15202ST.OO Royal Oak Extra Thin - Insurance Valuation

[APatel1984]

Hi all

Was hoping someone could help. I was lucky enough to secure one of these last year from the boutique in London and am trying to add it to a new home insurance policy, however the company wants an insurance valuation based on the value I have placed on the piece.

Just for context, I paid £21,900 and the retail price is now £25,100.

Trying to insure it with a bigger markup as obviously I would not just be able to go out and purchase that same watch if something happened.

I want to insure the watch at £35,000, based on a brand new 2019 model + shipping having searched here: https://www.chrono24.co.uk/search/in...er=1&year=2019

Most places I am calling are saying the insurance valuation will likely be very close to the RRP which obviously isn't what I want.

Does anyone have any advice of who to use? If possible, would be great if somewhere did it whereby I could just send pictures. I am not comfortable leaving it with any jewellers.

Thanks very much in advance :)

[AshAP]

Give Hiscox a call, I actually use APlan Private Clients in High Wickombe as a broker and they place the business with Hiscox. They are actually a very good broker and understand watches and art etc can have a market value (replacement cost) which is higher than rrp.


Sent from my iPhone using Tapatalk

[dmb359]

Many watch sellers will write a valuation that values it at the current market rate (or what it would take to replace it now). I would assume you just need to find the right person, and get your appraisal. I've had jewelers that need the watch overnight (but I knew him), and jewelers that will write it with just the serial number and info and a picture.

[macrowatch]

Originally Posted by dmb359

many watch sellers will write a valuation that values it at the current market rate (or what it would take to replace it now). I would assume you just need to find the right person, and get your appraisal. I've had jewelers that need the watch overnight (but i knew him), and jewelers that will write it with just the serial number and info and a picture.

+1.

[APatel1984]

Originally Posted by dmb359

Many watch sellers will write a valuation that values it at the current market rate (or what it would take to replace it now). I would assume you just need to find the right person, and get your appraisal. I've had jewelers that need the watch overnight (but I knew him), and jewelers that will write it with just the serial number and info and a picture.

Yeah it's finding that right person to get the appraisal! The one I know needs it in person and is in a different city

[AshAP]

I’m pretty sure I just photographed my watches for the insurer and that was sufficient.


Sent from my iPhone using Tapatalk

[CoveWatch]

I went to a 3rd party to get a market appraisal for insurance purposes

[APatel1984]

Originally Posted by CoveWatch

I went to a 3rd party to get a market appraisal for insurance purposes

Care to share?

[H_UK]

Direct line have a ‘select’ insurance policy. My wife has some very expensive jewellery and art and I have my watches insured under replacement cost rather than retail. Give them a try.

[APatel1984]

I think people were getting confused by what I was asking here....

It was recommendation for anyone to do an insurance valuation on the item, rather than specific insurers to cover the catch (I already have that).

Any thoughts?

[chiscott_29]

In my experience, nobody is going to value a modern watch that's still currently for sale above the retail price. Most "jewelry appraisers" don't have any clue what's become of the watch market. And, many insurance companies could care less that you can't truly replace it at retail should something happen. Of course, YMMV and I'm sure if you pound the pavement you'll find someone.

I can't comment on the UK market, but in the US you need to really work with a company that offers genuine Personal Collections and Jewelry policies. That is pretty much limited to Chubb, Nationwide Private Client, or PURE. I am sure there are a few others, but I'm in the industry and know most of the "big carriers" suck and riddle you with appraisals, limits, deductibles, etc.

I have Nationwide Private Client and they automatically cover 50% over the agreed value, which in almost all cases except for the hottest models is more than sufficient.

For the really hot pieces like the Jumbo, you may have a bit of difficulty on coverage if you paid retail. When I got my Daytona though I insured it at $25,000 and NWPC didn't ask a single question. I just had to submit a receipt that I actually own the watch and a photo with serial number.

[Docaw007]

Originally Posted by shatland

In my experience, nobody is going to value a modern watch that's still currently for sale above the retail price. Most "jewelry appraisers" don't have any clue what's become of the watch market. And, many insurance companies could care less that you can't truly replace it at retail should something happen. Of course, YMMV and I'm sure if you pound the pavement you'll find someone.

I can't comment on the UK market, but in the US you need to really work with a company that offers genuine Personal Collections and Jewelry policies. That is pretty much limited to Chubb, Nationwide Private Client, or PURE. I am sure there are a few others, but I'm in the industry and know most of the "big carriers" suck and riddle you with appraisals, limits, deductibles, etc.

I have Nationwide Private Client and they automatically cover 50% over the agreed value, which in almost all cases except for the hottest models is more than sufficient.

For the really hot pieces like the Jumbo, you may have a bit of difficulty on coverage if you paid retail. When I got my Daytona though I insured it at $25,000 and NWPC didn't ask a single question. I just had to submit a receipt that I actually own the watch and a photo with serial number.

True fact. The insurance company would work with an in-house procurement or dealer to get you a replacement. I went through this with my Rolex. They can get you a replacement or you can take the retail cash. Make sure you get a replacement policy.

[RUpanerai]

You can insure to a value or some insurance companies like Chubb can you insure to replacement value which is what you would want.