Do you own one or more fine watches?
Especially now, they need extra special consideration when it comes to having them appraised and insured. Recent losses to insurance companies for Rolex, Patek Philippe, IWC, and other prestige timepieces are hitting all-time highs. With the menace of inflation here, there are reports that the insurance industry is being very discerning when it comes to insuring these watches, mostly the men’s models. Gemcorp has learned from several sources that some insurance companies would rather not insure or are tightly underwriting these watches.
If you are fortunate enough to own such a watch, a review of your insurance coverage should be in order. Many models of these watches are not available from authorized retailers and haven’t been for some time. They are available (in many cases) on the secondary markets at a premium – sometimes a huge premium -over the suggested retail price by the manufacturer. How will your insurance company react to a loss?
For example, if an Authorized Rolex Retailer were to have a stainless steel GMT-Master II (model # 126710BLNR), it could be purchased from them for $10,550.00 today. However, at present, it is not likely that a new one from an authorized retailer would be available. Even upon placing a special order, the wait could be months or even years. However, they are available in “new” condition from a variety of sources in a range from $24,000 to $30,000 – more than twice the suggested retail! How would YOUR insurance company handle a claim for such a loss?
The time to find out how a claim would be handled is BEFORE that claim needs to be filed, especially if you have a prestige watch in the current environment. If you need an appraisal for your watches or jewelry, Gemcorp is well versed in all the jewelry markets, but you should first be completely clear on how your insurance company will handle a claim. After all, an insurance policy is a contract between you and the company. They have to be willing to accept the market value that you ask your appraiser to research and provide. We choose to have insurance because, above all else, it provides us peace of mind. Part of that peace of mind comes from knowing all the details before you have to file a claim. It is never a bad idea to periodically review your insurance coverages. Gemcorp stands ready to assist with valuations for all of your fine jewelry and watches.