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sheriff · 27 February 2009, 12:41 AM

Great site chaps. I need a bit of advice please.

About 2 years ago I lost my seadweller that my mother gave me when my father died. Although I was gutted about loosing it, It was insured. I never told my mother as it would have really upset her. I claimed on the insurance and got a new one. Last week whilst doing some work in my garden, I found the watch buried in some soil. I still have all the paperwork and box for the watch, but it looks like it could do with a service, after being in the outside for two years. My issue is if I take it to be serviced it will come up on Bexley lost or stolen. My question is, will they inform the insurers? because im worried they will then take it away, and I will be without my fathers watch again.

Marc

Lol-x · 27 February 2009, 09:19 AM

Quite possibly, when you got paid out by the insurer, there may have been a term of the policy that the property in the watch was transferred to the insurer.

Alternatively, if you have found the watch, but it is damaged, there maybe some basis for you to retain part (maybe a substantial amount) of the monies received from the insurance payout, but otherwise you would be obliged to repay to the insurer the payment you received for your loss.

Insurance is a contract 'of the utmost good faith' and as such if a material fact relating to that relationship arises you must disclose that to the insurer.

If you take your watch to Bexley or any other watchmaker and for some reason (parts need to be replaced by Rolex) the serial number comes up you will be in jeopardy of being deemed to have either made a false claim originally, or appropriating the payout monies by not reporting the matter to the insurer. Either way it may not only be embarassing, but it may result in legal proceedings of either criminal or civil or both against you.

At the end of the day it is your decision. Make the right decision, pay what you have to and have a clear conscience. Remember the insurer paid you money because it was considered your watch was gone forever. As matters have transpired that is not so, and so you really have a duty to make things right.

redshirt1957 · 27 February 2009, 10:44 AM

Steve is spot on.

When I have these type of quandaries, I put myself in place of the other side. So if you were the insurer, what would you want an honest policy holder to do in your case?

Numismatist · 27 February 2009, 10:50 AM

What means more, the money you got or your father's watch? That is the question - you can't have both and feel good about it.

sheriff · 27 February 2009, 06:08 PM

Thanks Guys, I am going to call the insurance company to let them know, and to see, what happens from there.

Lol-x · 27 February 2009, 08:59 PM

Good for you sheriff and more power to you. You can hold your head high in that honourable act.

You might want to consider getting a quotation for the repair cost from Rolex Bexley and see if the insurer will cover that cost.

Any photos would be most welcome. Some vintage parts may well be worth retaining on the watch even if they do look slightly discoloured as they will be much more valuable than new components e.g. dial/hands.

yannis · 28 February 2009, 05:36 AM

Welcome to TRF Sheriff!

sheriff · 2 March 2009, 07:55 PM

Thanks for all your help guys.

Andad · 5 March 2009, 06:37 PM

Welcome to the Forum old chum.

Steve, as expected, is spot on. You must be very happy to have found your father's watch and have it back again.

Enjoy weraing it.

27 February 2009, 12:41 AM	#1
sheriff "TRF" Member Join Date: Feb 2009 Location: london Posts: 3	Great site. Need advice please Great site chaps. I need a bit of advice please. About 2 years ago I lost my seadweller that my mother gave me when my father died. Although I was gutted about loosing it, It was insured. I never told my mother as it would have really upset her. I claimed on the insurance and got a new one. Last week whilst doing some work in my garden, I found the watch buried in some soil. I still have all the paperwork and box for the watch, but it looks like it could do with a service, after being in the outside for two years. My issue is if I take it to be serviced it will come up on Bexley lost or stolen. My question is, will they inform the insurers? because im worried they will then take it away, and I will be without my fathers watch again. Marc

27 February 2009, 09:19 AM	#2
Lol-x Facilitator Join Date: Nov 2005 Real Name: Steve Location: Omnipresent Posts: 33,566	Quite possibly, when you got paid out by the insurer, there may have been a term of the policy that the property in the watch was transferred to the insurer. Alternatively, if you have found the watch, but it is damaged, there maybe some basis for you to retain part (maybe a substantial amount) of the monies received from the insurance payout, but otherwise you would be obliged to repay to the insurer the payment you received for your loss. Insurance is a contract 'of the utmost good faith' and as such if a material fact relating to that relationship arises you must disclose that to the insurer. If you take your watch to Bexley or any other watchmaker and for some reason (parts need to be replaced by Rolex) the serial number comes up you will be in jeopardy of being deemed to have either made a false claim originally, or appropriating the payout monies by not reporting the matter to the insurer. Either way it may not only be embarassing, but it may result in legal proceedings of either criminal or civil or both against you. At the end of the day it is your decision. Make the right decision, pay what you have to and have a clear conscience. Remember the insurer paid you money because it was considered your watch was gone forever. As matters have transpired that is not so, and so you really have a duty to make things right. __________________ *Most folks are about as happy as they make up their minds to be.* ~Abraham Lincoln Nothing compares to the simple pleasure of a bike ride. ~John F. Kennedy ROLEXploitation - yeah I'm a victim

27 February 2009, 10:50 AM	#4
Numismatist "TRF" Member Join Date: Nov 2007 Real Name: Chris Location: Camden ME & STT Watch: 116600 Posts: 6,350	What means more, the money you got or your father's watch? That is the question - you can't have both and feel good about it. __________________ Rolex 116600 Sea-dweller Montblanc Solitaire Doué Black & White Legrand FP Montblanc Solitaire Doué Black & White RB Montblanc Meisterstück Diamond Mozart BP Montblanc Meisterstück Mozart BP

27 February 2009, 08:59 PM	#6
Lol-x Facilitator Join Date: Nov 2005 Real Name: Steve Location: Omnipresent Posts: 33,566	Good for you sheriff and more power to you. You can hold your head high in that honourable act. You might want to consider getting a quotation for the repair cost from Rolex Bexley and see if the insurer will cover that cost. Any photos would be most welcome. Some vintage parts may well be worth retaining on the watch even if they do look slightly discoloured as they will be much more valuable than new components e.g. dial/hands. __________________ *Most folks are about as happy as they make up their minds to be.* ~Abraham Lincoln Nothing compares to the simple pleasure of a bike ride. ~John F. Kennedy ROLEXploitation - yeah I'm a victim

28 February 2009, 05:36 AM	#7
yannis "TRF" Member Join Date: Nov 2008 Real Name: Yannis Location: Europe Watch: maniac Posts: 9,070	Welcome to TRF Sheriff! __________________ Rolex Submariner 116610LV \| Tudor 79220N DSSD MEMBERS - OWNERS CLUB

27 February 2009, 10:44 AM	#3
redshirt1957 "TRF" Member Join Date: Sep 2007 Real Name: Bubba Location: Bitsyville! Watch: Blue YM today! Posts: 10,053	Steve is spot on. When I have these type of quandaries, I put myself in place of the other side. So if you were the insurer, what would you want an honest policy holder to do in your case?

27 February 2009, 06:08 PM	#5
sheriff "TRF" Member Join Date: Feb 2009 Location: london Posts: 3	Thanks Guys, I am going to call the insurance company to let them know, and to see, what happens from there.

2 March 2009, 07:55 PM	#8
sheriff "TRF" Member Join Date: Feb 2009 Location: london Posts: 3	Thanks for all your help guys.

5 March 2009, 06:37 PM	#9
Andad 2024 SubLV41 Pledge Member Join Date: Nov 2006 Real Name: Eddie Location: Australia Watch: A few. Posts: 37,510	Welcome to the Forum old chum. Steve, as expected, is spot on. You must be very happy to have found your father's watch and have it back again. Enjoy weraing it. __________________ E

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