There has also been increased demand for customised luxury watches, where people add a personal statement to their timepiece. Obtaining an accurate valuation of any luxury watches you own is very important in order to avoid the risk of underinsurance.

Avoiding underinsurance may sound easy but there are a number of reasons why underinsurance can occur.

  • If you have inherited a watch, you may not realise its true value.
  • If you bought the watch abroad the price paid could be very different to the cost of replacing it in the UK if it was lost, stolen or damaged.

Many insurers can offer a valuation service. Valuation services are also offered by many jewellers and watch specialists. A valuation including bespoke reports, full details about the watch and any other pertinent details will make sure you avoid underinsurance and can also help make accurate valuations in the future.

Having this kind of valuation paperwork can also make sure you can confirm the value of the watch should the worst ever happen and you have to make a claim. It also has the benefit of being excellent evidence of ownership, in the event of loss and subsequent recovery especially if it includes or is supported by a photographic record.

It is also important to make sure that luxury watches, and any other high value items you may own, are covered under your insurance. Standard household insurance is potentially not going to do the job when it comes to achieving the full worth of a valuable timepiece in the event of a claim. Some watches can carry more value than the policy limits allow, for instance.

Willis Insurance and Risk Management specialises in bespoke insurance policies for high net worth individuals. We can ensure that your watches, and any other high value items, are adequately covered by your insurance. Get in touch today to make sure that you are not falling into the underinsurance trap.

High Value Home Insurance

To find out more about how to insure your watch correctly on your household policy, contact Richard Garrad on 028 9032 9042, email or visit

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Willis Insurance and Risk Management, Willis Wealth Management and Accident Investigation Services are trading names of Willis & Company (Insurance Brokers) Ltd, which is authorised and regulated by the Financial Conduct Authority - 309124. Registration No. NI 32004. Registered in Northern Ireland.

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