Insurance for Watch Collections

 

Insurance for Watch Collections

If you’re a collector of fine watches, your passion for these sleek timepieces naturally drives your considerable efforts. Watches can be a remarkable investment, but they also require special consideration when it comes to insuring them. Because your watch collection is important to you, your watch collection insurance should be, too.

Unique Qualities Associated with Watch Collection Insurance

Watches can be extremely valuable, and when it comes to insuring them, there are several unique characteristics that need to be taken into careful consideration, including:

  1. If the damaged or lost watch in question is a discontinued model, it can complicate the matter of recovering on your insurance.
  2. Policies can differentiate between damage and mechanical failure – make sure you obtain comprehensive coverage.
  3. If the watch you’re covering was pre-owned, it can affect how your insurance coverage pays out. If your policy includes replacement cost, it should cover the cost of replacing the watch (for the value it was worth at the time you insured it).
  4. If your policy has a reimbursement limit that isn’t expansive enough for your collection, it seriously limits the quality of your coverage.

Because watches combine the artistry of jewelry with the exacting mechanics of a timepiece, watch collections present special obstacles for watch collection insurance.

Don’t Rely upon Your Homeowner’s Policy

Your homeowner’s insurance is not sophisticated enough to provide you with reliable coverage for your valuable watch collection. While you may be able to obtain a floater policy on a specific watch or two, it’s very unlikely to factor in all of your collection’s inherent complications (if it factors in any). Relying upon a homeowner’s policy to cover your watch collection is ill-advised.

Seeking Peace of Mind

Your watch collection is valuable to you, and this value includes its financial worth and its sentimental value. Your collection is uniquely valuable to you, and you purchase watch collection insurance to address your collection’s specific coverage requirements – and to provide you with the peace of mind that comes from knowing you’re doing what it takes to help protect your collection from loss. An experienced watch collection professional understands the special nature of your watch collection and is well prepared to help you determine your coverage needs.

Is It Loss, Theft, or Damage?

A collection as valuable as your watch collection makes theft a real concern. Because something as small as a watch is easy to hide on one’s person, watches are vulnerable to theft. While your policy is likely to cover theft, it’s important to also take damage and loss into consideration. As careful as you no doubt are with your prized watches, your curated collection grew out of a love for their beauty and fine craftsmanship, and you naturally want to wear them. Unfortunately, accidents are a fact of life, and sometimes, we simply lose things. If your policy doesn’t include damage and loss, you’re likely inadequately covered.

Is Your Policy Worldwide?

Your watch collection is an investment, but your passion for watches doesn’t end there. Watches were made to be worn, and this includes taking one or more with you when you travel abroad. If you run into an issue with one of your beauties – such as loss, damage, or theft – when you’re far from home, you need to be covered, which means you need a policy that includes worldwide travel protection. This coverage also extends to any watch purchases you make while overseas.

Is Your Policy Keeping Up with Your Collection’s Value?

Valuables like watches tend to go up in value over the years – in accordance with how much it would cost to replace the piece. If your policy doesn’t automatically accommodate for this increase in value, it’s time to take the matter up with a dedicated watch collection insurance broker.

Address Your Coverage Concerns with an Experienced Watch Collection Insurance Professional Today

Your watch collection likely began with a few key purchases (or inheritances) that have evolved into a full-blown passion. The allure of watches isn’t difficult to grasp, and insuring your unique collection with coverage that addresses its singular nature is imperative. Because the watches that comprise your collection are pieces you wear, they are vulnerable to theft, damage, and loss, which makes robust coverage essential.

At FACE, Fine Art Collectibles Enterprises, we recognize the value your watch collection holds for you, and we’re committed to providing you with the tools you need to protect it from loss. Discuss coverage with a dedicated watch collection insurance professional by contacting FACE today.

Frequently Asked Questions

Your should contact the police as soon as possible. The quicker you act, the faster the authorities will be able to collect information regarding your stolen item. Your insurance agent should also be notified right after you have made contact with the police.

The most common way art is stolen is Burglary. It’s important that your installations have proper security in order to prevent these crimes from happening. Its also very important to make sure that the staff you higher to give your building maintenance has a clean record and has no criminal history.

Its responsibility of the insurance carrier to work with the FBI to recover the art that was stolen. It’s possible that you may be asked to work with the corresponding authority.

If your valuable art items are not insured, your efforts will have to be focused on working with the authorities to recover your stolen items. The odds of recovering your stolen items is very low.

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