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8 September 2021

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Private Client: How a stolen watch claim settled at nearly three times the RRP


We handle our clients’ claims in-house at Centor. We think it really helps produce a positive outcome, and may be why we’ve won awards for the claims service we provide. Here’s an example of the Claims’ team’s work in action.


Our client was unfortunately burgled whilst on holiday. A safe was forcibly removed from the property, containing cash, jewellery, and watches.


The majority of the claim was easily resolved without any issues. A problem arose however as a Rolex Daytona watch was stolen which had a RRP of £10,500. There is around a four-year waiting list for this model, which has forced prices up on the “grey market” such that the cost to buy one now would cost £27,500!

Our client indicated that he would prefer to take a cash settlement for that item in order to part fund the purchase of a more expensive Patek Philippe wristwatch. The insurer and their loss adjuster indicated that they would be happy to settle that item on a cash basis, but only to the extent of the RRP, a difference of £17,500. The loss adjuster suggested letting the insurer replace the watch (which would cost them £27,500), thereafter leaving our client free to sell it on the grey market to obtain that value in cash.

What we did:

Whilst the insurer and the loss adjusters’ proposals were technically correct and in accordance with the policy terms and conditions, we stated that this made little common sense and would only inconvenience their policyholder unnecessarily. We argued that if the insurer was going to have to pay £27,500 to replace the watch, as they are obliged to do if the policyholder requests it, they may as well just pay that figure to our client and save him unnecessary bother.


On reflection, and after referral to senior management, the insurer agreed to pay the full current market cost of £27,500 for this item on a cash basis.

Our client was delighted with the outcome and grateful for our intervention: That’s the Centor Difference.