In the world of luxury product acquisition, there are few things more distressing to the mind of a passionate collector than the thought of harm coming to their valued possessions. Yes, nothing in this realm can hold a candle to health or the well-being of one’s loved ones, but these small treasures, often rare or unique (and certainly expensive) hold a special place in the heart of one who has dedicated their time and effort to make them theirs.I am often asked if it is important to insure a collection of used luxury watches. In fact, I am asked it more often then makes conscionable sense to me, because the answer is simple: Yes, yes you should. And more to the point, if you own a luxury watch like a Rolex Submariner (let alone if you own numerous luxury watches) and you’re asking that question, you should save your breath for the insurance provider on the other end of the phone.And that’s really the best place to start. In this digital age, it seems we’ve all become a bit interaction-shy, but with a complex and potentially serious situation like making an insurance claim, it is always best to have set-up your policy having talked directly to another human being – an expert in their field. You really should leave nothing to chance. Don’t be afraid to ask stupid questions – insurance is complicated and rules and regulations vary from country to country (massively) and occasionally, even from region to region. If you move to a new area, don’t just assume that your previous policy will port seamlessly. Check it out. Trust me: It’s worth it.Having lived most of my life in the UK and Germany, I have intimate personal experience with moving a watch collection across borders. And the differences are stark. Some things are easier in some territories, and some things are harder, but the three things you should focus on first when looking into insuring your collection (or single watch) is the total value of your collection, how many “declarable” models you will need to put on your policy, and how all of this can affect your remaining contents insurance.So let’s start with the first point. This is relatively simple. Add up the retail value of the watches in your collection. When doing this, make sure you collate invoices and receipts (if possible) into a physical and digital folder. Scan everything, stick it in a PDF and email a copy to yourself rather than keeping it on your hard-drive alone (it stands to reason that if your property gets turned over your laptop may go the same way as your watches).
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