Watch insurance in the UK

[djman]

Hi, I'm struggling to insure my watches and would really appreciate your advice.

I'm in a slightly more complicated than usual situation in that my wife's business is attached to our house, which I'm learning makes a difference (even though patients obviously don't have access to our home).

We've got a safe and all the right locks and latches ... but out of the handful of specialist companies I've contacted, only one has offered a policy and it was - I thought - very expensive.

Our standard house contents is no good as it will only cover a single item to a max value of 15k.

I'd be grateful for any help, has anyone had a good experience with any specific companies?

[jukeboxs]

I think you'll be advised to go down the specialist watch broker route (these have been recommended here previously on other insurance threads) - or Hiscox if they will cover with your wife's business attached. Once I started on Patek, I decided to not bother insuring my >£15k pieces, I didn't think it was worth the 2% premium. I still insure my Rolex on my home insurance (generally Axa).

From reading other fora, including Patek, insurance seems to be cheaper abroad - e.g. in the US, cover can be as low as 0.5% for expensive watches. We've still to reach that level in the UK (in my experience anyway, although accept maybe they whack on a massive loading for Scottish risk!).

[FK77]

Try Highworth Insurance but be prepared to pay accordingly if you want to adequately insure single items > £15k.

[Mysqueek]

After my fathers experience with watches on his household insurance (not very positive) I would consider TH March

[Padders]

I think the premium M&S policy allows for a higher single valuable limit than that. Worth a look maybe.

[Monkey Queen]

OP, rather than contact insurance companies directly, it would be best to contact a broker as specialist brokers have access to products that aren't available to the public directly. Good brokers include Howden Broking Group, Aplan Alton and Stackhouse Poland - contact details on Google.

A homeworker should be regarded as a good thing in terms of loss prevention as daily occupancy is higher than usual. A good broker will sell this scenario to an insurer as a positive.

One final point, insurers prefer a balanced risk. For example, assuming a watch collection with a value of £100k, a home owner with £250k of general contents & art will find it much easier to obtain cover than a homeowner with just £50k of general contents & art. Worth keeping in mind in case the risk that you are proposing has a low contents limit versus a high watch limit.

[JP28]

Also worth thinking about what you really want to insure and how much exposure you are happy to take yourself.

[djman]

Fantastic, thank you all so much for your advice, I really appreciate it.

[noTAGlove]

I add my SubC as a named item with Aviva. Covers me home and abroad. Costs about £20 extra.

[ALindsay]

Anybody know where you would stand if a particular watch had gone up considerably in value * since buying but obviously you don't have paperwork to support it? Could a 'new for old' type policy be of use?

*eg: it costs a lot more to get a replacement without waiting for many years potentially, a PP 5711 being a case in point

[wileeeeeey]

Anybody know where you would stand if a particular watch had gone up considerably in value * since buying but obviously you don't have paperwork to support it? Could a 'new for old' type policy be of use?

*eg: it costs a lot more to get a replacement without waiting for many years potentially, a PP 5711 being a case in point

Done you need a valuation every 3 years from an accredited valuer which the insurance recognise?

[ISCB]

Anybody know where you would stand if a particular watch had gone up considerably in value * since buying but obviously you don't have paperwork to support it? Could a 'new for old' type policy be of use?

*eg: it costs a lot more to get a replacement without waiting for many years potentially, a PP 5711 being a case in point

I had this discussion with my broker last year regarding a 116520, I was asked to have a valuation done by a qualified jeweler or valuer and the watch was insured at the market value rather than purchase price.

They seemed fine and no further questions have been asked.

The insurer was Oakwood if that helps!

ISCB

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[Kassette]

I add my SubC as a named item with Aviva. Covers me home and abroad. Costs about £20 extra.