Imagine this: You have just bought the luxury watch of your dreams. You pat yourself on the back and say, “You’ve made it”. The next day, you lose the watch or, worse, it is stolen from you. Apart from being traumatic, this scenario, though improbable, is still unfortunately very possible in this day and age.
The next thought: Is the watch insured? In response, I wondered whether many people actually insured their luxury watches, particularly those of a certain value, say, US$10,000 ($12,815) and above. Recently, an interesting start-up called KoverNow announced a partnership with the Watch Exchange, a reputable watch dealer in the secondary luxury watch market, to provide a digital Insurance solution for its watch customers. Stephan Kaiser, CEO and co-founder of KoverNow, aims to change the way we look after high-value items. Beyond watches, its coverage extends to jewellery, handbags and even cameras.
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