European Watch Company (EWC), a leading retailer specializing in luxury pre-owned timepieces, has announced an exclusive partnership with global insurance giant Chubb to offer comprehensive worldwide insurance coverage tailored specifically for high-value watch collections. This collaboration aims to provide EWC clients with unparalleled protection against loss, theft, damage, and mysterious disappearance, addressing a critical need in the luxury watch market.
Partnership Overview: Elevating Luxury Watch Insurance
EWC’s new insurance offering, underwritten by Chubb, is designed to cover clients’ valuable timepieces globally with no deductible, a significant advantage over standard homeowner policies that often limit coverage for watches and jewelry to a fraction of their worth. The policy’s coverage is based on the current market value of each watch, with annual adjustments to reflect fluctuations in the secondary market. This ensures that collectors are neither underinsured nor overpaying for coverage.
Chubb’s digital insurance integration platform, Chubb Studio, powers this partnership, delivering a seamless insurance experience for EWC customers. The platform enables efficient policy management, rapid market entry, and specialized support tailored to the unique needs of luxury watch collectors.
Key Coverage Features
- Worldwide protection against loss, theft, damage, and mysterious disappearance, subject to the policy’s territorial limits.
- No deductible on claims, providing full financial protection.
- Market value-based coverage with annual reassessments aligned with secondary market trends.
- Claim settlement flexibility, including repair, replacement, or cash compensation.
- Premium discounts for high-value collections based on security measures at home and during travel.
- No appraisal required for watches valued under $100,000, simplifying the insurance process for many clients.
Industry Context: Rising Risks and Market Dynamics
The luxury watch market has experienced significant growth, with prices surging nearly 40% during the pandemic due to increased demand and supply chain constraints. This rise has made luxury timepieces not only treasured collectibles but also substantial investment assets. However, the increase in value has been accompanied by a rise in thefts, particularly in major cities like London and popular travel destinations such as Ibiza, Barcelona, and the South of France.
Given these risks, traditional homeowner insurance policies often fall short in adequately protecting luxury watches. EWC and Chubb’s specialized insurance solution addresses this gap by offering full-value coverage tailored to the collector’s portfolio, providing peace of mind for watch enthusiasts worldwide.
Executive Insights: Commitment to Client Protection
Joshua Ganjei, CEO of European Watch Company, emphasized the importance of this partnership:
“Every day, we hear horror stories of entire collections being stolen, and we wanted to provide our clients with an ironclad way to protect their investments. Luxury watches are more than just timepieces; they represent history, craftsmanship, and an investment asset. With Chubb’s expertise and our dedication to the watch collecting community, we are offering a level of insurance protection that truly matches the importance of these pieces.”
Amy McNeece, Head of Digital Consumer for Personal Risk Services at Chubb, added:
“At Chubb, we understand the excitement and care that go into acquiring new jewelry and timepiece treasures. We are pleased to collaborate with European Watch Company to provide their clients with insurance coverage designed to help protect and safeguard their cherished collections from the unexpected.”
Benefits for Collectors: Tailored Protection and Flexibility
This partnership offers several advantages that cater specifically to the needs of luxury watch collectors:
Comprehensive Coverage Without Deductibles
Unlike many standard policies, which often impose deductibles and limit coverage amounts, the Chubb policy for EWC clients guarantees full insurance protection for the agreed insured amount. In certain cases, claim payments can reach up to 150% of the policy limit, providing additional financial security.
Simplified Appraisal Process
For watches valued under $100,000, no appraisal is necessary to obtain insurance, reducing administrative hurdles and speeding up policy issuance. For higher-value pieces, professional valuations ensure accurate coverage aligned with current market conditions.
Flexible Claim Settlement Options
Policyholders can choose among repair, replacement, or cash compensation when filing a claim, allowing for personalized resolution based on individual preferences and circumstances.
Discounts for Enhanced Security
Collectors with extensive portfolios benefit from premium discounts when they implement robust security measures at home or while traveling, incentivizing proactive protection of valuable collections.
The partnership between European Watch Company and Chubb represents a strategic advancement in the niche market of luxury watch insurance. By combining EWC’s deep expertise in the luxury watch sector with Chubb’s global insurance capabilities and digital innovation, the collaboration delivers a specialized product that addresses the unique challenges faced by collectors.
This initiative not only protects valuable assets but also reinforces the significance of luxury watches as both cultural artifacts and investment vehicles. For collectors seeking comprehensive, flexible, and globally recognized insurance coverage, this partnership sets a new benchmark in safeguarding prized timepieces.
