Case Study: How Asset Insurance Has Kept A Passion Alive?

When we lose something expensive, we panic and feel hopeless. It’s awful to know that an asset that is valuable to you is gone. This case study focuses on how losing or a stolen watch doesn’t cause as much panic with asset insurance.

Background of Client

Our client is a young adult who has a passion for watches and occasionally saves up to invest in unique watch pieces. Collecting watches has become a popular passion in this generation. Watches are not only a reflection of social status but also a representation of art, technology, and craftsmanship.

A great watch isn’t cheap; it is an expensive passion, but many would agree it is worth it. When purchasing a costly watch, it automatically turns into a personal asset. Hence, it is crucial to insure assets such as watches, jewellery, art and more.

Asset insurance provides the owner with great financial cover in case of an unfortunate situation. Therefore, the asset owners will not need to spend their own money repairing or replacing a valuable asset.

Client Problem-Situation

Our client purchased his dream Tag Heuer watch for around HKD 45,000. We can imagine it was a great moment and a crucial asset to him. He wore the watch during a long flight. Unfortunately, he suddenly noticed the watch was not on his wrist when he got home from the airport.

He called the airline and airport, but they could not find it either. It is not sure if the watch was lost or stolen, but it was gone at the end of the day. In a situation like this, the asset owner feels crushed and lost. It would cost even more time to buy a new one and may not be worth spending another HKD 45,000.

How Asset Insurance Was a Solution?

Our client was wise to add his watch to his asset insurance plan by Red Asia Insurance (with other assets). As it is a nightmare when something unfortunate happens to assets. Insurers design asset Insurance to protect your belongings from damage, loss or theft. Insuring your assets is crucial in ensuring that your valuables are always protected and, in a surprising event, you will be financially covered.

After the incident, the client had to file a police report to provide to the insurer. The insurance reimbursed the total amount of the watch within ten days. Additionally, the client only paid a premium of HKD 5,000 for various assets worth HKD345,000.

Asset Insurance Case Conclusion

Asset insurance will cover assets worldwide and help repair or replace them after unfortunate situations. The insured will also benefit from the insurer’s expertise in various asset categories. For example, when the insured has lost the main gemstone of her engagement ring. The insurance company will provide policyholders with the contact information of their jewellery experts, who can repair the ring to the best quality.

To learn more about asset insurance and get the best coverage for belongings, contact Red Asia Insurance.