The latest James Bond film, No Time to Die, is due to be released in November. In it, James Bond will be wearing an Omega Seamaster watch, just as he has done since Goldeneye in 1995. Even though the latest 007 Edition model of the Omega watch won’t be a limited edition, it is currently only available on a wait list and is priced at £7390.
Luxury watches, such as those from Omega, Rolex, Patek Philippe and Breitling have always been popular as investment purchases. As well as having the highest standards of design and manufacture, factors such as designer brand recognition, demand and rarity means that they will also almost certainly increase in value over time. And of course they look great!
The question of valuations for watches and other high net worth items is one which needs to be thought about when it comes to your household insurance. Many people look at the obvious things such as computers, phones and televisions as the basis for their insurance valuation. However they may have lost track of the value of items such as their art, designer jewellery and watches. And as for other items like upmarket handbags and shoes, fine wine, and high quality furnishings – do you make an educated guess? Do some research on the internet and hope for the best?
“Many of our high net worth clients don’t realise how important it is to value their household assets properly,” comments David Higgins, an insurance adviser with Scrutton Bland who specialises in private client insurance services. “If you have a busy lifestyle it is all too easy to rush the process resulting in a very rough estimation, which may prove entirely inadequate and have serious consequences in the event of a claim.”
“It is of vital importance to determine an accurate replacement value of the contents of your property,” David continues. “This is why it’s important to work with a specialist insurance broker who can discuss changes in the value of items like vintage watches and jewellery and has knowledge of the prevailing trends within the art and antiques markets.”
“They can also help in circumstances where the artist of an insured item dies during the period of insurance, in case the value of the piece increases significantly, and extra cover is required. Plus they can give guidance on the storage of valuable items and the right kind of safe to have in order to satisfy the requirements of your insurance policy. In the event that a claim is made, a professional insurance broker can take care of much of the administrative work for you, and will give you peace of mind knowing there is a named person you can speak to about your claim who is working hard on your behalf.”
It can be difficult for people to calculate the value of their possessions, and it is unrealistic to expect everyone to be an expert. Amongst other advantages, using an experienced, independent and regulated insurance broker may save you time - something even James Bond would value.