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john_coburg
·Following on from the discussion around Hodinkee's offering via Chubb, could we discuss the best offerings for UK watch owners?
I used to use Hiscox, who offered great customer service, were relatively flexible, offered cover for visting housekeepers (who held keys - a 'key' requirement for me) and they only required pieces over £10k to be separately listed. They required certain items (i think those over £20k) to be kept in a locked safe with a fairly high cash rating, if it isn't on your wrist (bit of a pain, but manageable), but crucially, they didn't offer 'underinsurance'. So as my collection grey in value, it just become too expensive.
I would like a policy that lets me insure X% of my portfolio, rather than the whole lot. Essentially, I want to to insure a value of £X (the sum assured), whereby i am simply ensured to receive a cash value of (up to) £X if i have a sustain a loss up to the value of £X, where £X < full portfolio value. So say i have a £100k collection, but i only want to insure, say, £50k of it, I take the risk on the remaining £50k. Some insurers let you do this, others vehemently refuse to, presumably as they feel a larger collection is more at risk...although surely they could just price for that?
Anyway, it seems Beazley offer this, and the pricing looks to be around 1.6% (w/ £250 excess, per item)
Who do other people here use? Does this sound about on-the-money? What else do i need to think about or check in the small print..?
Many thanks for any thoughts.
I used to use Hiscox, who offered great customer service, were relatively flexible, offered cover for visting housekeepers (who held keys - a 'key' requirement for me) and they only required pieces over £10k to be separately listed. They required certain items (i think those over £20k) to be kept in a locked safe with a fairly high cash rating, if it isn't on your wrist (bit of a pain, but manageable), but crucially, they didn't offer 'underinsurance'. So as my collection grey in value, it just become too expensive.
I would like a policy that lets me insure X% of my portfolio, rather than the whole lot. Essentially, I want to to insure a value of £X (the sum assured), whereby i am simply ensured to receive a cash value of (up to) £X if i have a sustain a loss up to the value of £X, where £X < full portfolio value. So say i have a £100k collection, but i only want to insure, say, £50k of it, I take the risk on the remaining £50k. Some insurers let you do this, others vehemently refuse to, presumably as they feel a larger collection is more at risk...although surely they could just price for that?
Anyway, it seems Beazley offer this, and the pricing looks to be around 1.6% (w/ £250 excess, per item)
Who do other people here use? Does this sound about on-the-money? What else do i need to think about or check in the small print..?
Many thanks for any thoughts.
