Rolex Daytona-C Insurance

[lostis4d]

Just spoken to a well known jewellery insurer in the UK. After reading that story about the stolen Rolex in the locker I thought I should get mine insured against loss or theft.

I told the company that the watch I am insuring has a minimum 2 year waiting list, and she kept saying the same thing over and over again : WE DO NO OFFER CASH. I explained to her I DON'T WANT CASH, I want to know you can source me another Daytona incase anything happens to mine! She then told me the underwriters are not willing to give a quote on this watch because of the fact that they wont be able to replace it in reasonable time if anything was to happen to it beyond repair.

Any thoughts? Any companies you can refer me to who have a more power with sourcing watches?

[Ryvil]

Never thought about this since the watches I've had insured are not as limited in supply. Maybe it would be best for you to find an insurance company that has the option for monetary compensation for loss/damage in the event a suitable replacement cannot be obtained.

[mjclark32]

Insure it at replacement cost of what grey dealers are selling them for ($16,500usd) Then if the unfortunate happens put them in touch with a grey dealer since they won't give you the cash? That's my best guess...

[speedmaster73]

Originally Posted by lostis4d

Just spoken to a well known jewellery insurer in the UK. After reading that story about the stolen Rolex in the locker I thought I should get mine insured against loss or theft.

I told the company that the watch I am insuring has a minimum 2 year waiting list, and she kept saying the same thing over and over again : WE DO NO OFFER CASH. I explained to her I DON'T WANT CASH, I want to know you can source me another Daytona incase anything happens to mine! She then told me the underwriters are not willing to give a quote on this watch because of the fact that they wont be able to replace it in reasonable time if anything was to happen to it beyond repair.

Any thoughts? Any companies you can refer me to who have a more power with sourcing watches?

??

ther insurance will only source for msrp and not a false inflated value....so why would insurance 'source' you a daytona-c?

i mean i guess maybe they might be able to source you one for msrp? my guess is insurance does not need the hassle

[lostis4d]

so moral of the story DON'T LOSE UR DAYTONA-C

[Devildog]

If the insurer can't source a replacement they will most likely make you a cash offer.

[RHIII]

I've never heard of any personal property or high value goods - specialty type of insurance company sourcing you another item -- whatever it may be. Just pay you the insured value.

Honestly that really isn't their problem...I have had specialty insurance policies on for example - my wine collection over the years -- and many of those bottles are SIGNIFICANTLY harder to find than ANY Rolex -- they will simply pay the insured value. That's it.

Many times the insurance company will send 'payment' to a store, Or AD for example of your choice to source a new item. The buck stops there.

It's also very important that you have an appraisal from a verified appraiser OR bill of sale for specialty items.

When I got my Daytona-C last May -- it was insured the same way the rest were.

Just my .02

Good luck!


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[AK797]

They should pay out the current retail. If they insist on a replacement pass, great way for insurers to delay the claim for months, even years.

[GT500]

I've ran into this before with my insurance company. I lost my watch and they gave me two options. They will source it or send me a check to replace it on my own.

[MCO1]

This is an interesting topic as I am waiting on one. I insured a semi-classic car once for "agreed value" because it is/was worth more than book value. I would think this could be done in this case as well for a price with the right company. I would be tempted to insure it for gray market price in the beginning and adjust the agreed value with the insurance company as the available supply brings the gray market value down.

[vman]

Mine was insured for the retail value. No, insurance companies won't source you another Daytona ;-)

[manhattanproj]

out of curiosity, how much is such an insurance policy?

[triethylborane]

Originally Posted by lostis4d

she kept saying the same thing over and over again : WE DO NO OFFER CASH.

The policies I have on scheduled personal property (specific items of personal property), have specific values on the policies. Its not like an auto policy where post-accident the adjustor will look at comps and reach a value to liquidate the claim on. The item is appraised and margins are built into the policy to deal with value adjustments (+/-) so you don't have to constantly get the item appraised. The insurance company will not hunt down a replacement item for you on a scheduled pp claim. Ive never heard of an insurance company offering anything but cash to liquidate a claim, but maybe that is a UK thing?

[oldsalt]

My Daytona-C is insured for MSRP here in Australia, as I bought the watch overseas I had to get a valuation from my local AD in the city for the insurer (cost me $50 for the valuation), other than that it was easy-peasy...

cheers

[al1786]

I looked into stand alone insurance for a Daytona 116520, in the event of a claim the insurer would pay retail value in the form of a 'Jem card' to spend at selected Jewellers.


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[padi56]

Originally Posted by lostis4d

Just spoken to a well known jewellery insurer in the UK. After reading that story about the stolen Rolex in the locker I thought I should get mine insured against loss or theft.

I told the company that the watch I am insuring has a minimum 2 year waiting list, and she kept saying the same thing over and over again : WE DO NO OFFER CASH. I explained to her I DON'T WANT CASH, I want to know you can source me another Daytona incase anything happens to mine! She then told me the underwriters are not willing to give a quote on this watch because of the fact that they wont be able to replace it in reasonable time if anything was to happen to it beyond repair.

Any thoughts? Any companies you can refer me to who have a more power with sourcing watches?

Simple answer insured it at grey market prices where there are hundreds of them for sale, like all insurance they will replace at the cheapest price they can find.

[Mick P]

Originally Posted by padi56

Simple answer insured it at grey market prices where there are hundreds of them for sale, like all insurance they will replace at the cheapest price they can find.

Padi

If the watch is over £10k, they will ignore adverts offering watches for sale. How do they know that your watch was not damaged or not working.

Therefore they often (but not always) specify a jeweller near to you whose opinion they trust. The report will give a honest description on the state of your watch and a replacement value. They will then use a wholesaler to negotiate a good price and pass the watch onto the client.

