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Thread: Watch Insurance Question

  1. #11
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    Here is a recent link covering this topic.

    no offence nick but your a fountain of misinformation


    http://canwatchco.ca/showthread.php?...suring+watches

  2. #12
    Senior Member tng11's Avatar
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    Quote Originally Posted by snakeeyes View Post
    Clearly you are uninformed about your policy. no chance you can have an 'individual' item insured up to $50000 w/o an appraisal. The $50000 is your TOTAL where its either $5000 PER item or $10000 per item.

    This has been beat to death on this forum. i implore you to call TD again as your misinterpreting your policy.

    to be insured UP to $50000 is normal however thats NOT per item.

    I will say it again to people. UNDERSTAND your policy do not assume.
    This is correct. Though I would have been more polite. I just went through this whole process with TD - it's a $50,000 blanket limit. Any single item over $5,000, you must provide them with an appraisal on file. You can have over $50,000 worth of appraisals on file, but in case of partial/total loss, they will only cover up to $50,000.

  3. #13
    Senior Member Lhawli's Avatar
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    Quote Originally Posted by tng11 View Post
    This is correct. Though I would have been more polite. I just went through this whole process with TD - it's a $50,000 blanket limit. Any single item over $5,000, you must provide them with an appraisal on file. You can have over $50,000 worth of appraisals on file, but in case of partial/total loss, they will only cover up to $50,000.
    Just to be clear, the $50k jewelry insurance is within your home insurance or on specific insurance?

    I have home insurance (obviously) but within that policy I get $20k of insurance on jewelry. I was told this is the limit dictated by the Quebec provincial laws. Above that and you will need to take on specific insurance.

    You do not need appraisals on modern watches! For example if I lose my BLNR (even if purchase value is over $11k) it is insured for the replacement value at any AD (MSRP). If they are vintage watches or diamonds for example, then yes you will need appraisals, and you will get replacement value. For example, if I lose my Président 18238 from 1995, an appraisal would dictate the value at $24k but the replacement value of a new one is $36k, which is the value you would get from your insurance.

    Lami


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    Rolex Day-Date 36 [18238]
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  4. #14
    Senior Member tng11's Avatar
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    Quote Originally Posted by Lhawli View Post
    Just to be clear, the $50k jewelry insurance is within your home insurance or on specific insurance?

    I have home insurance (obviously) but within that policy I get $20k of insurance on jewelry. I was told this is the limit dictated by the Quebec provincial laws. Above that and you will need to take on specific insurance.

    You do not need appraisals on modern watches! For example if I lose my BLNR (even if purchase value is over $11k) it is insured for the replacement value at any AD (MSRP). If they are vintage watches or diamonds for example, then yes you will need appraisals, and you will get replacement value. For example, if I lose my Président 18238 from 1995, an appraisal would dictate the value at $24k but the replacement value of a new one is $36k, which is the value you would get from your insurance.

    Lami


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    The jewellery insurance is within my property insurance.

    And yes, appraisals are needed with my insurer, and every other insurer I asked. Doesn't matter that they are modern watches - they require them as a pre-condition to them being insured.

  5. #15
    Senior Member Lhawli's Avatar
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    Quote Originally Posted by tng11 View Post
    The jewellery insurance is within my property insurance.

    And yes, appraisals are needed with my insurer, and every other insurer I asked. Doesn't matter that they are modern watches - they require them as a pre-condition to them being insured.
    I think the laws and requirements differ by province.


    Sent from my iPhone using Tapatalk Pro
    Rolex Day-Date 36 [18238]
    Rolex Datejust 41 [126334]
    Rolex Submariner Date [116610LV]
    Rolex GMT Master II [116710BLNR]
    Omega Seamaster Professional PO [2201.50 - 2500D]
    Omega Speedmaster Professional [311.30.42.30.01.005]
    Casio G-Shock Multi Band 6 [GW-5000-1JF]

  6. #16
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    Quote Originally Posted by tng11 View Post
    This is correct. Though I would have been more polite. I just went through this whole process with TD - it's a $50,000 blanket limit. Any single item over $5,000, you must provide them with an appraisal on file. You can have over $50,000 worth of appraisals on file, but in case of partial/total loss, they will only cover up to $50,000.
    My insurance is roughly the same with State Farm just with a different blanket limit and single items over $7,000 require appraisal.

