Welcome to the Riviera Fine Art blog, your reference for horological treasures. In this article, we're going to tackle an essential subject for watch collectors: insurance policies. We'll highlight the importance of protecting your valuable timepieces with the right insurance coverage.
There are many accidental situations that could occur in your home or anywhere else. Risks to collector's watches, such as theft, loss, accidental damage or natural disasters, are more common than you might think.
In the aftermath of a loss, compensation arrangements are not always up to expectations. The financial stakes involved in owning luxury watches, and the need to protect them against unforeseen events, are becoming an increasingly important subject to address.
To meet this new need, Audemars Piquet is offering a new service with the purchase of a new Audemars Piquet watch in its network of boutiques. https://www.audemarspiguet.com/com/fr/services/ap-coverage.html
There may be advantages in taking out a specific insurance policy for valuable watches.
But not necessarily, as your comprehensive homeowner's policy already covers some of these risks. What's more important is the peace of mind that comes with having the right coverage for your lifestyle and calculating the amount of compensation.
There are various coverage options, such as new or used value. Certain provisions may also change depending on the coverage purchased against theft, damage, loss and unforeseen events. Everything must be clearly guaranteed. or excluded.
Our experience as insurance adjusters enables us to testify to the inadequacy or absence of cover in certain situations. For example, if the means of protection in your home do not meet the company's requirements. In some cases, the company may require you to install additional preventive measures, such as an alarm and a higher-category safe.
In practice, to insure a collection of luxury brand watches, it's important to inform your insurer first. Tell him or her the value of the purchase or of your entire collection. He can then adjust your current contract. Alternatively, you can work with insurers who specialize in valuables and luxury watches.
Of course, comparing insurance offers means carefully examining the conditions and limitations of each contract. This technical part seems indigestible and complex due to the professional jargon used.
Between the lines, some contracts halve the indemnity in the event of theft ....
To help you update the value of your collection, you can also turn to specialized professionals such as appraisers and auctioneers.
What advice can we give collectors to minimize potential risks and prevent claims?
To begin with, keep in mind the adage: "Act like a good father". Good practices such as secure storage, the use of safes and regular home security checks are basic behaviors not to be forgotten. Even when walking your pet or swimming in your pool, remember to lock your doors!
Next, we believe it's important to keep an up-to-date inventory of your collection, and to preserve authentication documents. The original packaging and certificate are essential for a better resale. The House of Rolex now issues a new type of authentication certificate for pre-owned watches resold with its partners: Rolex Certified pre-owned.
We believe that new technologies such as blockchain, and in particular the possession of an NFT linked to the object of value, will become an increasingly used traceability factor. In the luxury goods market.
In short, as a watch collector, protecting your precious collection is of paramount importance. Specialized insurance policies provide the peace of mind you need to enjoy your passion without worrying about risk. Don't forget to explore the insurance options available to guarantee the security and preservation of your time-honored treasure. For example, is theft insured anywhere? What are the limits for valuables? In which furniture category is your watch classified? Depending on their unit value or material, collector's watches may be classified as valuable objects or chattels, and coverage limits may change.
Visit Riviera Fine-Art's online boutique to discover an exceptional selection of luxury watches and complete your collection. Contact us for jewelry and watch appraisals and insurance inventories .
