Reply With QuoteHe should call them and settle it with them.
A colleague at work could do with some advice on a watch that is subject to an insurance claim .
Basically 10 years ago he lost his Breitling watch and after many weeks of searching gave up , notified his insurance company and the claim was settled with a payment to my friend of £1500 .
He recently found it ( on top of the kitchen units of all places ) so he is left with the issue of what to do next.
He wants to pass it on to his son at some point so is concerned that the insurance company can demand the watch back as by settling the claim they could see it as their property. I think they would be happy to settle on the watch, looking at it as worth less than 10 years ago so come up with an agreed value .
Any advise would be welcome on this is playing heavy on his mind
He should call them and settle it with them.
The watch now belongs to the insurance company so you, sorry, he should notify them and, if he wants to keep it, return the money paid out to him (or at least negotiate and agreed sum).
He could probably just keep it and no one would be any the wiser but that’s a matter for his conscience.
He is happy to settle up , his worry is that can demand the watch with out the opportunity to keep it.
Settle up and be done with the issue or forget about passing it onto his son and wear it. If it ever needs servicing or repair, go independent.
They could but I think that is very unlikely.
Happens regularly.
Don't consider the option mentioned above of trying to keep it below the radar. You make a criminal of yourself, create a mess for others and make everyone else pay higher insurance costs if you don't do the right thing.
Most often, insurers are delighted to agree a financial settlement, as straightforward perhaps as simply repaying what you were paid out.
Make sure to contact the ALR Watch Register and Breitling Customer Services when sorted, to ensure that the watch is removed from their registers of lost / stolen watches.
H
I’d be really surprised if the insurers even held records going back that far to be honest, especially as there has been lots of merger and acquisition activity in insurers during that time (does the insurer even still exist).
The correct advice is that he should call them but I wouldn’t be surprised if they don’t have a claim file anymore and don’t want the watch back.
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I agree that reporting it to the insurance company is the only course of action. However, they will have got a significant amount of the payout back from increased premiums directly from him.
I'm not trying to be arsey but who would get into a mess and how if he keeps the watch forever? Also, our insurance premiums are not going to reduce by him returning the watch. If 1000 people in this position all handed back their lost items or agreed settlements, all of our premiums would still go up next year.
Originally Posted by Haywood_Milton
The insurance company would much rather deal with a simple cash transaction, in their favour, than take ownership of a watch they are going to have to deal with to release their funds.
Well, thanks for the replies so far and he has reported the find to the insurance company and they have rung him ( left message ) and basically said they will have a company be in touch regarding the collection of the watch .
No discussion on any other option although they did finish the call with if he has any other questions then please ring them .
I feel pretty bad now saying he should report it as found as early signs are he will have to hand it back !!
Because if its subject to an insurance claim it will end up on the lost and stolen registers of Breitling and other assorted outlets. So if its ever taken for service and the serials are checked, or if his son attempts to sell it down the line, he could be in deep water for a fraudulent claim and/or having a watch that's registered as lost or stolen.
Dishonesty is never worth the grief. Easier to ring them up, explain the situation and settle with a repayment.
Can't believe they would rather have the watch than some cash. It'd be much easier.
Can he buy a replacement & just hand that over or would that be on dodgy ground as well as the serials (if registered) won't match etc?
Nightmare. Did he buy a replacement with the original settlement?
A used Breitling in itself is of almost zero use to an Insurance company.
They are extremely unlikely to want to retain it for purposes of meeting another customer’s future claim via replacement of a watch. They will seek to convert it to cash as soon after receipt as possible.
For that reason, I’m certain there’s a deal to be done in repaying them with cash, so that the watch may be kept.
The amount of cash is the interesting aspect, but a deal with the current owner is likely to be the quickest, easiest & cleanest solution for them, hence I’d be surprised if they hold out for a troublesome amount.
Fraud cannot be condoned, and nor is it a risk I’d potentially wish to saddle a child with in future.
As per the Association of British Insurers, fraudulent Insurance claims activity of all kinds exceeds 100,000 attempts and £1 billion of value in the UK every year, adding an estimated £50 to the Insurance spend of every individual UK Policyholder (across various Policies).
Says a lot about some people that he'd even ask the OP for advice ... it is simple; contact the insurer and agree a resolution, as it stands its their watch.
Ring them and ask to buy it out?
A friend lost her engagement ring many years ago, claimed on insurance and ring replaced. Some 10 years later her washing machine wouldn't drain, removed the filter to clean and there was the ring. Along with about a fiver in change.
Afaik they just kept shtum about the find.
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That’s exactly what I would do!
I can see why people wouldn’t report this,I can remember years ago when insurance company’s where held in the same high esteem as banks and nowadays most peoples opinion of them are similar to used car dealers and estate agents and they seem to blame all of their sharp practices on fraudsters which there is a lot of but it all seems very convenient.
when my wife and I bought our house it took ages for me to persuade her to get mortgage protection insurance because she wouldn’t believe they would pay out if one of us died I think that says a lot
So, someone else who does not clean the top of their kitchen cupboards. Let that be a lesson to us all!
As you would.
The mistake is going up there and never revisiting. I'm fine, I've never been (doesn't mean to say there's not someone else's watch up there mind you!).
Jeez you’d think a second hand Breitling that’s been gathering dust and grime on top of a kitchen cupboard for a decade would be of little use to an insurance company? He’s done the right thing in notifying them and you’d think they’d do the right thing by him in return of giving him first refusal on it - ie letting him reimburse them the payout and keep the watch.
What was the watch running like after all that time - would a decades inactivity preserve or harm the movement?
Surely that's the best thing to do if he wants to keep the watch. Zero harm in asking.
Call them and ask for a settlement figure. If they refuse your money and demand the watch, pop it back on top of the kitchen cabinet...
And to finish the thread off he has spoken again to Lloyds who thanked him for his honesty but the watch value is written off and he is free to keep it with no costs.
On his behalf I thank you all for advice given.
What a result. Fantastic.
Thats excellent news :-)
A guilt free, feel good result for all concerned!
Now, how long till it's on SC?
;-p
That’s a fantastic result and his honesty is a credit to him.
Very nice to hear, all credit to Lloyds. Best possible outcome.
Fantastic result - a pleasant surprise that some insurers are not looking to squeeze every penny they can out of us
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Great result in the end at least he gets to keep the watch
The result I would have expected. A number of years ago Lynn accidentally knocked one of my cameras off a shelf and broke it beyond repair. Insurance company paid out for a new, (different), camera and a set of replacement lenses as, whilst not damaged in any way, the lenses were bespoke to that camera range, (Mamiya ZE), which was no longer manufactured or supported so couldn't be used on anything else. When I asked them if I should send them in to them they told me that I could do whatever I liked with them as it wasn't worth their while, (and, I assume, be too costly), for them to take in and sell/dispose of.
I traded them in for another camera.
Best Regards - Peter
I'd hate to be with you when you're on your own.
You still don’t know that she was wrong!
She may well be right my opinion of insurance company’s isn’t much better than hers after my few dealings with them but I couldn’t live with the fact that if either of us died the remaining one couldn’t afford the mortgage payments on their own so took out the cover
That is fabulous news and not unexpected given the amount of time passed since the claim.
It’s important however to ensure that your friend gets written confirmation from the insurance company regarding the agreement to keep the watch and that any lost/stolen registers are updated if applicable.
Cheers
Rory
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