Time for Patek to catch up?

[Partekular]

https://www.bloomberg.com/news/artic...uverify%20wall

Great idea!

[Partekular]

London…

https://www.standard.co.uk/news/crim...x=1680527127-1

[HMHM]

I asked this question in the AP section but not gotten a reply.

While this is a great initiative itself, what happens if someone makes a police report claiming theft, submits the police report to AP to get another watch while retaining possession of the original watch? Committing fraud essentially. I am asking this question because I foresee some grey dealers doing this - reporting a watch as stolen, sells it to unsuspecting customers who aren't aware of this AP initiative, receive another watch to then resell.

Making a police report is fairly straightforward nowadays. Thousands of people make them everyday but unless its a severe crime involving fatality, it's unlikely the police would make an effort to investigate further, no?

[ts3]

Originally Posted by Partekular

https://www.bloomberg.com/news/artic...uverify%20wall

Great idea!

Disagree.

I want to decide for myself if and how I am going to be insured when it comes to watches just like everything else in life and according to my specific risk profile.

If AP roll out this service long term they will eventually charge the customer one way or another. I am not interested in carefree packages and/or paying for other peoples risk profiles.

[Vasco]

Thanks for the link.

It seems it's only for 2022/2023 and I wonder what the conditions are (area restrictions, etc...). And usually it's not free (in the end).

[Nav01L]

Originally Posted by ts3

Disagree.

I want to decide for myself if and how I am going to be insured when it comes to watches just like everything else in life and according to my specific risk profile.

If AP roll out this service long term they will eventually charge the customer one way or another. I am not interested in carefree packages and/or paying for other peoples risk profiles.

I think what happens one way or another is the price increase, so one might as well get additional services for that

[Bearxj86]

I registered my pieces within 24 hours. Will have conversation with FHB when I am there this month and report back.

[Partekular]

Originally Posted by Bearxj86

I registered my pieces within 24 hours. Will have conversation with FHB when I am there this month and report back.

Great! I look forward to reading your response.

As to fraudulent claims to the police, these would involve a crime in and of itself so only a fool or a criminal would make such a claim. I suspect that The reporting and proof of such a robbery would require reporting it to the police - in the UK one gets a crime number. But they are bound to make it difficult as do any insurers.

[VogelPhoenix]

Originally Posted by HMHM

I am asking this question because I foresee some grey dealers doing this - reporting a watch as stolen, sells it to unsuspecting customers who aren't aware of this AP initiative, receive another watch to then resell.

Program is only available to the original buyer. If a grey dealer has some "in" with a boutique to get watches out of the back door they would have to be insane to jeopardize it for a one-off insurance fraud.

For regular buyers, it doesn't seem different than defrauding their regular insurance.

[BayAreaTech]

Think of the reduced cost of insurance. This is a pretty substantial savings.