hi all - I'm looking for opinions on who's best to insure a watch collection in the UK with...?

I'm currently covered through exceptions on the home contents policy but I think it would be better to get dedicated cover, and I'm not sure who's good, bad, expensive, indifferent etc... I've tried searching but can't find much other than complaints about shipping insurers and the likes...

- I have mostly relatively inexpensive watches, with a few more valuable ones.
- I'd rather not have to declare every single watch, unless there's a value threshold (like watches about £5k or something) and it's an easy process that doesn't generate loads of paperwork and charges for every single change...
- I'd prefer not to have to take out insurance in conjunction with contents & buildings, as the house has a bit of flood history which makes most insurers run a mile, but you don't find out until 30 mins into quotesville.

Any recommendations?
thanks in advance!
Ewan

 

Give these a ring. They insure unspecified watches up to £50k per watch, anything over needs to be specified. I don't know if they deal direct as my broker recommended them when they re-brokered for me the end of last year. I don't use them myself as mine are insured alongside my Buildings & Contents via Sterling/Covea. Their unspecified limit is £10k

https://www.artsure.co.uk/index.htm

 

T H Marsh are a leading insurer for the jewellery trade and I believe would treat approaches from collectors with some sympathy if the collection is big enough and reasonable security precautions were in place.

 

Do you guys have such a cover?

 

There's been a few threads on this subject in the past that are worth searching for.

I work in the insurance industry (although not on the "personal lines" side, which this would be). My comment would be that I think you're currently doing the correct and likely most economically prudent thing: insuring via your homeowners policy. That said, you may want to go with a "higher end" insurance company or insurance product.

My watches and wife's jewelry are insured via a rider - i.e. a separate off-shoot of our main policy. The rider has advantages like having no deductible, insuring all pieces to full replacement value and also requiring no requirement to declare specific watches or their value so long as total value is below $30,000.

You will need to speak to a broker in order to find the policy that fits your specific needs - you don't pay for their time - they're given a commission by the insurance company. I can't legally give you advise but i will say that insurance is like every other product: you get what you pay for and i'll tell you what i use for insurance.

I insure via a company called Chubb (I do not work for Chubb - in fact they're a competitor of mine). They are well-known for excellence in personal lines coverage - although they can potentially cost slightly more. Other insurance companies also offer "higher end" policies if you specifically request them - they tend to offer coverage frills along with providing a significantly easier and less antagonistic approach in the event of a claim and will offer higher jewelry limits without appraisal. I had a Tag Heuer Monaco stolen at the beach a few years ago - I'd bought it on a forum for $1,600 but I had a Chubb cheque in my hand for $5,000+ within two days as that was the replacement value quoted by the jeweler adjacent to my office - again, you get what you pay for from your insurance company. Chubb had no appraisal or list of what watches i had - i believe they did ask me if i had any photos of me wearing the watch (which i provided - ALWAYS good to have some photos of your watches).

Finally, keep in mind a few more things:
1) Insurance brokers aren't all equal. Shop around and see what they offer you. They're paid based on a percentage of the premium so it's no skin off your back having them send you a quote;
2) Price isn't the only thing to consider - you can have wildly different terms in a given policy. So cheap may be just that - crappy, cheap insurance (check things like deductibles, limits, territory the insurance covers, whether you're covered for "mysterious disappearance" (insurance term for "i left it somewhere and now can't find it"); and,
3) you're simply a number to an insurer - the more premium you can promise them, the better the deal you typically get. So it's typically best to insure everything with one insurer - home, auto, any business you might have, etc. Frankly, if you're insuring a house and a car with a company, your watch collection likely isn't all that significant of an exposure for them.

Hope this helps.

 

I am looking at Ripe insurance. They have a combined limit of £50k

 

Thanks for the suggestion I have sent them an enquiry.

 

Great advice, thanks guys - really appreciate your insights.
I'm going to call around and see what I can do - if my current insurer is prepared to up their cover, that might be the simplest approach

 

I've mentioned this before and I'll sat it again: Chubb!

 

Per my post above, that’s who I use as well and recommend.

 

Out of curiosity, - and I know these things may differ from a situation to the other - what could potentially be the annual premium for a collection worth £50k kept in a London home?

Also, since the watch market is constantly moving, how is the insurer dealing with the fact that a particular watch can be worth £15k today and £18k in 8 month time?

 

...ballpark : 1% of the insured value.

 

home insurance. I'm currently with M&S and they increased my premium nominally

 

Well, I got a quote from assetsure.com - who supposedly specialise in insuring "stuff that really matters".

Lots of conditions about being locked in a safe with a rated cash value of 10% of the contents (OK fair do), maximum cover when goods out of safe (single item limit of £10k, total insured loss £20k) - and all for the bargain price of just under £100/month for up to £60k cover. Oh, and they want a recent UK valuation for every item covered.

I'm hoping the rest of my enquiries prove more suitable

 

Many thanks this is helpful.

 

In the past I have used TH March and they were 'reasonable'. I never had to claim so that's all I can say about them.

I am now with Direct Line Select - it's the premium, not online bit of Direct Line and they have been great so far. It's definitely worth giving them a call.

 

I recently contacted TH Marsh and they weren't interested in vintage watches and suggested I try Assetsure.
When I contacted Assetsure I got a similar response to @ewand. The problem I am having is finding someone who can value vintage stuff (for a reasonable price) that insurance companies will recognise.

 

Again, you're unlikely to get a good deal (or good terms and conditions) using jewelry specific insurers. Much better to use a large personal lines insurer (like Chubb, which i use and others on this forum use, or the higher end personal lines package you can buy from other large personal liens carriers) as an add-on to your home-owners. I have none of the restrictions you mentioned and pay 1/10th of what you were quoted.

Call a broker - you do not pay them (they're paid a commission by the insurance company) and this is what they get paid to do - custom tailor solutions for you and find the best options in the market.. Aon, Marsh, Willis, Arthur J. Gallagher are large ones, with a litany of small ones out there as well. Trying to do this yourself is unlikely to result in good coverage or a good deal.

 

I use that reliable old insurance broker: N.O. Fakkerknowswheremywatchesare & son.

 

I agree . Take photos of all your watches and email them to your domestic insurer, declare theirs values and add them to single items over the insurers specified amount . Mine is any single item over £1500