AP price increase again?

[chiscott_29]

Originally Posted by Patton250

That is a problem isn’t it. You have to get an updated appraisal and my A.D.’s won’t do it for sure. They will only appraise it for what retail is.

You need to ditch the old school mainline insurers. This way of valuing personal valuables like watches is frustrating and archaic. Not to mention, no AD or jeweler is going to appraise your watch at “market value”. That’s a completely subjective term and they open themselves up to liability if they do so. Any legitimate AD or jeweler will “appraise” at whatever you paid. If you use a watch dealer, of course you could get an appraisal for whatever you paid which would be assumed to be market price (of course assuming they are qualified to give appraisals).

If you are a customer of a carrier that has a tendency to attract high net worth individuals, get a separate Personal Articles/Personal Collections policy. These are offered from companies such as Chubb, Nationwide Private Client, PURE, and a handful of others.

If you’re not a customer of those companies, look into some of the new offerings from WAX or even HODINKEE. These guys understand the watch market and have policies that handle all of this automatically. For example, their agreed/insured value automatically covers a 50% increase so you don’t have to worry about it each and every year. If you insure a Submariner for $10k, you’re really covered up to $15k.


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