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About to insure a Rolex and an Omega watch in England - I would welcome your experience and advice

  1. Sebastian Tombs Aug 20, 2015

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    Dear all,

    I am about to ring T.H. March to discuss an insurance policy to cover two watches, a Rolex and an Omega, against loss, accident and theft in Europe only (or worldwide if it's worth any extra cost).

    For both of these watches, the former being brand new and the latter acquired in 2009, I have signed valuations issued this month on letterhead from the Rolex boutique in Leeds – Prestons – with which it is my understanding that T.H. March has an informal relationship and occasional dealings. Not that it would make any difference, but I think it's a bonus that the insurer knows the entity providing the valuations.

    I would like to know if there are any members of these forums who deal or have dealt with T.H. March in the past and have their watches insured with them, and if so what your impressions are, whether I can put my trust in them and have reasonable peace of mind, especially when it comes to claims.

    Thank you for your help with this rather important matter.
     
  2. OmegaSean Aug 20, 2015

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    Hi Seb,
    I looked at T.H.Marsh and they wanted around £100 for £5400 PO ti which i thought was reasonable, I them phoned my own insurance company L&G home content, as the watch is valued at over £5K I had to individual cover it (had it been under 5K I would have just had to name it) and send in the certificate / valuation form the AD i bought it from it was much cheaper at £38 for the year.
    Have you tried your current home insurer?

    Regards OmegaSean
     
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  3. Sebastian Tombs Aug 20, 2015

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    Hello Sean,

    Thank you for your fast reply. I am not a homeowner nor I have a contents insurance. When I did have one it was with my bank – Barclays – and it would include valuable items outside the house, but I couldn't list specific items and their value. If I had to make a claim, I'd have to phone them up and give them the item's description and value then and only then. I could foresee huge headaches and room for ligitation, so I never used it for my watches. I am sure there are contents policies out there with better control over the items you insure, but I am not interested in a contents cover at the moment. This is the reason why I would like a specialised watch insurance, Sean.
     
  4. bencrouch25 Aug 21, 2015

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    Hi Seb, I am too about to go through this process so if you could keep us informed as to how you get on with T.H March I'd appreciate it. I already have one insurance policy through them for my Wife's engagement ring but would now like to add some watches and our wedding rings. If I don't hear back from you in the time I've gone through the process I'll let you know how I get on. Ben
     
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  5. Sebastian Tombs Aug 21, 2015

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    Hello Ben,

    This sounds like a most fair arrangement to me. I am phoning them on Monday so as to give my posts on the various forums a bit more time to hopefully garner more replies and maybe insight from other current clients. I will report back here with the outcome of my call. Have a nice weekend.
     
  6. emilio Aug 21, 2015

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    In the Netherlands you can insure them on top of your personal in house belongings insurance( don't know the English word). Costs me for €15k watches only €13 a month..
     
  7. Sebastian Tombs Aug 21, 2015

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    Thank you Emilio. Please see some posts above for an explanation as to why I would rather have a dedicated watch insurance. On an unrelated note, I had the pleasure to spend some time in Deventer and Amsterdam in my youth, and it goes without saying that I am really fond of the country you are writing from. Doei!
     
  8. emilio Aug 21, 2015

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    Haha I have got to admit I did not read all the posts.. Poor me ::facepalm1::

    Doei!
     
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  9. STANDY schizophrenic pizza orderer and watch collector Aug 21, 2015

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    So what is the likely hood of loss accident or theft really if your wearing one most of the time?
     
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  10. oddboy Zero to Grail+2998 In Six Months Aug 21, 2015

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    It's not for the one you're wearing it's for all the other ones!

    ;)
     
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  11. STANDY schizophrenic pizza orderer and watch collector Aug 21, 2015

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    That's why I questioned, for two watches only :whistling:

    Wear one and throw the other in a safe deposit box
     
  12. Sebastian Tombs Aug 21, 2015

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    Hello Standy,

    I am travelling through Europe next month and, while it's not doctor's orders to wear an expensive watch for the trip, I want to have the peace of mind to wear something that, if stolen, can be replaced. My plan is, as a general rule when I wear my travel watch (the Omega), to leave my daily watch (the Rolex) at my office, which is on the grounds of the estate belonging to our Queen's first cousin. You can gather that security is pretty tight there, day or night. But I acquired my new Rolex at the beginning of the month and I quite fancy taking it for a spin on a Eurostar train in a month or two. I hope this clarifies!
     
  13. emilio Aug 21, 2015

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    I think that in this case the Omega should be on your travel insurance..

    Don't think any insurance company would insure it when it is abroad?
     
  14. Sebastian Tombs Aug 21, 2015

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    Hello Emilio,

    There are as far as I know dedicated policies that cover worldwide accidents, loss and theft for valuable personal belongings. As I told Ben a few posts above, I will find out everything on Monday and report what T.H. March's offer is like and what their terms are. I hope that such information can be useful to other forum users in the future, should they find themselves shopping for a new policy.
     
  15. blubarb Aug 23, 2015

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    But aren't those covered already under contents insurance in the UK - they are in Au up to 10k admittedly but then you an allocate jewellery as as a % of contents, eg., if your contents are insured for 100k then you can allocate say 20k for your watches alone (or whatever) - but this does not include any that you take out of the house, for that you need extra insurance. Kind of depends on the individual underwriters I guess.
     
  16. blubarb Aug 23, 2015

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    Sure...but
    Sure, but who watches the watchers and everyone knows you can't trust the Royal family (ask any Aussie) especially their extended family. :)
     
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  17. Sebastian Tombs Aug 23, 2015

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    This is actually a very good point.
     
  18. Sebastian Tombs Aug 23, 2015

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    Actually, and this anwers to Standy as well, my main concern would be for the one I am wearing. Let's just say that I would feel better if I were to go through Europe at both day and nightime with £5,000 strapped to my wrist if I knew that if I get mugged I can buy myself another watch. That would be the main reason to insure a watch, at least for me. I am not concerned about a home burglary.
     
  19. Dogmann Aug 24, 2015

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    Hi all,

    I have just had a interesting conversation with T.H. March and to be honest am really disappointed with the service that they offer as whilst they will insure your watches they do not pay out your claim in cash but will replace your watch like for like. This may well be good and OK for a brand new watch that is then replaced for a brand new watch but on any pre owned watch you are then relying on what they consider like for like.

    So for my Vintage Baby PloProf which is all original I could end up with anything they consider like for like which to me is totally unacceptable and pointless as a polished case or service dial and bezel version is all they would most likely find at the same value. The same goes for my 2006 Rolex Sea Dweller I would have to rely on what they felt was like for like and again that could be a badly polished or lesser condition watch them my example.

    IMHO what is so hard in agreeing a valuation of an item and in the event of loss paying the agreed value, rather then agreeing a value and then in the event of a loss sourcing a replacement through their trade connections at the lowest price possible which to me seems slightly dodgy at best and I won't say what I feel at worst. Am I being unreasonable or do others think there is nothing wrong with their business model and practices? as for me its pointless and not worth the premium asked which by the way is far from being cheap either.

    Marc
     
  20. emilio Aug 24, 2015

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    As you said I think it can work for new watches..

    However for vintage this is a completely different story.. Some watches can't be replaced at all..