WAX has launched a new insurance product for watches and other collectibles while securing seed funding from a number of luxury industry insiders and collectors.
The lists of backers comprises Phil Ogle, North American Director for the Swiss watch company, Urwerk Geneve, NFL player Ndamukong Suh, NBA player Josh Hart and Jeremy Levine, former CEO of Draft.
The WAX Insurance app is available in both the Apple and Android app stores and allows users to take pictures of collectibles or luxury goods that they own and have them insured.
They can do so without needing an in-person appraisal, tapping into the new coronavirus-forced trends sweeping the globe.
WAX has innovated on numerous features that mitigate potential fraud, while giving underwriters a better ability to gauge risk.
WAX’s proprietary data sets and team of industry experts are able to authenticate and value items for fair market value via high res images, reducing their dependency on third party appraisals.
At launch, WAX is available to customers in NY, NJ, CA, PA, CT, IL, TX, AZ, CO, GA, OR, NC and DE.
The company expects to have national coverage by early 2021.
David Nichols, former Global President of K-Swiss teamed up with Calvin Bradley, a former Olympic level Modern Pentathlete from South Africa to launch WAX.
Mr Bradley, who will serve as WAX’s CEO, explained: “From day one, WAX has been for collectors, by collectors. Our goal is to help protect collectors from the thing that they dread the most – having their prized possessions stolen.
“The WAX app makes insurance a delightful experience. We empower collectors to do what they do best – collect”.
Frustrated by the lack of options to easily catalogue and insure their collectibles, numerous collectors and industry insiders worked with WAX to help craft their insurance product.
WAX says it not only provides global coverage for customers who are traveling, but also covers items when they are being shipped for grading, repair, or sale.
It currently supports 25 different categories of products, including but not limited to watches, handbags, jewellery, sneakers, trading cards, coins, stamps, and antiques.