Protecting and insuring your vintage Rolex watch.
How best to not lose your investment, and how to cover yourself if you do
Collectors and non-collectors alike all know the sickening feeling of losing a prized possession, whether of monetary or sentimental value. Losing a vintage watch is very disheartening, as there is a real chance that you may never find another example in exactly the same condition - and if the piece was very rare, you may sadly never be able to find another example in any condition. A prudent collector will therefore want to guard against loss as far as possible.
Insuring your collection - or just your one watch - is an important step. If loss occurs you can at least get some financial compensation, and whilst your watch may be gone forever, your financial outlay will be safe. To successfully insure a piece, you must find an insurer who understands your requirements and the details of your watch. For example, make sure the insurer knows that you have a 1950s Explorer, rather than a modern one, and get the insurer to send you a written statement to that effect. Generally, insurers will have a new-for-old policy, which won't be any use to you if you didn't tell them what sort of Explorer you had.
You will also need to have the model and case numbers, and if you have your original invoices make a photocopy of them and send them to your insurer. Photographs of the watch showing several views, ideally also showing the case number, are a good idea. Send one set to the insurer with the other details, and keep one set for yourself. Also make sure you update the value of your pieces and upgrade your insurance accordingly. Having lost the watch it's no use finding out its current value is now far greater than it was when you insured it!
Safe deposit boxes are another way of protecting your pieces, and can be the cheapest way to go, although not having them close at hand is often inconvenient. With a safe deposit box you could actually insure the one watch that you will be wearing, and keep the other watches safely locked away in the bank.
Purchasing a safe for your home may cost more initially, but in the long run it may save you money on your general household insurance policy, and you can also use the extra space in the safe for other items such as jewellery, passports and other important documents. Remember also that if you have original boxes for your watches they are valuable in their own right, and should be in the safe too. The additional advantage of a home safe is that allows you to access your collection at any time. A fireproof safe offers extra protection, and if you've bought a smallish one, it's a good idea to bolt it to the floor if you can - no point having a burglar simply walk off with it.
Lastly you can, of course, through no fault of your own, be a victim of street theft - we've all read or heard of Rolex-specific muggings. If you have a valuable watch, it's up to you to decide if you want to wear it daily, and if so, where and when. If you wear it, you may just decide to accept the risk of a random incident, while still taking all reasonable precautions. These include considering the part of town you'll be in, the time of day or night, if you're alone, and whether your watch can be clearly seen by others.
In the end, life is full of uncertainty, and even the most prudent person can lose a watch. If you are unfortunate enough to lose a piece or have it stolen, you must file a loss /or theft report with police and get a reference number. Let your insurance company know (assuming by now you are insured) and send the watch details to the major auction houses. This will stop the watch being sold if it is offered to them. For stolen or lost Rolexes, you may send the watch details to the Stolen/Lost Register of Rolex. Rolex will circulate the details to police and to authorised Rolex dealers. The telephone number in the U.K. is (44) (0)1322 553454.