Insurance can be complicated, it also applies to insurance of watches. We have invested a lot of money in his clock collection, you should ensure that you are properly covered, if the accident is out.
Therefore here is a article that easily and clearly tells you what you need to know. The article is written by Rune Bjærre, who has been kind enough to share his experiences from his job in the insurance industry. Rune writes:
I would like to start by emphasising that the below is a general guide and I can only refer to take a thorough talk with your current company about their specific coverage of watches, but overall the following.
Household is divided up into a few different groups:
In particular, household goods, including common watches in steel.
Special private valuables including watches which are wholly or partly gold, silver, and which incorporate gemstones.
Special household goods includes the vast majority of our watches as Sub, and other Sea-Dweller watches in steel. These watches are covered by the full indbosum at URf.eks. burglary, as long as the clocks are in your House or apartment.
There can be no question of animal watches, but insurance companies generally do not take into account the high value of the watches in their conditions, but looking solely at the material. The exception is Alka and safe (Sydbank’s latest conditions), which should fix a sum of, for example, particularly household goods and watches.
Special private valuables are watches as in whole or in part is made of gold, silver and the like or are decorated with precious stones. On this type of objects, there is often a limit of total indbosum, as the insurer will cover.
One can for example be covered for the total of 1 million. of which the insurance so limiting the coverage of special private valuables to 10 or 15% of the home contents sum. In other words, 100,000 or 150,000 dollars. It is often possible to increase the percentage, or increase the value of special private valuables if necessary.
We therefore only have ordinary steel watches, so you should be safe if you just have a high enough total indbosum. But again the recommendation to take a chat with your current insurance company, and possibly get a counselor who knows anything about watches, or is very sharp in the coverage anyway.
The above applies to housebreaking, water and fire damage, as well as robbery on the street.
Insurance of watches in bank box
It has been rather unclean in the bank vault, they must still be covered by your total indbosum, as the Bank does not cover the content of your boxes. In is not always guaranteed by simply moving the clocks in a box.
Insurance of clocks when travelling abroad
Abroad, different rules. Here the coverage generally 10% of the home contents sum covered as 1. risk, which means that you may well have more than 10% of your indbosum with, but that only covered up to 10%. The limit for special private valuables of course still applies here.
It is important to be aware that theft from hotel room, where there is no apparent departure from door or box, are not covered. So the classic made by cleaning lady theft is not covered.
It was just a quick and very general guide, but again, I can only recommend that you take hold of his company and gets a thorough talk with them.