Refused Watch Insurance

[Bigsoftee]

Went through the process yesterday of a 45 minute call with a watch insurance specialist here in the UK. My whole collection is in the bank vault, except for a piece I am wearing as a rotation. I wanted to insure a single watch at the highest limit of a single piece in my collection, so I could wear anyone and it would be covered. My collection has bank vault insurance.

The lady on the phone was very nice and I answered all the questions as honestly as I could. I did not want to be covered outside of the UK as I travel with an Apple Watch. The level of questions they asked was so high but I answered each and everyone, including my occupation (I work in the world of sports betting). The lady then said she would speak the underwriters and let me know the price as they do offer the policy I was asking for.

After a wait of a further 15 minutes I was then told I was not going to be offered a policy as basically the underwriters do not entertain people that work in the gambling industry! Has anyone heard of anything like this before as I was genuinely shocked. If I had said I was a banker, or broker I am sure it would have been a very different story, yet all three are about managed risk. Just seems a ridiculous excuse.

[JustinC79]

Completely unrelated to watches but I had this all the time when I worked in Television. The reason given was incase a celebrity was in my car with me. As if. I'd call a broker and you'll get a better whole market view.

[afjag256]

[Dad joke warning]
So they said you weren’t a good bet?

[DNX]

I recently got a call from a watch insurance company shortly after buying a watch online - they asked me all sorts of questions which i answered, including the fact that I had lost a watch last year in a hotel and made a claim on my home insurance who were perfectly ok with it as it was legit - but this company refused to offer me insurance because I had made a claim before - i don't get it - why would that alter the risk? or is insurance a one time thing now...once claimed you become uninsurable?

[Bigsoftee]

Just crazy really. My elderly mum won't claim on her pet insurance as she says they won't insure her dog upon renewal, not sure how true that is but it does seem you claim once and that's it.....

Just crazy the reasons why they won't insure you. I could understand it if I was a horse bookie and went from track to track with money in the boot of the car, but I work in an office!

[MrGoat]

I know a guy that was denied a home owners claim and dropped by his insurance company of 30+ yrs because he didn’t tell them he had been arrested (not charged or convicted) 20 something years after starting his policy.


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[Burlington]

Wow - maybe try hiscox, they seem to be pretty sensible.

Occupation is certainly something insurers use to calculate ‘risk’ & probably it’s the few bad-eggs in the world of gambling that have caused this to be risk to the underwriters.

[Rocketman39]

Ben Dover

[swils8610]

Phil McCrackin


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