Yesterday, Hodinkee announced they’ve partnered with property and casualty insurance company, Chubb, to offer a new insurance service dedicated to insuring your watch collection.
Knowing many firsthand stories of watch theft — and the amount of money lost when an uninsured watch is stolen — insurance of your expensive watches is absolutely critical. Not to mention, the fact that safes, and even safe deposit boxes, do not guarantee the safety of your watches as much as you may think. Add to that the fact that most plans do not cover for the fact that your watch has appreciated.
Announcing Hodinkee’s newest venture: Hodinkee Insurance Agency, backed by Chubb.
According to the company release, the specialized wristwatch insurance is “taking the complexity out of insurance, streamlining the process and eliminating paperwork, and providing its customers peace of mind knowing that their watches are fully protected through two of the most trusted names in their respective industries.”
Not only does the insurance offer a unique “inflation protection” which protects the watch up to 150% of its value within the policy limits, depending upon the watch’s value there’s generally no need for independent appraisals, original sales receipts, or a new to speak directly with an agent to obtain a quote and policy.
Being that watches can appreciate and that certain models and brands effectively represent an asset class nowadays — having coverage that goes beyond the value of the watch to cover for potential appreciation, is incredibly beneficial. Further, not having to go to a watch retailer or jewelry expert to get an appraisal, which many stores will charge a fee for, to qualify for full protection, will likely also prove to be quite helpful — especially for those collectors who have immense collections.
“From either the Hodinkee app on an Apple or Android device or a computer, the process to insure one or more watches can be completed in just a few steps, which include providing basic contact information, information about the watches to be insured, and a photo of the watch. Depending on the amount of the premium, customers will have an option to pay the total upfront or to split the cost into two payments. There is no deductible. Also included is “inflation protection” coverage meaning that a customer is covered up to 150% of the watch value up to the policy limit, if the watch appreciates in value.
Hodinkee Insurance also makes managing your timepieces and insurance policy easier than ever. Once a customer has signed up, a digital profile is created, where they can access all the information pertinent to their insurance policy as well as watches that have been uploaded to their user profile, both insured and uninsured. From there a customer can add or remove a watch from the policy, download their digital paperwork, and file a claim if needed.
Available to U.S. residents in all 50 states with insurance underwritten by Chubb, Hodinkee Insurance offers worldwide coverage, providing peace of mind no matter where customers find themselves. Hodinkee Insurance Agency, LLC is a wholly-owned subsidiary of Hodinkee, Inc.