  7. #17
    Senior Member nickw's Avatar
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    Quote Originally Posted by snakeeyes View Post
    Clearly you are uninformed about your policy. no chance you can have an 'individual' item insured up to $50000 w/o an appraisal. The $50000 is your TOTAL where its either $5000 PER item or $10000 per item.

    This has been beat to death on this forum. i implore you to call TD again as your misinterpreting your policy.

    to be insured UP to $50000 is normal however thats NOT per item.

    I will say it again to people. UNDERSTAND your policy do not assume.
    I did ask, several times as I recognize this is not the norm. I was told the same answer again, again, and again. $50K total, with no limit per item. No appraisal needed, just proof of ownership (photo's, receipt, etc.). That's the answer I got when I asked all three people I spoke to. And I made sure not to lead them, but rather ask and open ended question.

    Now maybe they're wrong and I was mis-informed by everyone there. I will look into this more.

    But just to be clear, I do not mean to spread disinformation. By the time I've been told the same answer by several representatives of a company, who's fault is it?

    Quote Originally Posted by tng11 View Post
    This is correct. Though I would have been more polite. I just went through this whole process with TD - it's a $50,000 blanket limit. Any single item over $5,000, you must provide them with an appraisal on file. You can have over $50,000 worth of appraisals on file, but in case of partial/total loss, they will only cover up to $50,000.
    Thanks. If you're also with TD, could you send me any info you have on this?

  8. #18
    Senior Member nickw's Avatar
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    Quote Originally Posted by snakeeyes View Post
    Here is a recent link covering this topic.

    no offence nick but your a fountain of misinformation

    http://canwatchco.ca/showthread.php?...suring+watches
    My blanket assumption is people don't mean offence. I know it's easy to read things the wrong way.

    In terms of mis-information, as I said above, I was told the same thing by everyone I spoke too. I'll be sure to go though the policy now, in detail.

  9. #19
    Senior Member tng11's Avatar
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    Quote Originally Posted by nickw View Post
    I did ask, several times as I recognize this is not the norm. I was told the same answer again, again, and again. $50K total, with no limit per item. No appraisal needed, just proof of ownership (photo's, receipt, etc.). That's the answer I got when I asked all three people I spoke to. And I made sure not to lead them, but rather ask and open ended question.

    Now maybe they're wrong and I was mis-informed by everyone there. I will look into this more.

    But just to be clear, I do not mean to spread disinformation. By the time I've been told the same answer by several representatives of a company, who's fault is it?



    Thanks. If you're also with TD, could you send me any info you have on this?
    Nick, I wonder if there might be a distinction between TD Insurance and the Meloche Monnex arm.

    I remember when I was shopping around, the representative on the TD Insurance arm told me no appraisal was required. I ended up going with Meloche Monnex as they had a discount for my alumni group, and I was told very clearly that appraisals were needed for the watches to be covered.

  10. #20
    Senior Member nickw's Avatar
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    Hi Guys.

    I just went to confirm coverages with TD insurance again. Here's the follow up chat (used chat so I could have written record). I'll be calling afterwork today to get additional written confirmation. If people would like, I can share the follow up info. Either here, or in another thread.

    I'm somewhat relieved to know I'm not crazy, and that the company does indeed claim what I've shared.

    Overall, I genuinely try and be helpful, and I never want to spread disinformation. Although that doesn't mean I'm always right, and I'm happy to receive correction. If people have information about TD to the contrary please let me know.

    Hope this helps,
    Nick




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