It’s simple – we all love watches.
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.
The insurance minutia can be confusing so it is important to consult with a licensed insurance agent when 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 contact Chip Gibson with any questions or if you would like a quote.
If you’re in the market for a luxury watch, check out eRelyx – the online marketplace for pre-owned luxury watches. www.erelyx.com