Mick

[hambone1983]

I'm confused...if they don't give you cash, what do they give you? Someone to go watch shopping with you?

[Mick P]

Originally Posted by lostis4d

Just spoken to a well known jewellery insurer in the UK. After reading that story about the stolen Rolex in the locker I thought I should get mine insured against loss or theft.

I told the company that the watch I am insuring has a minimum 2 year waiting list, and she kept saying the same thing over and over again : WE DO NO OFFER CASH. I explained to her I DON'T WANT CASH, I want to know you can source me another Daytona incase anything happens to mine! She then told me the underwriters are not willing to give a quote on this watch because of the fact that they wont be able to replace it in reasonable time if anything was to happen to it beyond repair.

Any thoughts? Any companies you can refer me to who have a more power with sourcing watches?

I often had to negotiate with insurance companies as part of my job and one thing soon becomes clear, there is insurance for commercial firms that can be modified and the private citizen has much less scope to do so.

Your insurance company will not offer cash because it want to buy the goods wholesale and then pass the watch onto you.

In 99% cases this works well and results in lower premiums for everyone. However, where there is a long waiting list you have two choices, wait for two years or go somewhere else.

I have 5 Rolex but can only insure 4, so my cheapest one is uninsured. Once you start buying watches at £10k +, then life starts becoming a bit more difficult.

You can insure your watches as a separate transaction but it will be expensive and you will need periodic valuations from a jeweller of their choice.

Also because the policy originates from the UK, there are some awkward conditions attached and I suggest you ask questions to clarify this.

1. The watch is only insured in your home as long as it is on your person or in the same room as you. If you leave your watch in the bedroom and pop out into the garden, the watch is uninsured.

2. If you don't wear it, it must be locked away in a safe specified in the insurance contract.

3. If you are out of the house, the watch is only insured if you are carrying it.

4. If you leave the watch in a hotel safe, the watch has to be at risk with the hotels insurance, so make sure they have sufficient cover.

Regards

Mick

[lostis4d]

update* They just called me back this morning refusing to insure the watch, her only reason was the underwriters are not willing to do so.

This was because I asked what would happen in the event of a claim?!?!

[Mick P]

Originally Posted by lostis4d

update* They just called me back this morning refusing to insure the watch, her only reason was the underwriters are not willing to do so.

This was because I asked what would happen in the event of a claim?!?!

I suspect that was a polite way of saying we don't want the hassle of you chasing them every couple of days during the 2 year period that it takes to supply the watch.

How can they insure a watch that is difficult to get hold of. What would happen is that you would want it now and would expect them to pay say £14k for a watch with a RRP of £9K. Hence they don't want to know you.

Regards

Mick

[RHIII]

Originally Posted by lostis4d

update* They just called me back this morning refusing to insure the watch, her only reason was the underwriters are not willing to do so.

This was because I asked what would happen in the event of a claim?!?!

I would look for other reputable options/ companies - and insure the watch for the retail price and move on.

You can feel comfortable that it's covered and hope you never have to use it.

Insurance policies are designed to cover (primarily) the monetary implications of loss of an item not necessarily the re-acquisition of an item.

I know that my policies will cover 100% of the appraisal with no deductibles...but sourcing a new watch or whatever the item is -- is on me.

Good luck!


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[Mick P]

Chaps

This is a multi national site and you have to remember that conditions in one country will differ from those in another country.

Insurance is a simple risk v premium related to caveats business and the UK tends to be much tighter on caveats than most other countries.

Normally the value is agreed in advance and the highest value any insurer will go to on a current model is the official RRP. That is what they will pay and not a penny more.

Mick

[33JS]

Originally Posted by lostis4d

Just spoken to a well known jewellery insurer in the UK. After reading that story about the stolen Rolex in the locker I thought I should get mine insured against loss or theft.

I told the company that the watch I am insuring has a minimum 2 year waiting list, and she kept saying the same thing over and over again : WE DO NO OFFER CASH. I explained to her I DON'T WANT CASH, I want to know you can source me another Daytona incase anything happens to mine! She then told me the underwriters are not willing to give a quote on this watch because of the fact that they wont be able to replace it in reasonable time if anything was to happen to it beyond repair.

Any thoughts? Any companies you can refer me to who have a more power with sourcing watches?

It's a silly question, in my opinion. The insurer will normally give you vouchers or a card for you to use at RRP so that you can repeat your purchase. They are not watch sourcing companies...

You're getting into very specialist territory if you can find someone who will insure to the ridiculous grey market value for a non-LE watch!

[AshAP]

I think you're wording it to them incorrectly as the watch is readily available but at a premium. The insurer, especially if they are watch specialists, should be used to this. I'm with Hiscox and if my wife's Daytona had to be claimed for I'm 100% certain that there would be no argument concerning the immediate replacement at market cost even though this is higher than rrp.

The point that insurers quote is that insurers are there to put you back in the position you were in before the loss, not a better position and not a worse one.


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[Jack T]

Mick is correct, an insurer will only pay you the replacement value up to the msrp, subject to an appraisal. And the comment that they won't pay you the cash? That is ridiculous, are you actually dealing with an insurance company or some agency? Forget that, I don't want someone else deciding what is a suitable substitute. Art work, collectible vehicles, other valuables are handled this way.
Get a policy that explicitly pays replacement cost.

[triethylborane]

Originally Posted by Jack T

And the comment that they won't pay you the cash? That is ridiculous, are you actually dealing with an insurance company or some agency? Forget that, I don't want someone else deciding what is a suitable substitute. Art work, collectible vehicles, other valuables are handled this way.
Get a policy that explicitly pays replacement cost.

Sounds like in the UK the insurer will actually replace the individual scheduled property listed on the policy rather than liquidate the claim in an effort to avoid over compensating the insured.