At the latest after purchasing the second or third slightly more expensive watch, the careful watch aficionado will start to ask about adequate insurance. The assumption that higher quality watches are included in the household insurance is right in general, but in real life, this insurance protection has many flaws.
Many insurance conditions require that valuables, especially watches and jewellery are only insured up to a value of 25.000 Euros. And thinking that these 25.000 Euros can be used for the replacement of the watch collection, this calculation was often made without the insurance. Very often, this causes the problem of underinsurance. If the policyholder possess valuables like for example jewellery, coins, stamps etc. at a value of 100.000 Euros but only has a total insurance value of 25.000 Euros he is underinsured. In this case the insurance only pays a percentage of the insurance damage in case of damage, meaning in our case you would receive 25.000 Euros if all of your valuables were stolen. It is even worse if an insurance case occurs for only a part of your valuables. You then will under no circumstances receive the full insurance sum but only the percentage. If you review the prices of the brand name watch manufacturers, five digit sums are reached quickly and the risk is correspondingly high.
This is why there is the question of a special insurance. But pay attention. The devil is often in the detail. Special attention should be applied when reading the small print. The insurance conditions often prescribe that the valuables are either in a solid building and – if that were not enough – additionally stored properly, meaning in an adequate safe. Further, many insurance policies have many insurance exclusions: no insurance coverage is given in countries that have conditions of civil war or in case of confiscation by foreign authorities. And of course, no insurance coverage is given if the owner damages the watch himself, for example by overturning the winder. During travels, watches are frequently only insured if they were left in a locked vehicle during the time from 6 a.m. to 10 p.m. for a maximum time for 2 hours during the interruption of a trip. And even then, a further requirement is that the trunk is not reachable from the interior of the car. Ultimately, separate insurance limits are often prescribed for travels. It needs a thorough and professional consultation by a trustworthy insurance consulter to find the right insurance product for you.
In addition, the watch-jewellery-branch was and is very prone to theft, burglary, robbery and other property crimes. Thus, it is often not easy to find an insurance that even works in this sector at all.
The list below includes several watch insurers and insurance brokers that have specialized on this type of insurance for private and commercial customers. An important factor to mention is that there are often significant price differences between the different providers. Should you know of further providers we would gladly receive your short information to further supplement this list.