Hodinkee has created its own insurance organization specializing in financial protection against loss or damage for watches owned by its 2 million strong community of collectors and enthusiasts.
Hodinkee Insurance Agency has created the specialist insurance service with Chubb, the world’s largest publicly traded property and casualty insurance company.
The service is launching in the United States-only, and no timeline has been shared for expanding it to other countries.
What could a specialist media and ecommerce operation for watches possibly bring to the table as an insurance business? Expertise and a passion for making the complex more approachable, Hodinkee argues.
Just as it makes a report about a flyback chronograph and flying tourbillon watch easy to understand, the New York-based media giant aims to do the same for insurance.
“How to keep your collection safe is an important part of watch collecting. However, the process of obtaining insurance on the collection can often be time consuming for a single watch, let alone for an entire collection,” says Eneuri Acosta, Hodinkee chief operating officer.
“Our goal was to create a product that is easy to use. We thought about every barrier to create a platform that instills trust and enables individuals to insure their timepieces in a way that is quick, convenient, and secure.”
Unlike home insurance that might require every watch to be appraised and valued for an itemized policy.
With Hodinkee Insurance, depending upon the watch’s value, there is generally no need for independent appraisals, original sales receipts, or speaking with an agent to obtain a quote and policy.
It is just a few steps to set up a Hodinkee Insurance policy, and the process is designed to be done on a smartphone.
It starts with providing basic contact information, information about the watches to be insured, and a photo of the watch. Depending on the amount of the premium, customers will have an option to pay the total up front or to split the cost into two payments. There is no deductible. Also included is “inflation protection” coverage meaning that a customer is covered up to 150% of the watch value up to the policy limit, an important consideration for watches that go up in value.
Managing a watch collection and insurance policy is also simpler. Once a customer has signed up, a digital profile is created where they can access the insurance policy as well as watches that have been uploaded to their user profile, both insured and uninsured.
From there a customer can add or remove a watch from the policy, download their digital paperwork, and file a claim if needed.
“At Chubb, we are always looking for ways to do more for our clients,” says Fran O’Brien, division president, North America Personal Risk Services. “That’s why we are excited to partner with Hodinkee to deliver best-in-class watch coverage to those who passionately pursue these timeless pieces.”