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| Dedicated Watch Insurance Versus Rider on Homeowner's Policy https://www.breitlingsource.com/phpBB2/viewtopic.php?f=1&t=17790 |
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| Author: | sharkman [ Sat Mar 20, 2010 8:08 am ] |
| Post subject: | Dedicated Watch Insurance Versus Rider on Homeowner's Policy |
Anyone have experience with insurance that writes policies for jewelry/watches only? Though my watches are covered under an "all risks" rider on my Homeowner's coverage, I am curious if others have experience good, bad, or indifferent with specialized coverage. Thanks in advance. This is a wonderful forum. The wealth of experience and knowledge in matters horological (if that is a word) has been illuminating. |
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| Author: | BroncoSport [ Sat Mar 20, 2010 2:25 pm ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
I have my watches "scheduled" with thier own covereage through my insurance company, but I think its an extension of the homeowners policy. I had to submit an appraisal for each to them and for about $17 per year (each) they are covered for everything including accidental loss. That reminds me, I have more watches than policys (again), I guess I will have to call the insurance co again! 
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| Author: | sharkman [ Sat Mar 20, 2010 2:35 pm ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
My homeowner's company wants about twice that per watch on a rider, "all risks" of course. I think that's about 2%/year. Seems high. I have all the appraisals and they are covered- they bill monthly. I was wondering if anyone had any experience with companies that just write jewelry/watch policies. Good, bad? Cost? |
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| Author: | Shadow87 [ Sat Mar 20, 2010 5:23 pm ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
You guys have it good... |
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| Author: | FEAR [ Sat Mar 20, 2010 8:43 pm ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
chubb, its fantastic!! |
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| Author: | ericj15 [ Sun Mar 21, 2010 10:45 am ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
I bought a policy from Jewelers Mutual Insurance not only for my watches but also for my wife's and I jewelry. The problem I had when looking at just the Homeowners policy was that it only covered if something happened to the jewelry/watches while in the house. Then it also only covered "up to $5000, which is at the Insurance Company discretion".... which when I pushed for further clarification I was told that if they (the insurance company) felt that the watch wasn't worth what the appraisal was then they would only pay what THEY thought is was worth. Since both my wife and I travel for a living.... the likelihood that something would happen at home was also one of the reasons that I looked elsewhere. There are 2 main companies that have completely separate coverages, JMI and CHUBB. At that point I think it is just personal preference in who you deal with. Personally, I liked JMI because insuring jewelry and watches are all that they do. And you get to deal directly with them, not so snotty local agent. The policy prices are based on the appraised value of the item, and your city. Hope this helps. If you need JMI's website, let me know (I'm not a salesperson for them and I'm not sure about posting links in the forum). |
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| Author: | sharkman [ Sun Mar 21, 2010 11:15 am ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
Thanks! I attempted to get a quote from Jeweler's Mutual but the website went haywire. The H.O.s insurance rider I have covers all risks, regardless of location. I thought perhaps a specialized company might be a bit easier to deal with. I would imagine, though, that even Jeweler's Mutual or Chubb's "Valuable Items" coverage is still just going to pay replacement cost rather than appraised value. In other words what it would actually cost to get a new one. Thanks agian for the insight on this thread. This is a wonderful, civilized Forum! |
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| Author: | SprickVT [ Sun Mar 21, 2010 5:52 pm ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
sharkman wrote: Thanks! I attempted to get a quote from Jeweler's Mutual but the website went haywire. The H.O.s insurance rider I have covers all risks, regardless of location. I thought perhaps a specialized company might be a bit easier to deal with. I would imagine, though, that even Jeweler's Mutual or Chubb's "Valuable Items" coverage is still just going to pay replacement cost rather than appraised value. In other words what it would actually cost to get a new one. Thanks agian for the insight on this thread. This is a wonderful, civilized Forum! That's actually why my fiance and I went with a Jeweler's Mutual policy rather than renter's insurance. The renter's insurance company refused to cover her ring for the appraised price and would only cover the amount paid (I wonder what the point of getting it appraised is if they'll only cover the cost incurred?). Same for my watch. Jeweler's Mutual never even mentioned using one over the other - they went straight with the appraisal price. |
