Insurance Replacement

[algemesi]

Hello Forum,

I have been authorized by my insurance company to have my stolen GMT II replaced. It is a replacement policy and they work with the jeweler.

Do you have experience getting a Rolex replaced in this situation when the watch has a waiting list?

Thanks!

[ratty]

I don't have any personal experience, but I've heard that in the UK insurance replacements get priority with some companies.

[algemesi]

I guess my main question is whether insurance companies keep cases open until a replacement GMT II is available. Or would you recommend opting for a more readily available Rolex? (If there is such a thing.) Also, do ADs like dealing with such transactions? I called one AD and they encouraged me to ask my insurance company to write a check so I have more flexibility. (My insurance, however, only does replacement or reimbursement.)
Another question I have is about the GMT II. My stolen watch was an LN and is discontinued. If I try to get a different Rolex in the same price range, are there any models more easily available from ADs?

[1William]

In the current market you are going to have difficulty replacing your watch. My AD does not work with Insurance Company's to replace hard to get watches. I hope you had the watch insured for real value and not msrp as you will not find the watch typically at that value. I would inquire from the Insurance Company what the process is if the watch can not be sourced. It is the companies responsibility to replace your watch, not yours, so do not take this on. They should give you the funds once they can not find the watch. You are just slowing the process down by looking.

[algemesi]

That’s a really useful post. I’ll call the insurance company this afternoon. I had no idea it was their job to replace the watch. Thanks for your perspective!

[rolexinfl]

Was it a black GMT? You cant even get them from ADs anymore, its discontinued.

I hope it was insured for MORE than retail price so you can get one used on the grey market.

ADs will not find you a watch to replace it - especially in other colors.

[77T]

Originally Posted by algemesi

That’s a really useful post. I’ll call the insurance company this afternoon. I had no idea it was their job to replace the watch. Thanks for your perspective!

I’d read your policy closely. The insurance company does not have any burden to perform replacement work. They may opt to do that - but it is not their job. Some companies do it to control claims costs.

What your policy will likely say is they insure your property for the “replacement cost” of your loss.

But there is an option here - you might source a pre-owned one with your claims rep approval.


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[twowheels]

Some policies pay actual cash value and some pay replacement cost. Replacement cost is generally the better coverage because most items depreciate after purchase. This seems to not be the case with your stolen watch. You should read your policy and talk with the adjustor who is assisting you. You can discuss the questions you ask and see what the carrier is willing to do in this somewhat unique situation.

[Muxi]

How about a cash settlement with your insurer?

[Kliminator]

Let us know what the insurance company says. Curious as to how they would handle this situation as many of us have the watches insured but are fortunate not to have this predicament.

Sorry for your lost and hope things work out.

[algemesi]

Yes, I’ll let you know what the final outcome is.

[Watchflair]

Relay to them that the piece is unavailable for immediate purchase and there is no time line for the order to be fulfilled. They’ll write a check - if they agreed to the value at the time of underwriting it shouldn’t make a difference if they write a check to you or to a jeweler at time of replacement.

I had this conversation at the time of coverage with Jewelers Mutual about vintage pieces. I explained the unique factors that make up a vintage watch. At that time they claimed if it was discontinued or vintage they would write a check. Never tried it but can’t imagine it’s a crazy process.


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[WatchLurv]

You should have booked the price of the watch for the current market value. You'll most likely only get your $ back for what you have it insured for. That won't get you much in today's market.

[MauiRolex]

It’s not “their job” to replace the watch. It’s their job to provide whatever financial assistance you have purchased in the event of a loss. You either have purchased a specific stated value of coverage or for a higher price you have purchased “replacement cost” coverage.

If you have replacement coverage then they should pay for the actual replacement cost today whatever that is (usually up to some maximum percentage over original new cost).

There is a brand new one at DavidSW right now. I know because I just bought the other one he had last night. Incredible guy, him and Jose. I actually only wanted that GMT II; in black w the green hand and lettering. I’m not a fan of the two ton colored bezels or the jubilee bracelets myself (look awesome on everyone else, just can’t see wearing it myself).

Back to insurance. Personally I have replacement insurance on my home and it’s contents. But my VPP (valuable personal property) policy is just for assessed or stated value. So I’d get back what I paid. And insurance would cut a check to me because they’re responsible for my financial loss. They don’t care if you actually buy the same product again or not. A VPP policy makes you financially whole in situations where you may have lost something irreplaceable. If you don’t have a VPP policy and are using your homeowners policy then there are often quite a few more restrictions on you that make getting paid a little tougher but no impossible.

But again. In this case if you have replacement coverage, there are new and like new units out there that you can absolutely prove current market value today (DavidSW) despite it being discontinued.

I’ve never heard of an insurance company “working with” a retail store to replace an item. It’s not like an auto body shop, they don’t have relationships with every possible kind of retailer out there. But maybe some will.

Good luck! Let us know how it goes.

