My collection has gotten to the point where I feel I need to insure them. Has anyone had problems with coverage?

As many of you know, Ted Steuernagel was burglarized a week or so ago.. Ted, if you don't mind us asking, where you insured? have you dealt with an adjuster yet?... Your unfortunate burglary really got me thinking about insurance..

Actually Bruce i have thought of this too.I am fairly certain here and maybe elsewhere the watch would have to be apraised for value.Some watches are obviously worth more than the dollar price eg a father,s watch.
Also i have been thinking about the security of my home.I would like to get a vault for my watches and other valuables.
Any thoughts on this topic?

My insurance agent decided it was time to go over my coverage last fall. All my watches and all the jewelry in the house get lumped together for a maximum amount. I think it was a couple grand, but that was it.

Other than that, you have to take out individual coverage, which last time I checked was 2% of the covered value.

Charlie

Like Charlie, most of us are essentially self-insured. The sad part is that insurance companies look at our watches as jewelry rather than objects of art. Mine provides a measly $2,500.00 which is the value of one good watch.

The cost of insuring a collection of any substance would be prohibitive, so of course we all buy safes.

And very serious alarm systems!

Lindell

I use safety deposit boxes at my bank. When I want to see a watch or post a picture of one, I have to go down and get it. So sad, but that's the way things are now-a-days.
There is also no insurance for safety deposit boxes.
Brian C.

I, too, use a safe deposit box. But I rented one a block from my office, so any weekday I want I can go at lunch and take out a different one to wear. They are getting to know me real well at the bank.

My house was burglarized about 10 years ago and the ##### was still in the house when my parents returned. He managed to get away from them and the police were little if any help. They closed the case in 6 weeks or so. Our homeowners paid the maximum but that was reached before reaching my list of about 75 watches, mostly wrist. None of them were worth much individually, but in a group it was a considerable loss. We have always thought it was an inside job; my mother was getting home health care at the time and the people who visited her knew what day of the week she went for treatment. They also knew where to get in. I had removed some storm doors inside some
French doors and they were just fastened with a turn bolt, no key. So all they had to do was break out a pane of glass and reach in and turn the bolt. The man took the pillow cases off the beds to use for sacks and went through the drawers in dressers and chests. He took only small stuff but might have taken more if they had not returned. He got only one clock an easily carried French carriage.
I now have a security system and have been
taking the watches to my safe deposit box whenever I'm going to be away more than a few hours.
I have thought of keeping records of the watches, serial numbers and pictures but doubt that would be very useful; I had serial numbers on some of the watches but it made no difference.

TRy Jewelers Mutual..

They used to have a private collections inurance that while a TAD higher than some was top notch! And they actually pay their claims while some other insurers do not..

Jeff Hess

I fired off an email to them asking if they would cover my collection. I will post the response when it arrives.

Here is a link to Jewelers Mutual

http://www.jewelersmutual.com/

Here is the response I received from Jewelers Mutual...

Bruce~

Unfortunately, we would not be able to insure you watch collection. That is
actually an exclusion in our Personal Jewelry Policy. Perhaps, try CHUBB
Insurance. They are a reputable insurance company that we direct
individuals that we aren't able to insure. Their number is 800-248-2208.

The hunt continues...

I think the best route for me to go is a safe and have it hidden in my house.I thought a floor safe a decent way to go in the basement floor but after i thought more i figured the excess moisture would probaly damage my watches or what if the basement flooded.
Like what has been said yes you can get insurance, but it will never cover the monetary value of the watches.

It has really never crossed my mind

I guess it is time to look into it

I wish that harmony and respect were more prevalent in our society and that theft was not a concern..but times are changing to the worse I'm told by my friends.Sad.

I have had my clocks insured for apraised value with a "fine arts" rider on the home policy. Watches must be in a different category.

Hi Again, Heres how it works for me, all articles over £1000 have to be individually valued and photographed and copies sent to insureres ,any named article is covered up to the £1000.Where I live is a low crime area and all residents get reduced insurance premiums, It is done by POST_CODES (Zip Codes).I think a good deterrent to anyone breaking in is a dog, I know if it were me I would give the house a miss if I heard a dog inside. Ged.

