.

Brendan(webwatchmaker)

[Harry Smith]

Good concept. Only thing I'd say is in my recent experience it's not been too painful adding my watches to my existing house insurance as protected away from home etc so it would need to be a good offering to give enough of a reason to change. Feels like a good offering for someone with a lot of watches as opposed to one or two.

Good point

[robt]

Postal cover would be a great help to me since RMSD only goes up to 2.5k

I do wonder how this would work though. Doesn't RM restrict items above a certain value, i.e., carried "at own risk"? If so it might be similar to having contents insurance, but leaving the door unlocked. I.e., claim would be denied. So it might only be possible to have cheaper 3rd party cover where you take RMSD with the basic cover, then this covers up to 2.5k at lower cost. This is what Interparcel & others do.

[mtagrant]

There are places that will insure higher than £2.5k, they are just expensive.

The issue we might have is that currently we require copies of valuations or receipts (if bought in the last 5 years). We all trade watches between us on here and other places but how many of us have paperwork to prove we own it or valuations? This could be a stumbling block and I need to have a think on how best to approach it.

^^ can this not be resolved (at least in part) through having papers with dates and serial number on them, and perhaps photos of the watch inc serial numbers?

The majority of watches traded on here have watch and papers. Yes there is a chance of fraud, but there is always that chance

[Guido-K]

I'd be interested, dependant on price and type of cover.


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[seffrican]

I'd want to know what data protection and information security measures the insurer has in place. Also what vetting the staff who handle the information have had. Because otherwise, you're potentially creating a rather wonderful burglar's target list.

[Omegamanic]

I'd want to know what data protection and information security measures the insurer has in place. Also what vetting the staff who handle the information have had. Because otherwise, you're potentially creating a rather wonderful burglar's target list.

That's the same with any insurer, and they are all regulated in the UK.

[Andyg]

I would be very interested in home cover (in a safe).

Thanks

[Omegamanic]

I'd be interested in insuring the whole collection for wear, or in the home.

[wileeeeeey]

I would be interested

[JP28]

Certainly would been interested. Some point to add
- cover wearing one and others in a safe
- need worldwide base of home location
- cover watch for wife
- replacement based in last RRP (for anything sold new in last 5 years)
- replacement valuation for vintage a bit more difficult I have to admit
- could be interesting to split for loss via theft/accidental loss vs other ways. I am only interested in theft part tbh

[MB2]

Certainly would been interested. could be interesting to split for loss via theft/accidental loss vs other ways. I am only interested in theft part tbh

Good point - I too would be interested but be happy to "self-insure" regarding stupidity so it is only really theft that concerns me too.

Also be happy with a heavy excess as, like I expect many of us, I am cautious with what I wear and where I go.



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[barkington]

This sounds great, I was actually searching yesterday for this type of insurance!

[meridian]

I have my watches and my wife's jewellery covered by Saga,they are only insured whilst being worn or locked in a certified safe.This is a reasonable cover but don't put them down indoors and forget because you lose. Fair premium but by no means cheap.

[Mark lowman]

I would be interested. I think cover outside home is pretty important as sadly my image of the police warning message for Watch wearers on Piccadilly is very pertinent.
With valuations you may have issues where long standing members have traded and now own watches at crazily low prices and these have of course rocketed. Couldn't a market appraisal of Chrono 24 and Auction house data be used as a valuation guide with photo proof as a confirmation of ownership?

[Scepticalist]

Definitely interested if this comes off - let us know. I think you've covered most possiblities, the RMSD cover especially is a nice touch.

I'd be interested subject to wife/spouse cover and especially having agreed value for items rather than "market value" (as we all know where that would end up if you lost a Daytona or limited edition etc). Also assuming the issue of proof of ownership can be ironed out of course