Watches Insurance Overview:
Wrist watches today are mostly obsolete, owing to the fact that people just check their phones when they want to tell time. But there are a large number of discerning individuals who purchase and use timepieces, and they are the classy few who can really appreciate the worth of a well-made timepiece.
Well-made timepieces are works of mechanical art. Intricate systems of quartz oscillators, gears and springs that enable a wrist watch to function with over 99.99% accuracy and almost no loss in timekeeping ability whatsoever. Expensive wrist watches may not be worth much to the average Indian who doesn’t see their value, but to a person who appreciates fine craftsmanship and the art of watchmaking – they are worth far more than the official price tags.
Owning a watch in 2016 isn’t really to have a convenient way of telling time, it’s more in order to establish your identity as a discerning individual of wealth and taste. It’s as much as a status symbol as it is an accessory to formal attire. Men usually buy multiple fine timepieces to match different suits or outfits, and women generally prefer smaller timepieces that are studded with precious stones like diamonds and sapphire, made entirely out of gold or platinum. There’s an old saying that goes “You can tell a lot about a man by his shoes and his wrist watch.”
Fine timepieces and luxury watches, like any other luxury item, are usually very expensive. Prices for excellent timepieces from brands like Ethos, Titan, Helios, The Prime, Rolex, Audemars Piguet, Tissot, Fossil, Greubel Forsey, etc. range between a humble Rs.35,000 to a whopping Rs.3 crore – and everything in between.
Expensive items, no matter what they may be, are always under a certain amount of risk of theft, loss, or damage. This is especially true in the case of luxury watches and fine timepieces.
Insurance for watches and luxury timepieces in India:
Most retailers and brands that sell expensive luxury watches usually offer insurance at the time of purchase that covers the owner for damages on the watch itself, offers coverage against theft of luxury watches, and provides coverage against loss of these watches.
There are many insurance companies in India that offer insurance policies for valuables like watch insurance. Some of these are listed below:
This insurance provider provides an insurance product called All Risk Insurance under which a person can insure his / her watch, jewellery, mobile phone, television set, etc. or any other item that has an intrinsic value that’s deemed insurable by the New India Assurance Company.
Watches of a certain value are allowed to be insured by this company. Most luxury watches from well-known brands are accepted and these are the ones you’re going to want to cover from any potential loss or damage.
This policy covers damages and losses that occur due to fire, theft, accidents out of the control of the policyholder, riots / strikes, and from any fortuitous causes.
There are some exclusions, however:
- Damages or losses arising on the insured property that arise due to breakage / cracking / scratching / of any fragile items that’s caused by anything other than fire or confirmed accidents.
- Damages or losses arising on the insured property caused to the article (in this case, watch) by any electrical derangement or breakdown unless it’s an uncontrollable external accident.
- Damages or losses arising on the insured property, in the specific case of watches – damages caused by denting, over-winding, or any other internal damage of watches and clocks.
- Damages or losses arising on the insured property incurred due to terrorist or activities involving sabotage.
- Theft from cars is only covered in case the watch is stolen from a fully locked and secured saloon type car.
In order to begin the claim procedure, the policyholder merely needs to submit a notice of the reason of the claim, along with a police complaint to the same effect. In case the insured watch was in the care of the Railways, Airlines, Hotels, or any other authority at the time of loss or damage – the policyholder will have to intimate them as well. A detailed statement of events that led to the loss / damage of the watch must be submitted to the New India Assurance Company within 14 days of the incident.
The All Risk Insurance Policy from the United India Insurance Company Ltd. is one of the most versatile policies that covers a person’s valuable items like mobile phones, jewellery, binoculars, cameras, watches, clothing, etc. from theft and damage.
Expensive and luxury watches purchased can be insured through this insurer, who has a proven track record of settling claims with policyholders in a timely and honourable manner. Nobody wants their luxury watch stolen or damaged by an accident – and knowing that there’s no compensation after this heart wrenching loss is just another nail in the coffin. That’s why insurance policies like this one exist, which offers coverage against the following:
- Damage caused due to accidents.
- Damage caused due to fire.
- Damage caused due to riots / strikes.
- Loss incurred due to theft or robbery.
- Any fortuitous case.
This policy, too, has some exclusions. Some of which are listed below:
- Damages or losses arising on the insured property due to war or war-like circumstances.
- Damages or losses arising on the insured property due to nuclear perils.
- Damages or losses arising on the insured property due to depreciation and the occurrence of moths / mildew / vermin / etc.
- Damages or losses arising on the insured property through any process of dyeing or cleaning.
- Damages or losses arising on the insured property claimed under contract.
- Damages or losses arising on the insured property due to any electrical or mechanical breakdown.
- Losses arising due to theft from any car that is not properly locked at the time of the theft.
Claims under this policy can be made by following this process:
- Fill out a claim form.
- Lodge an FIR (First Information Report) with the nearest police station.
- Arrange all documents of the insured product.
- Take these documents duly filled out and signed to the nearest United India Insurance Company Ltd. office and submit them during working hours.
The TATA AIG Insurance Company has done incredible work and has established itself as one of the premier insurance providers in India. This company not only provides health, life, and motor insurance, but also a specific type of insurance policy called the Fine Art and Valuables insurance, offered under its Private Client Group range of exclusive services.
Unlike other ‘all risk’ insurance policies, this policy offers excellent additional benefits like customized policies and a claims service with a concierge level of accessibility and quick claims processing.
Here are some of the benefits of this policy over other policies:
- The company provides a service called transit supervision in which they oversee the insured valuables being transported from one place to another and ensure that no theft or damage occurs in transit.
- For fine arts in specific, the company operates through a network of highly reputed conservationists, restoration experts, shippers, and storage facilities.
- The company offers a free evaluation of vulnerability to theft and damage on the particular item being insured.
- The policy is entirely customizable to suit your specific needs.
- All interactions with the TATA AIG Insurance Company regarding the insured items will be done through a highly professional and courteous team that’s specially trained and qualified to deal with any issue that you may face.
These are only a few of the insurance players that provide special insurance for valuables and luxury watches, but feel free to shop around and find the perfect insurance company that fits your exact requirements. The list above is not exhaustive, and is designed to give you an idea of the kind of insurance coverage you can get for your expensive timepiece. The features and benefits mentioned above are also indicative of the type of features and benefits that such speciality insurance policies usually carry, and are not an exhaustive list.
You can visit your favourite insurance company to insure your watch or luxury timepiece from loss or damage due to fire, theft, etc. While not all companies have insurance products for watches, it isn’t difficult to find insurance policies that will cover not only your watch, but any expensive or luxury item that has an intrinsic value and is exposed to a certain amount of risk.
Insuring your watch isn’t tough, you merely need to approach an insurer with the required documents and forms, and the item itself for appraisal – and apply for the policy.
In most cases, however, you may not even need to approach an insurance company to insure your watch, as the retailer itself will usually provide complimentary insurance for the watch or timepiece at the time of sale.
*Please note that all promotions, amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, features, benefits, exclusions, calculations, ratios, averages, ratings, terms and conditions mentioned above are as of July, 2016, and are subject to change at any time. All banks / NBFCs / insurance providers / financial service providers / companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank / company / NBFC / insurance provider / financial service provider, etc. before making any financial commitments.