Ged,

I have the same sort of thing on my guitars and a few precious items,but it was for fire/vandalism...never checked if it covered theft.

It is expensive.

Do any of you have any info about Collectibles Insurance Agency?
http://www.collectinsure.com/
I have seen there ads in different collectible publications. Not sure how there claims pan out if you have a lost.
Also you need to consider coverage when you are carrying the watch or displaying watches at the conventions.
Any Comments from anyone appreciated.
Also I understand that Chubb dosn't cover all 50 states.

Pete Cronos

Hello Guys, Bruce yes i'm insured with a home owner policy with a max of $2500.00 0N JEWERY WAITING TO HERE FROM THE ADJUSTER AS WE SPEAK. KEVIN AND Brien the idea of locking them up is the way to go but it makes me sick that i should have to resort to this i look at my watches as a piece of art. Its getting to be a sick world out there drugs are real bad right now. Ged i do have a dog its only a puppy year old the dog has not been the same sence. You Guys have been alot of support for me. Thanks Much TED

I have a friend who owned a clock shop that was broken into. The crooks took only the safe (the whole safe) that held his watch collection. The insurance company would pay only for the watches he could produce a bill of sale for. The costs for repairing and so on where not coverd.
Read and understand your insurance policy or you too might be disapointed when making a claim.
Brian C.

Update, Stephen you will like to hear this the crooks did not touch my Fusees thank you lord

That,s good to hear Ted, that they left your fusees.I wish things that we love like art, our watches could be out to look at and apreciate but it is not the safest to go that way.
It must be awfully hard on you and your wife, i am not sure how i would cope with a terrible thing like this.
A dog i would think a good deterent with a good door and locks and a alarm system.
When i do get my safe i will make sure it is secured to the concrete floor or to the studs in the wall.
I guess as far as insurance goes it really doesn,t do much.

Hi,
Now let me tell you what my uncle did.
He's a huge coin collector, and has collected for years and years. He's 78 yrs old now.
He MADE a safe himself. He used the hallway wall as the "Face" of the safe, to look just like a simple linen closet, closet door, trim and all, and then on the other side is a small bedroom. He used the double closet in that room as part of the safe, by just making the closet a two door sliding door closet, but half of it is the safe. Even I don't know how he gets to the door that opens the safe, but he does it all the time. Any thief will only see a steal wall on either side, and could never move it. It's about 6 1/2 feet tall and about 3' square. I think it rolls, but who knows. At one time I know it was attached to the studs in the wall, but that was changed years ago. Sometimes he does open it, and lets us see some of his coins, but only after he has opened it before we come. It opens up and it has a wonderful display of lots of his things. He even has a spotlight in the top of the closet for lighting things up. Not for showcase anything, but because he doesn't see as good as he used to.

Now for the collections. In Maryland you can insure almost anything, but you have to have a current apraisal (sp) and renew it each year.
Another method is that you can list the items and then log them with a camera or video camera with a written list with virtually everything listed on it. Now, this sometimes means that you have to insure some of them separately, sometimes all of them, but it is worth it for really valuable items.
Another thing is that here, if you show a security system and the measures you have taken to care for the items, they are much better about insuring items, and it costs less.
I also know that in some states they HAVE to insure you if you meet the requirements.
Find out who regulates things in your state.

Where there's a will there is a way, it's up to us to stick with it, and not stop, until all the time and money invested is covered.

I'm sorry this is so long, but I just had to tell someone about my uncle Jim, he is so cool.
78, never married, loves races, golf and his collection of rare coins, but I think I got him hooked on my watches too, he keeps looking and looking. hehehe I will get him yet!

This is indeed a sad but needed thread. Clockmakers/watchmakers have to be careful these days as well as collectors,if you repair from a home shop or from a retail location. I think we tend to want to share our fascination and love of the horological world but sharing with someone with less than stellar friends can lead to heartache.