Valuations for insurance

[Schnellmann]

Another joy of returning to the UK I have discovered is that when I got house and contents insurance the insurance company says I need valuations of the watches (not more than 3 years old).

I popped into the Rolex dealer in Cambridge at the weekend to be told that insurance companies no longer accept their valuations and that they have to send the watches off to their HQ in Birmingham. Time 4 to 6 weeks and cost £60 per watch (for 4 watches it is going to be £200). Sounds pretty expensive and inconvenient to me. Is that normal?

[Lunablack]

I insure through HISCOX..... No valuations required for any individual watch under £15k....doesn't matter if collection as a whole is worth more than £15k...just so long as no 1 watch is.....

They advised I photograph watches, boxes and papers, and keep as a record of ownership, but even this was just a recommendation, and not a requirement...

[Schnellmann]

Thanks

What sort of premium do you have to pay?

[Dominic H]

Evening OP,

Sounds like an unnecessarily complex procedure suggested by your Rolex dealer. If it's in Cambridge, it's Mappin & Webb, I'd be very surprised if a Mappin & Webb valuation wasn't appropriate. Most insurance companies would be more than happy with an insurance valuation from a Rolex AD. Sending the watches away only exposes the goods to the risk of damage or loss in transit.
Have a word with your insurer to see what paperwork they require. I can provide valuations for insurance purposes, give me a call if you'd like any further information.

Dominic

[Adrian W]

Lunablack said:

I insure through HISCOX..... No valuations required for any individual watch under £15k....doesn't matter if collection as a whole is worth more than £15k...just so long as no 1 watch is.....

They advised I photograph watches, boxes and papers, and keep as a record of ownership, but even this was just a recommendation, and not a requirement...

I'm getting very nervous about this, i have been with them for years, I asked them if I lost 10 £15k watches would they pay out, they wouldn't give a straight answer, I am currently getting quotes elsewhere, NFU look favourite at the moment.

[Lunablack]

Schnellmann said:

Thanks

What sort of premium do you have to pay?

I did my whole contents, and buildings....£420..... But I do have a lot of stuff insured.... Generators, tools, trailers etc etc...

I've never maid a claim...but HISCOX do have a good reputation for service and paying out should the worst happen

[Vvroom]

NFU didn't want valuations for my watches either. Again, they recommended I take photos of the boxes, papers and the watches of course.

[Schnellmann]

Thanks for the comments.

It was indeed Mappin and Webb.

My insurance company completely unhelpful. Have just stated that in case of a claim I need to provide a valuation less than 3 years old. Couldn't answer my questions as to what type of valuation was acceptable.

I don't really want to pay £200 nor send off my watches so will look at other alternatives.