Insuring your timepieces

[triton]

another good point raised. this is what im trying to get for members. insurance for watch when travel overseas in event of loss of watch through theft or robbery.

if im not mistaken, if there is a receipt to show the value of watch. it is quite straight forward. if there is none, then slightly tedious. then there would be an evaluation. im currently trying to find out more on the process to do an evaluation.

another point to raise is what about overseas coverage?

last time my home and contents (in oz) didnt cover me once i stepped outside of australia, hence my decision to take travel insurance with additional cover.

im assuming; to initiate the cover; you will also need a professional evaluation of the items to be covered?

[kenlinliu1419]

When I investigated watch insurance, most companies quoted me based on the valuation of all watches put together. It did not matter to them that one is $50k and another was $5k. They will quote you according to the grand total.

However, they did say that photos and paperwork including a valuation report should be kept as proof of ownership. In the event of a loss (theft) you would need to submit a police report which would then be used to stake your claim.

It should not matter if you sold your watch onto somebody else as your total valuation will still remain the same until it comes to renewing the policy.

[pegasi]

This topic of watch insurance came to my mind just recently, what an coincident!

Not that I have very expensive watches that worry me, it's just that I very often read in overseas forum that people have their watches covered by insurance, and wonder how that works in SG.

For me I am not likely to buy such an insurance as I do not regard my collection as expensive enough. Plus I have no desire to wear my "branded watches" when I travel, so I think the risk is generally very small.

[alex168lim]

I have a friend (from US) whose house was broken into and his insured watches stolen away. He only realised that the insurance policy excluded watches stolen at home or hotel and only covered incidents when the watch was robbed or forcibly removed from the wrist. So, this is one fine print to look out for in watch/jewellery insurance.

[seiko.citizen]

time for me to read my PDS then. i have coverage; but only within the australian mainland. once i exit the country; i have to take out third party insurance (or tompang with my travel insurance)

[eojmil]

err...TS... solly... I thick wrongly...should be 2 not 1...... paiseh...

[triton]

if it is 2% of total value worth. this means for 10,000, it would be 200. would anyone be interested?

[pegasi]

if it is 2% of total value worth. this means for 10,000, it would be 200. would anyone be interested?

Are you talking annual premium?

[seiko.citizen]

any excess in the event of claim?

for my cover in oz; i have a $1000 excess. so if i insure my watch for 20k, and it gets lost/stolen/etc, i am only reimbursed 19k

[Oceanklassik]

if it is 2% of total value worth. this means for 10,000, it would be 200. would anyone be interested?

Does it mean if an insured $10K value watch is stolen/loss/damaged, the insurance co. will pay $10K to the party insured? And all he/she has to pay is $200/year?

[triton]

i believe it is annual premium for watch insurance.

Are you talking annual premium?

[triton]

nother good point raise. will confirm and revert.

any excess in the event of claim?

[triton]

please see response to pegasi and seiko.citizen.

Does it mean if an insured $10K value watch is stolen/loss/damaged, the insurance co. will pay $10K to the party insured? And all he/she has to pay is $200/year?

[Wenda]

This is definitely interesting. I have a small discussion with my friend about this and he is recommended C**** (just did self censor, maybe not appropriate to advertise here) with premium of about 1000SGD per year that covers not only watches but also paintings and other important documents of up to 50k or 100k (cannot remember exact sum). As per above, item stored at home is covered.

[yulee]

Yes I'll definitely get insurance - just to have a good night's sleep