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| Author: | sharkman [ Sun Mar 21, 2010 9:34 pm ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
Quote: The renter's insurance company refused to cover her ring for the appraised price and would only cover the amount paid That is unusual. HO or Renter's policies charge a percentage of the insured amount and usually want high appraisals for items like watches that are easily subject to definitive replacement cost (what the actual cost of the item would be at the time of replacement). (of course the opposite is true for unique items like some special jewelry items or artwork). A full retail appraisal gives a built in 3 or 4 year inflation hedge to the insured (so you don't need new appraisals every year) without increasing the risk to the insurer - no matter what, they will pay what the new watch would actually cost. Not a very smart insurer you dealt with. I'm going to give Jewelers' Mutual and Chubb a try. In the worst case scenario at least I will be able to deal with an adjuster who knows about the cost of fine watches. |
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| Author: | ericj15 [ Wed Mar 24, 2010 4:36 pm ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
JMI will replace based on Appraised price, which is why they require you to send it in when you get a policy. |
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| Author: | sharkman [ Wed Mar 24, 2010 8:16 pm ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
Are you sure appraised price isn't just the most they will pay? In other words if the appraised price is $5,000, the watch is lost, it can be purchased new for $4,000, they will pay $4,000? Or will they cut you a check for $5,000, allow you to buy the watch for $4,000, and pocket $1,000? It is odd indeed that a carrier would provide coverage that pays per the 2d scenario, particularly where replacement cost is readily discernable - as opposed to unique jewelry designs that can't be purchased. Insurers usually usually don't sell coverage that makes the insured better off or "more than whole." It encourages fraudulent claims. OK, so what am I missing here?? |
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| Author: | Redpross [ Fri Mar 26, 2010 9:49 am ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
Anyone in the UK suggest a good policy/cover for both my SOHC and wifes engagement ring and charm bracelets etc? |
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| Author: | FEAR [ Fri Mar 26, 2010 4:50 pm ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
listen up! i speak from first hand experience. i had a breitling crosswinds special, diamond bezel. i had it insured with chubb for 10k. i unfortunately lost it while fishing. i called them, told them i lost it. they told me ok, would you like a check for 10k, or would you like another watch. i told them i want one, but they dont make that watch anymore, and the closest watch they make with a diamond bezel is the super avenger with a diamond bezel. i got a note from my ad stating such. and that the cost of the super avenger was 13,100, because it was at the time. they told me, " you are covered for 10k, but you have 25% of extra coverage built in for just such a reason, so we can SEND YOU A CHECK FOR $12,500! i have about 50k of things covered with chubb for a couple hundred a year, they handled it fantastically, had the money in a day,and they couldnt give me enough money fast enough, i expected a fight from them,nope....the best experience i have had yet with ANY insurance co. |
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| Author: | FEAR [ Fri Mar 26, 2010 4:51 pm ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
sharkman wrote: Are you sure appraised price isn't just the most they will pay? In other words if the appraised price is $5,000, the watch is lost, it can be purchased new for $4,000, they will pay $4,000? Or will they cut you a check for $5,000, allow you to buy the watch for $4,000, and pocket $1,000? It is odd indeed that a carrier would provide coverage that pays per the 2d scenario, particularly where replacement cost is readily discernable - as opposed to unique jewelry designs that can't be purchased. Insurers usually usually don't sell coverage that makes the insured better off or "more than whole." It encourages fraudulent claims. OK, so what am I missing here?? you can insure the watch for 1500, in case of loss, they pay 1500, you can insure the same one for 8k, they will pay 8k |
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| Author: | sharkman [ Fri Mar 26, 2010 7:22 pm ] |
| Post subject: | Re: Dedicated Watch Insurance Versus Rider on Homeowner's Po |
Quote: you can insure the watch for 1500, in case of loss, they pay 1500, you can insure the same one for 8k, they will pay 8k Wow, amazing! Thanks Fear. Anyone know if Chubb insures the same way? |
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