Quote:
Originally Posted by 123Blueface
OMG!
So much misconception and misinformation on this topic.
Watches not specifically stated on a policy (SPP/Floater) are subject to policy limits for jewelry, generally $1,000 but can purchase higher, and are subject to depreciation (known as betterment) and only covered for a peril listed on the policy (e.g. theft on premises, fire, etc, most policies have 17 listed perils).
Watches insured on SPP/Floater can be insured for any agreed appraised amount. You can insure a BLRO for $18,000 even though it costs $9200. It is all risk, no specific perils. It will pay you up to insured amount to replace but if can be located for less, you will not get the limits. There is no depreciation/betterment. Only deduction is deductible.
Hopefully this clarifies a bit.
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It confuses, not clarifies. I would caution anyone insuring a higher value watch or jewelry against listening to jargon and buzzwords. Many insurance buyers do not understand what SPP might mean or what floater represents; your choice of jargon does not apply to every market. You do not know if what you're discussing is available in every state or from every insurer in that state.
Read the last 3 words of my post.
Depreciation is
NOT betterment,
your statement is more incorrect than 2+2=6 In other words, you're quite wrong.
The nuances and differences between a Named Perils and All Risk policy are not as you state; they can be more complex.
By the way I am CPCU with several decades of executive underwriting management; you are not. Your inexperience and shallow knowledge are showing through to an expert like me. Frankly you sound like a junior WIS telling a three decade Rolex or Grand Seiko engineer how the pallet fork should operate or what good hairspring amplitude should be.
Folks, call your agent if you are unsure and if you cannot get good answers YOU understand, or find an agent who specializes in high net worth customers. If the agency is responsible and legitimate, they will answer your questions and clarify your doubts for free, even if you are not already their customer.