Insuring Watch Issues With Liberty Mutual

[Anthony4579]

So I went thru the normal process that I have followed to insure my watches for my new DSSD D Blue purchase with Liberty Mutual of sending in a copy of the receipt and warranty card in addition to calling to let them know that I wanted it added to the policy. Previously a watch purchase was automatically covered for the first 30 days, now I was told that was no longer the case. The watch would not be covered until all the paperwork was approved. So more than a week goes by and I don’t receive a notification that it has been added to the policy. I call up and after some looking into the rep comes back and tells me that for watches over $5k they now require an appraisal to add it to the policy. Annoying on two levels, first they didn’t tell me this when I first called to add the watch to the policy and second the appraisal always comes after the watch purchase and pick up (I had always asked for one on my Rolex’s). Has anyone else run into a change l8ke this? Or is this the way other insurance companies have been doing the process? Hate having high value items that aren’t insured.

[1William]

The process they are using is typical of what I have found with several different companies. I now have all of my watches and my wife's jewelry with Jewelers Mutual. The adding and subtracting is simple and an online process with an occasional phone call. Once you have submitted all the needed information, appraisal, they will add, typically within 48 hours. You may want to consider breaking out your jewelry or watches from your homeowners policy and going with a different company. Typically a claim can impact your ability to renew. We made this decision based on the value of my collection and if I ever suffer a loss I do not want other insurance cancelled. There are a lot of factors that play into it but I did not want all my eggs in one basket.

[tyler1980]

in my experience you should be "covered" for like 30 days while the documentation is being provided and approved. I would never use an insurance company who did otherwise. I am assuming they take your money at the time you get the quote and before everything is underwritten? what did you pay for then? weird.

Both in the US and UK i have had to submit appraisals. I have 30 days to provide it, but in the meantime the watch is insured. I always get appraisals at the time of purchase from my AD now anyway though

[RichM]

I bought my new Explorer 2 last month. Did exactly what you did except I didn’t call them. Just added the watch online. Downloaded a photo of the watch, warranty card and BOS. The watch appeared on my policy the next day.

Not sure why they want an appraisal on a brand new watch if you sent them a BOS??? I have given them only one or the other, not both, as long as it was current.

My new watch was added on January 29th. Maybe something changed on Feb 1/ March 1.

[Johndong888]

Originally Posted by Rich Mickol

I bought my new Explorer 2 last month. Did exactly what you did except I didn’t call them. Just added the watch online. Downloaded a photo of the watch, warranty card and BOS. The watch appeared on my policy the next day.

Not sure why they want an appraisal on a brand new watch if you sent them a BOS??? I have given them only one or the other, not both, as long as it was current.

My new watch was added on January 29th. Maybe something changed on Feb 1/ March 1.

They do it for the insured value. That’s different from the buying price.

OP, I have liberty mutual as well. I did not have to jump thru those hoops. Maybe it’s a regional thing? I’m in NJ. My old home owners did require an appraisal tho.


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[V25V]

That all sounds normal to me. You need a hug?

[Anthony4579]

In Nj as well, never had an issue with them before (added 3 watches to the policy in 18). They said it is a recent switch in how they handle new additions.

[ian.thomas]

Not exactly the same issue, but I'm in the process of getting my art collection insured. I need an appraisal for everything, even pieces that that are not high value (<$10k) and I just want to insure for cost.

[superdog]

I use them as well.

I’ve had to send an appraisal to them for the past year or so. Typically takes a few days for approval. Then they bill me.

I actually sent in my new DD40 just today. I have not heard back yet. Usually they at least notify me that the process has started. So far, crickets.

Mostly typical in general terms of today’s levels of customer service.

[Lgear080]

Appraisals are the norm for watch and jewelery coverage

[superdog]

Just an FYI, I got a response today saying it’s in review. And that I’ll be informed of their decision within two business days.

My concern is I just insured two expensive watches. This is number 3. I’m wondering if they will think I’m a bigger risk than I’m worth as a customer.

I’ll update the thread when I hear back.

[tyler1980]

Originally Posted by superdog

Just an FYI, I got a response today saying it’s in review. And that I’ll be informed of their decision within two business days.

My concern is I just insured two expensive watches. This is number 3. I’m wondering if they will think I’m a bigger risk than I’m worth as a customer.

I’ll update the thread when I hear back.

just an FYI my US insurer was similar. Once it reaches a certain level then it has different rules. For me it was i had to have a monitored fire alarm so if a smoke detector goes off the fire department comes.

Weirdly enough theft was not their concern, it was fire.... then again im sure statistically you burning down your house to cash out your policy isn't unheard of so at least to them i guess it makes that harder.

the restrictions got more tough for sure as the value went up. They had no problem insuring them though, but it took more time to get it sorted.

[offrdmania]

It may be something new for 2019, State Farm does the same thing now. Previously, I submitted watches worth over $5K with just a receipt and no one said a thing. I have already submitted 2 watches this year and was told, anything under $5K can be submitted with a receipt as perceived value. Anything over $5K requires an appraisal, even if the item was purchased brand new.

[V25V]

I use LM and have for years. I send my agent the appraisal via email, minutes later get an email with an update to my policy and amount is added to it. You all need to get new agents or maybe I am "out of my league".

[Johndong888]

Originally Posted by superdog

Just an FYI, I got a response today saying it’s in review. And that I’ll be informed of their decision within two business days.

My concern is I just insured two expensive watches. This is number 3. I’m wondering if they will think I’m a bigger risk than I’m worth as a customer.

I’ll update the thread when I hear back.

Originally Posted by V25V

I use LM and have for years. I send my agent the appraisal via email, minutes later get an email with an update to my policy and amount is added to it. You all need to get new agents or maybe I am "out of my league".

It’s true. I text my agent directly and she gets it done. Haven’t been required to do much. She did mention once you go over 250k, it’s a little more work but I’m still under that threshold.


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[superdog]

Originally Posted by V25V

I use LM and have for years. I send my agent the appraisal via email, minutes later get an email with an update to my policy and amount is added to it. You all need to get new agents or maybe I am "out of my league".

I think you are just better than the rest of us. (Except maybe John above)

I don’t send to an agent. I send to the main email address, as per the instructions they’ve provided me.

Hopefully someday I’ll be baller like you.

[Tha Baron]

I use JM. For Diamonds, they want appraisals. I've used "Statements of Value" received by the AD to get insurance placed on SS rolex (1 DJ and 1 Sub). I used an appraisals for more expensive items. That being said, I only insure the big stuff and self-insure anything $7k and under.

JM is great - their employees are salt of the earth mid-westerners and I like that its completely separate from homeowners (Living in FL you don't get the blue chip insurers writing policies down here).

I had to file a loss claim once with JM several years ago... Quite painless all things considered and they worked very nicely with my jeweler to replace the ring.

[superdog]

Originally Posted by superdog

Just an FYI, I got a response today saying it’s in review. And that I’ll be informed of their decision within two business days.

My concern is I just insured two expensive watches. This is number 3. I’m wondering if they will think I’m a bigger risk than I’m worth as a customer.

I’ll update the thread when I hear back.

All good. Got the approval.

Pretty pumped that it’s covered. Took about a day or so. Can’t complain with that.