Ever wish that insuring your high-end timepieces was less of a hassle, without all the appraisals, receipts, and conversations with an agent who might not know a Rolex from a Timex? Thanks to the enterprising watch experts at horological media and retail platform HODINKEE, that wish is now reality.
To reimagine the watch insurance experience, HODINKEE set up its own insurance agency, partnered with Chubb, the premier insurer of valuable collectibles, and created HODINKEE Insurance, a whole new service that allows consumers to insure their watch collections online. HODINKEE Insurance is designed to take the complexity out of buying insurance — streamlining the process, eliminating paperwork, and providing its customers the peace of mind that comes with knowing their watches are fully protected by two of the most trusted names in their respective industries.
Underwritten by Chubb, the world’s largest publicly traded property and casualty insurance company, HODINKEE Insurance represents a game changer in the way collectors can insure their watches. HODINKEE Insurance does away with the pain points that make obtaining insurance for watches difficult. Depending upon the watch’s value, there is generally no need for independent appraisals, original sales receipts, or speaking with an agent to obtain a quote and policy.
In fact, the process to insure one or more watches can be completed in just a few steps, by accessing HODINKEE Insurance on a desktop or through the HODINKEE iOS or Android smartphone app. All you need to provide is basic contact information, information about the watches to be insured, and a photo of each watch, which can easily be shot right from your wrist and uploaded. Depending on the value of the watch, a few additional questions on protection may be asked. Once approved, customers will have the option to pay the total premium up front or to split into two payments. There are no deductibles, and each policy also includes “appreciation protection” coverage, meaning that a customer is covered up to 150% of each watch’s agreed value up to the policy limit, if the watch grows in value.
“How to keep your collection safe and covered is an important part of watch collecting. However, the process of obtaining insurance can often be time-consuming for a single watch, let alone for an entire collection,” says Eneuri Acosta, HODINKEE Chief Operating Officer. “Our goal was to create a product that is easy to use. We thought about every barrier to create a platform that instills trust and enables individuals to insure their timepieces in a way that is quick, convenient, and secure.”
Once a customer has signed up to HODINKEE Insurance, he or she creates a digital profile that makes managing their timepieces and insurance policy easier than ever. The profile offers access to all the information pertinent to each customer’s 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 the digital paperwork, and file a claim if needed.
HODINKEE Insurance is available in all 50 U.S. States and provides coverage worldwide, providing peace of mind no matter where you are.
For more on Hodinkee Insurance, click here.
Great idea !!!