[123Blueface]

Originally Posted by MauiRolex

I’ve never heard of an insurance company “working with” a retail store to replace an item. It’s not like an auto body shop, they don’t have relationships with every possible kind of retailer out there. But maybe some will.

Good luck! Let us know how it goes.

Spent 36 yrs as a claims manager. You are on point with all you said but a carrier having a vendor to do jewelry replacement is quite common. We did it all the time. Problem is that if dealing with a watch that is being sold in the secondary market for much more than MSRP, that vendor is not some magical wizard that can pull it out of thin air. They are subject to the same constraints as any other AD. Insurer will just end up cashing out at insured value rather than pay prevailing price.

So with these hard to replace, for a lack of a better term as reality is they are available, just much higher than MSRP, best to get an appraisal for “replacement value”, not MSRP. That’s what I did with my BLNR and BLRO. Costs me a few bucks more in insurance but worth the peace of mind that I can readily go grey and get them back.

[Gdoc26]

my insurance is for immediate replacement at gray prices.

[123Blueface]

Originally Posted by Gdoc26

my insurance is for immediate replacement at gray prices.

As long as you have a stated value agreed amount that covers the going grey price, then yes they will.
Otherwise, you will be in for a terrible surprise.
Insurance pays up to stated value, or less if can be located at a reduced amount from stated value, but never more unless limit/amount clearly stated.

[123Blueface]

Originally Posted by Watchflair

Relay to them that the piece is unavailable for immediate purchase and there is no time line for the order to be fulfilled. They’ll write a check - if they agreed to the value at the time of underwriting it shouldn’t make a difference if they write a check to you or to a jeweler at time of replacement.

I had this conversation at the time of coverage with Jewelers Mutual about vintage pieces. I explained the unique factors that make up a vintage watch. At that time they claimed if it was discontinued or vintage they would write a check. Never tried it but can’t imagine it’s a crazy process.


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You are correct.
If the item insured is no longer available, only settlement option is to cash out for limits. Generally cashing out happens around the 30 day mark, after having overturned every rock looking for one.

[123Blueface]

Originally Posted by algemesi

That’s a really useful post. I’ll call the insurance company this afternoon. I had no idea it was their job to replace the watch. Thanks for your perspective!

Incorrect, it is not their job at all to replace the item.
They may opt to do so if they desire, as stated in most contracts, but they are certainly not obligated.
The reason they may opt to is
1) they can get the item at a reduced amount, lesser than coverage amount,
2) they may be hell bent on making sure if you still have it, you now have two of them, rather than full insured value cash in hand.

[algemesi]

Hello everyone,
At this point, the insurance company did reach out to Rolex and confirmed from them that my GMT II was indeed discontinued. The insurance company responded with a comparison Rolex GMT II (black/blue/Jubilee). They wanted to confirm that I would be satisfied with this model if a replacement was located. I confirmed and am waiting for a reply.
More when I know more.

[Kliminator]

Originally Posted by algemesi

Hello everyone,
At this point, the insurance company did reach out to Rolex and confirmed from them that my GMT II was indeed discontinued. The insurance company responded with a comparison Rolex GMT II (black/blue/Jubilee). They wanted to confirm that I would be satisfied with this model if a replacement was located. I confirmed and am waiting for a reply.
More when I know more.

Nice! Batman
Looking forward to updates and crossing my fingers for you.

[algemesi]

Hello everyone,
I have a small update: the insurance company is working with Rolex to send me a new GMT II. I’m working out the shipping details at this point. Rolex will only overnight it to me, not to an AD. Fingers crossed. I’ll let you know how everything is resolved.
Algemesí

[andrewjb88]

Thats a prety good result if they will send direct.

[ZOOK]

Originally Posted by algemesi

Hello everyone,
I have a small update: the insurance company is working with Rolex to send me a new GMT II. I’m working out the shipping details at this point. Rolex will only overnight it to me, not to an AD. Fingers crossed. I’ll let you know how everything is resolved.
Algemesí

What insurance company is this? Sounds way above and beyond what I would expect. Good for you.

[Ballzzz]

Interested

[JodyHighroller]

Yes, please keep us posted.

[AzPaul]

Interesting thread.

[Kliminator]

Originally Posted by algemesi

Hello everyone,
I have a small update: the insurance company is working with Rolex to send me a new GMT II. I’m working out the shipping details at this point. Rolex will only overnight it to me, not to an AD. Fingers crossed. I’ll let you know how everything is resolved.
Algemesí

Which one? Did they say they were going to send over a new Batman?

Keep us posted!

[algemesi]

FedEx just dropped off my new GMT II! Jewelers Mutual bought it directly from Rolex USA in New York. Incredible result to a bad situation!

[V25V]

Originally Posted by algemesi

FedEx just dropped off my new GMT II! Jewelers Mutual bought it directly from Rolex USA in New York. Incredible result to a bad situation!

Color me shocked. And likely cost the insurance company less to replace it this way than paying you the cash.