Wristwatch insurance advice, please.

[Slime]

So a receipt within 3 years or a valuation and photos.

As soon as it arrives I'll get it properly valued.
It's actually being given to me so there won't be a receipt to show!

Your advice has been superb, thanks very much indeed.

 

[Piece]

A more expensive example, A client bought a limited edition watch for £47,000, sent us the receipt and we put it on cover. 3 weeks later it was stolen and when they went to get it replaced is was £285,000 to replace. he only gets the £47k, to say they are unhappy is an understatement but imo they never knew the value went up that much that quickly but the reponsibility is their's.

So a receipt within 3 years or a valuation and photos.

Many people do not want to get valuations because there item may jump from £6k to 11K and the premium jumps and they dont want to pay it so think it's ok with an old valuation or receipt, it never is.

I can say in all honesty 99% of claims that do not get paid are because people, lie, try to trick the system or just don't understand what they need to do intentional or not. Unfortunately playing dumb generally doesn't work, especially with the standard market, with the high net worth we have Claims managers who try and work through issues but a normal policy won't have this so any of you that have a nice watch make sure you have the above and be upfront with your insurance company and also check it is covered both away from the home when you are wearing it and also abroad if you take it abroad, many policies limit cover abroad and travel policies dont normally cover higher value items at all.

Another thing that is causing us issues nowdays are hearing aids, a set can cost upwards of 6 or 7k and the same rules apply and you will be surprised how many people lose on at the beach or in the sea or stand on them as they fall out.

I never understand clients who pay for policies where they lie to us as they might as well not have cover at all.

How does it work if the reverse is true of the example in bold? E.g. the watch replacement is £10k as value plummeted. Do the Insurance pay the £47k or do they pay what they see as 'market value', the £10k?

 

[Tashyboy]

A more expensive example, A client bought a limited edition watch for £47,000, sent us the receipt and we put it on cover. 3 weeks later it was stolen and when they went to get it replaced is was £285,000 to replace. he only gets the £47k, to say they are unhappy is an understatement but imo they never knew the value went up that much that quickly but the reponsibility is their's.

So a receipt within 3 years or a valuation and photos.

Many people do not want to get valuations because there item may jump from £6k to 11K and the premium jumps and they dont want to pay it so think it's ok with an old valuation or receipt, it never is.

I can say in all honesty 99% of claims that do not get paid are because people, lie, try to trick the system or just don't understand what they need to do intentional or not. Unfortunately playing dumb generally doesn't work, especially with the standard market, with the high net worth we have Claims managers who try and work through issues but a normal policy won't have this so any of you that have a nice watch make sure you have the above and be upfront with your insurance company and also check it is covered both away from the home when you are wearing it and also abroad if you take it abroad, many policies limit cover abroad and travel policies dont normally cover higher value items at all.

Another thing that is causing us issues nowdays are hearing aids, a set can cost upwards of 6 or 7k and the same rules apply and you will be surprised how many people lose on at the beach or in the sea or stand on them as they fall out.

I never understand clients who pay for policies where they lie to us as they might as well not have cover at all.

Excellent post

 

[nickjdavis]

Might have to get my Longines valued...I don't wear it anymore as its too small for me and cant be easily made bigger (its not got a traditional link style bracelet)...spends its life in the safe. Maybe I need to sell it and use the money to fund something special for my 60th.

 

[Bazz]

A more expensive example, A client bought a limited edition watch for £47,000, sent us the receipt and we put it on cover. 3 weeks later it was stolen and when they went to get it replaced is was £285,000 to replace. he only gets the £47k, to say they are unhappy is an understatement but imo they never knew the value went up that much that quickly but the reponsibility is their's.

So a receipt within 3 years or a valuation and photos.

Many people do not want to get valuations because there item may jump from £6k to 11K and the premium jumps and they dont want to pay it so think it's ok with an old valuation or receipt, it never is.

I can say in all honesty 99% of claims that do not get paid are because people, lie, try to trick the system or just don't understand what they need to do intentional or not. Unfortunately playing dumb generally doesn't work, especially with the standard market, with the high net worth we have Claims managers who try and work through issues but a normal policy won't have this so any of you that have a nice watch make sure you have the above and be upfront with your insurance company and also check it is covered both away from the home when you are wearing it and also abroad if you take it abroad, many policies limit cover abroad and travel policies dont normally cover higher value items at all.

Another thing that is causing us issues nowdays are hearing aids, a set can cost upwards of 6 or 7k and the same rules apply and you will be surprised how many people lose on at the beach or in the sea or stand on them as they fall out.

I never understand clients who pay for policies where they lie to us as they might as well not have cover at all.

It went up from 47k to 285k in 3 weeks??!

 

[Reemul]

It went up from 47k to 285k in 3 weeks??!

Yeah Cartier limited edition teardrop watch, apparently its now £450k+. You cant buy them knew so a valuation showing the market value and paying the premium will get you that payout

 

[Lord Tyrion]

Might have to get my Longines valued...I don't wear it anymore as its too small for me and cant be easily made bigger (its not got a traditional link style bracelet)...spends its life in the safe. Maybe I need to sell it and use the money to fund something special for my 60th.

Watches are there to be worn. If you aren't wearing it, sell it, use the money for fun stuff

 

[Reemul]

How does it work if the reverse is true of the example in bold? E.g. the watch replacement is £10k as value plummeted. Do the Insurance pay the £47k or do they pay what they see as 'market value', the £10k?

If you have a valid valuation they will pay that, you are paying the premium rate based on that value, obviously when you get a new valuation your amount covered will reduce and your premium go down

 

[Tashyboy]

Yeah Cartier limited edition teardrop watch, apparently its now £450k+. You cant buy them knew so a valuation showing the market value and paying the premium will get you that payout

Do you think the watch was stolen to order as it was so rare.
How do you actually sell A Watch like that knowing it’s so rare.
Or was it an “ Insurance job”.

 

[nickjdavis]

Do you think the watch was stolen to order as it was so rare.
How do you actually sell A Watch like that knowing it’s so rare.
Or was it an “ Insurance job”.

You just have to know the right (wrong) people.

 

[Tashyboy]

You just have to know the right (wrong) people.

Probably forummers