What isn’t so simple is protecting your investment.
It’s common knowledge that (for example) a Rolex, Breitling or Cartier watch is expensive. Another similarity is that they are small (well, maybe not that small in the case of some Breitlings…). Both of these factors vastly increase the chance of your watch being lost or stolen.
Unless you can sleep easy with the chance of losing out on as much as $25k: Insurance is the answer. An insurance policy is a great way to transfer risk if your watch is ever lost or stolen. There are a few ways that this is accomplished but the most important thing you want to confirm is that your watch is either scheduled, itemized or blanketed on your homeowners policy. This can also be purchased on a policy called a personal articles floater. These policy options offer more expanded coverage definitions compared to merely including it within your personal property limit. Another bonus is that in the event of a claim, no deductible applies.
Setting up a policy to protect your watch
The insurance minutia can be confusing, so it is important to consult with a licensed insurance agentwhen setting up the policy. Some of the key factors to look into are:
- Scheduling vs. Blanketing
- If blanketed make sure the per item limit is adequate
- Using agreed value
- Updated appraisals (watch values can appreciate!)
You may ask, why specifically have this listed on the policy? Well, the more details the better – in the event of a loss you want the details specifically defined because there is a big difference between steel and 18k gold.
Hindsight is always 20/20 so remember that it is much easier to write the check for the annual insurance policy versus writing the check to replace your favorite Rolex Daytona…
Please click the image below or contact Chip Gibson with any questions or if you would like a quote.
Providing Peace of Mind Through Proactive Service
Deland, Gibson: a Trusted Choice, Five Star Accredited independent insurance agency. Established in Massachusetts in 1900, Deland, Gibson is a 4th generation family-run insurance agency that has thrived working as a trusted advisor for its client base. We work with individuals and businesses to lower their Total Cost of Risk. We analyze a client’s direct and indirect costs and implement risk reduction plans to address areas of business, hazard, or strategic risk.