Recurring Insurance Appraisal Question

[123Blueface]

Originally Posted by hannibal80

Many insurance companies actually go straight to the manufacturer for the watch in case of loss/theft, thus even if you lost a 16710 Pepsi the insurer would go to Rolex and get the BRLO as it’s the current equivalent. Rolex and other manufacturers keep insurance stock. Not all insurance companies do this, so you need to check your policy.


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After 36 years as a claims manager for a very, very large insurer, I assure you that you could not be further from the truth.
We may have replacement sources we use regularly but they are subject to the same issues all ADs face of no supply. No such thing as bypassing an established retail process and going to manufacturer.

Originally Posted by Calatrava r

Most insurance companies on jewelry have the absolute right at their choosing to replace the piece. On a current production watch it makes the most sense to insure for the current retail. Insurance Companies have agreements and purchasing arrangements that the consumer can only wish for.

If it involves a readily available watch, different story. With a BLRO I assure you they will have to honor the insured amount, unless they can direct me to a source that has it readily available for the lesser amount they will pay.
.....and yes, with JM will invariably be a replacement. You won’t see any cash out.

[hannibal80]

Well damn “36 years as a claim manager”, no need to get testy! My best friend just went through this process with State Farm and the info I shared was what they told him when he lost his GMT this past fall while he was diving. If that’s not true then cool beans, either the agent was lying or my buddy was. Either way, be easy mate - no need to get all excited.


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[1William]

I just had the conversation with my AD regarding the apprasial on my WG BLRO and the value. We went with a price that was reflective of the market. That was before he determined through Rolex USA that the WG had been discontinued in all forms and the order for the new WG BLRO with the blue dial had been cancelled. I will pay attention to the market and should this watch increase in value beyond my insured value I will adjust my apprasial. I am with Jewelers Mutual but have never made a claim. They are very easy to work with, so far. My AD also said that they no agreement with insurence companies to provide any item below retail. He also said that the insurence company would never get a desired or wanted watch such as a Daytona, Hulk, JC DSSD etc before a long list of customers.

[123Blueface]

Originally Posted by hannibal80

Well damn “36 years as a claim manager”, no need to get testy! My best friend just went through this process with State Farm and the info I shared was what they told him when he lost his GMT this past fall while he was diving. If that’s not true then cool beans, either the agent was lying or my buddy was. Either way, be easy mate - no need to get all excited.


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Not meant testy at all.
Just to explain why I know what I state as true, it comes from extensive experience.
This is a subject that comes up quite often and there seems to be lots of misinformation about it.
Important to me that we clear up those misconceptions.

[123Blueface]

Originally Posted by 1William

I just had the conversation with my AD regarding the apprasial on my WG BLRO and the value. We went with a price that was reflective of the market. That was before he determined through Rolex USA that the WG had been discontinued in all forms and the order for the new WG BLRO with the blue dial had been cancelled. I will pay attention to the market and should this watch increase in value beyond my insured value I will adjust my apprasial. I am with Jewelers Mutual but have never made a claim. They are very easy to work with, so far. My AD also said that they no agreement with insurence companies to provide any item below retail. He also said that the insurence company would never get a desired or wanted watch such as a Daytona, Hulk, JC DSSD etc before a long list of customers.

Yup. This time, the old “my AD said” is absolutely correct.
BTW, as you probably see in your renewals, they automatically increase the insured value every year as well.

As Claims go, I had one three years ago. It went flawless. Paid within 20 days or so. I offered to pay up front (credit card points), which they agreed to and had me go to my AD, select any watch I wanted up to insured value, and then reimbursed me immediately.
I ended up buying a more expensive watch than insured value and just paid the difference out of pocket.
I cannot sing enough praises about them.

[MILGAUSS88]

I was just thinking what a quagmire this could become for a vintage watch.
if the insurance company requires replacement instead of a cash payout, what if the replacement watch has a service dial, service hands, service bezel? Or worse yet, a frankenwatch?
I doubt there's any wording in their contracts that would exclude that. Would there be any recourse?

[123Blueface]

Originally Posted by MILGAUSS88

I was just thinking what a quagmire this could become for a vintage watch.
if the insurance company requires replacement instead of a cash payout, what if the replacement watch has a service dial, service hands, service bezel? Or worse yet, a frankenwatch?
I doubt there's any wording in their contracts that would exclude that. Would there be any recourse?

Heck of a good question.
Glad not a worry for me as don’t own any rare, one of a kind vintage.

[DocHorton]

Originally Posted by DahMan

If you have $35k in watches, how much to insure...

Their standard policy is 1.5% of value per year.

[Aldwyn]

I have been working with JM to insure compare them to State Farm (whom I have my homeowners with), and got this from the horse's mouth:

"Ours is a repair or replacement policy. We will work with the jeweler of your choice to find you a watch of the same kind and quality that you are insuring on your policy, this is why we will recommend that you have your appraisals updated every two years. We would send your jeweler a copy of the appraisal or detailed receipt that you provide to us, and they will find the same, or a comparable item for you as a replacement.



We are required to insure your items at the listed appraisal or valuation price."

[mailman]

JM will replace at what it cost to replace the item TODAY. For example...if you have a ladies TT DJ appraised at $8750 and they can replace it for $5300, they'll pay your jeweler $5300.