Patek Philippe

whit
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No, those numbers were hypothetical.

The real values are as others have indicated, about 1.25 to 1.5% of insured value and can be higher if the insured amount is very high (these numbers can be quite different depending where you are located).

It's good you have a safe and hope it is one protected on all six sides and be rated (TRTL 30x6 is very good).

Do I have mine insured? Yes and no, since I'm in the business I keep mine in safes other than the piece I am wearing.  I tend to be very aware of my surroundings and what I am doing when wearing my watches or jewelry and try to be very careful therefore, I am willing to accept the risk of damage or loss myself. So, I put the amount of the premiums in an account and that money is to be used for such things .... if they ever occur.

Insuring watches can be a little confusing and by that I mean if you purchase a watch whose retail price is $50,000 and you paid $40,000 and requested an appraisal for insurance purposes. If the appraisal states a value of $50,000, that value represents the limit of liability to the insurance company.  If you have a loss, the insurance company typically has the right to repair, replace, or pay.  If the piece is lost, the company will search the market for a replacement cost, if they find the market price to be $40,000, then they will either replace it for you or pay you $40,000, not necessarily the amount you had it insured for.  Vintage watches can pose additional problems because they are not readily available in the market and condition, if not properly defined can lead to a substantial difference in value.  That is why it is very important to understand the type of insurance you are buying and how any claim would be settled.  Remember, your agent sells the insurance and the adjuster is the person who handles the loss and determines the amount you eventually get.

The appraisal is also very important, you do not want to over-insure or under-insure.  The piece must be accurately described (not just reference number, serial number, etc.) and the value should reflect the current market price. Sometimes (a lot of times actually) the appraisals are over inflated to make you feel good, you paid X dollars for something and you get a sheet of paper declaring the value to be X dollars + and does not reflect the market value and it is the market value the insurance company will be considering when settling a claim.

Hope this helps.