Jewelers mutual insurance at market price (over retail)

[Kliminator]

Hi guys - I did some searching on this topic but wanted to just confirm ... For those of you that have your watches insured through Jewelers mutual, were there any issues with insuring your pieces at the market price (ie over retail)

Ie.
Daytona @ 20k+; MSRP 12k
BLRO @ 16k+; MSRP 9k
BLNR @ 13k+; MSRP 9k
AP Jumbo @ 30k+; MSRP 25k

If something were to happen, does Jewelers mutual cut a check for the replacement value that you've insured?

Has anyone had to submit a claim (in general) and if so what was your experience.

[wantonebad]

Originally Posted by Kliminator

Hi guys - I did some searching on this topic but wanted to just confirm ... For those of you that have your watches insured through Jewelers mutual, were there any issues with insuring your pieces at the market price (ie over retail)

Ie.
Daytona @ 20k+; MSRP 12k
BLRO @ 16k+; MSRP 9k
BLNR @ 13k+; MSRP 9k
AP Jumbo @ 30k+; MSRP 25k

If something were to happen, does Jewelers mutual cut a check for the replacement value that you've insured?

Has anyone had to submit a claim (in general) and if so what was your experience.

Very few claimants here so not a lot of searchable history. JM will insure at your assessed value, so if you have an appraisal for the value you want something covered for, that's all you need. Read the fine print, they aren't going to cut you a check, they are going to replace the item baring it being too difficult to find, but in that case they may balk at covering it in the first place.

[Kliminator]

Originally Posted by wantonebad

Very few claimants here so not a lot of searchable history. JM will insure at your assessed value, so if you have an appraisal for the value you want something covered for, that's all you need. Read the fine print, they aren't going to cut you a check, they are going to replace the item baring it being too difficult to find, but in that case they may balk at covering it in the first place.

Thnx for response.
So if they can't source one from AD would they get one grey market to replace?

[wantonebad]

Originally Posted by Kliminator

Thnx for response.
So if they can't source one from AD would they get one grey market to replace?

I'm sure they have their own sources and connections for the replacements and they aren't retail.

[Kliminator]

Originally Posted by wantonebad

Very few claimants here so not a lot of searchable history. JM will insure at your assessed value, so if you have an appraisal for the value you want something covered for, that's all you need. Read the fine print, they aren't going to cut you a check, they are going to replace the item baring it being too difficult to find, but in that case they may balk at covering it in the first place.

I called - they said in the event of loss they would work with me to find a replacement / satisfactory outcome. I'd imagine that a model cannot be found at an AD - they would be willing to purchase at the assessed value from a trusted seller (ie. David SW, etc...)

Hopefully I never need to find out...

Out of curiousity - do you have your pieces insured? If so, how much do you pay annually for insurance?

[wantonebad]

Originally Posted by Kliminator

I called - they said in the event of loss they would work with me to find a replacement / satisfactory outcome. I'd imagine that a model cannot be found at an AD - they would be willing to purchase at the assessed value from a trusted seller (ie. David SW, etc...)

Hopefully I never need to find out...

Out of curiousity - do you have your pieces insured? If so, how much do you pay annually for insurance?

For the last 13 years through Jewelers Mutual, and a month ago I switched to Liberty Mutual as a separate rider on my home owners.

[sco]

Call them and see what they say. Friendly people in my experience..