Question on Insuring Rolex Sports Model bought from AD

[mjwalter80]

Currently, all of my (and my wife's) watches and jewelry are insured through Jewelers Mutual. When you want to add a watch/jewelry to your policy, you basically submit a either the receipt for your purchase or an appraisal.

In addition to jewelry, my policy includes a couple DJ, a Cartier Santos and a Cartier Tank. These were all added to my policy using the receipt from the AD and if they were damaged or or lost could be replaced for approximately the same cost (give or take).

This gets a little tricky if you buy a steel sports model from the AD and the market value of the watch is much higher then what you paid. My question is two fold:

1. For the people who insure their SS sport watches that they bought at an AD, do you insure them at the cost you bought them (recoup the money you spent), or do you insure them market value (replace the watch).

2. If market value, do you turn around the second you get your new watch and pay your AD/jeweler $100 to have them appraise a brand new watch?
And how often would you have that appraisal redone to keep up with the market cost of your watch?

Thanks