Watch insurance valuation report recommendations

[kaiserphoenix]

Hi chaps, I contacted TH March to insure a few watches and was told any watch over £1,000.00 will require a valuation report. I have done a search and it seems a few grey dealers will do a valuation report for £50 or so.

Does anyone have any recommendations for where I can get a few valuations that worked out for them? I want to make sure my watch is insured at market value instead of MSRP and thats why I want this to be done properly.

(My home contents insurance cannot insure the value of my watches).

Thank you in advance!

[bokbok]

As far as I am aware the insurance valuation needs to be done by insurance approved company not grey dealers

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[NickGaters]

My insurance company accepted valuations from Luxe Watches (free valuation for first item)! and Swiss Timepieces who were all pretty cheap. All done remotely as well.

[J3w3ll3r]

As far as I am aware the insurance valuation needs to be done by insurance approved company not grey dealers

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This is 100% factually incorrect

Check with your insurer for the right answer as no 2 policy's will be the same


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[kaiserphoenix]

My insurance company accepted valuations from Luxe Watches (free valuation for first item)! and Swiss Timepieces who were all pretty cheap. All done remotely as well.

Thank you!!

- - - Updated - - -

This is 100% factually incorrect

Check with your insurer for the right answer as no 2 policy's will be the same


Sent from my iPhone using Tapatalk

Understood, thanks for clarifying!

[watchlovr]

Hi chaps, I contacted TH March to insure a few watches and was told any watch over £1,000.00 will require a valuation report. I have done a search and it seems a few grey dealers will do a valuation report for £50 or so.

Does anyone have any recommendations for where I can get a few valuations that worked out for them? I want to make sure my watch is insured at market value instead of MSRP and thats why I want this to be done properly.

(My home contents insurance cannot insure the value of my watches).

Thank you in advance!

You need to be insured for Insurance Replacement value, not market value. These are not the same.

[kaiserphoenix]

You need to be insured for Insurance Replacement value, not market value. These are not the same.

Makes sense, I think I may have been confused with the terminology. I will follow up with the insurance company to clarify.

[Haywood_Milton]

It’s often not until you need to make a claim that the importance of the right TYPE of valuation one should have had becomes clear.

I write as designated “Specialist Valuer” of the Jewellery Valuers Associations in this field.

The term “Insurance Value” is not one of the recognised classifications. There are a number which could be appropriate, including New Replacement Valuation, Secondhand Replacement Valuation, ones for Probate, Family Division etc. It is important that the right type is agreed - and that the valuer can demonstrate their competence in appraising the item. Too many valuers, whether competent in jewellery or not, are not equipped correctly to identify and appraise what might be a Rolex watch.

It is not uncommon for me to be asked to revisit a valuation and for it then to be overturned.

Frustratingly, those who rattle off valuations without the requisite knowledge or experience usually charge as much as those whose professional expertise merits a proper fee.

There are two reputable valuer bodies in the UK, in both of which I have a foot : the Jewellery Valuers Association and the Institute of Registered Valuers.

[kaiserphoenix]

It’s often not until you need to make a claim that the importance of the right TYPE of valuation one should have had becomes clear.

I write as designated “Specialist Valuer” of the Jewellery Valuers Associations in this field.

The term “Insurance Value” is not one of the recognised classifications. There are a number which could be appropriate, including New Replacement Valuation, Secondhand Replacement Valuation, ones for Probate, Family Division etc. It is important that the right type is agreed - and that the valuer can demonstrate their competence in appraising the item. Too many valuers, whether competent in jewellery or not, are not equipped correctly to identify and appraise what might be a Rolex watch.

It is not uncommon for me to be asked to revisit a valuation and for it then to be overturned.

Frustratingly, those who rattle off valuations without the requisite knowledge or experience usually charge as much as those whose professional expertise merits a proper fee.

There are two reputable valuer bodies in the UK, in both of which I have a foot : the Jewellery Valuers Association and the Institute of Registered Valuers.

Thank you, Im gonna PM you.

I just tried but your inbox is full.

[gbn13]

Thank you, Im gonna PM you.

I just tried but your inbox is full.

Haywood leaves his inbox full, as he used to receive too many random requests.

His preferred method for contacting him is an email via his business website, marked for his attention.

[kaiserphoenix]

Haywood leaves his inbox full, as he used to receive too many random requests.

His preferred method for contacting him is an email via his business website, marked for his attention.

AH ok thanks for the headsup. Cheers

[watchlovr]

It’s often not until you need to make a claim that the importance of the right TYPE of valuation one should have had becomes clear.

I write as designated “Specialist Valuer” of the Jewellery Valuers Associations in this field.

The term “Insurance Value” is not one of the recognised classifications. There are a number which could be appropriate, including New Replacement Valuation, Secondhand Replacement Valuation, ones for Probate, Family Division etc. It is important that the right type is agreed - and that the valuer can demonstrate their competence in appraising the item. Too many valuers, whether competent in jewellery or not, are not equipped correctly to identify and appraise what might be a Rolex watch.

It is not uncommon for me to be asked to revisit a valuation and for it then to be overturned.

Frustratingly, those who rattle off valuations without the requisite knowledge or experience usually charge as much as those whose professional expertise merits a proper fee.

There are two reputable valuer bodies in the UK, in both of which I have a foot : the Jewellery Valuers Association and the Institute of Registered Valuers.

My Sothebys watch valuation certificate, required and accepted by my insurance company, clearly states “Insurance Valuation” on page 1, followed by individual photos and descriptions of each piece.

[Haywood_Milton]

My Sothebys watch valuation certificate, required and accepted by my insurance company, clearly states “Insurance Valuation” on page 1, followed by individual photos and descriptions of each piece.

Anyone can write a valuation, That doesn't mean it follows best practice, contains what it needs or will protect you from challenge in the event of loss.

Who signed it, when, and what are their qualifications ?

Do they make it clear whether the valuation is for New replacement, Secondhand replacement,
Reasonable Compensation Value or some other basis of value?

Insurers and auction houses themselves often get it wrong. The insured seems often then to pay the price in the event of a disputed claim.

[JFW]

You should look to find a valuer who is JVA or IRV qualified and registered.

They will be able to help you

JW

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[steviefleming]

You need to be insured for Insurance Replacement value, not market value. These are not the same.

Crap though when the Replacement Value is one price (which in the example of Rolex ,AP and the likes of PP you can't actually replace)....and the market value is another price , which if insured at , you could replace....

But obviously, the Market Value fluctuates ....