Insurtech KoverNow launches protection for luxury watches
The insurance can be turned on and off on an as-needed basis.
Singapore insurtech firm KoverNow is launching an insurance product to specifically give protection to luxury watches on an as-needed basis without the need for a 12-month policy.
Responding to the growing popularity of high-end and designer watch collectors and owners in Singapore, and the increasing incidence of overseas theft, KoverNow is offering short-term cover for customers who are travelling, or who only wear their precious timepieces on special occasions.
The insurance can be activated when needed and deactivated once the watch is safely stored again, by using the KoverNow mobile app. The premiums to be paid will be calculated based on the current market value of the watch and will be re-calculated every 30 days. If a customer should lose or damage their watch during the insurance period, they will receive exactly the value that was last calculated.
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Using KoverNow is simply a matter of downloading the app onto a smartphone. Customers can then enter the details of their items or full collection to be insured into the KoverNow free vault. This provides an immediate market value as well as the premium to provide cover. There are no brokers involved and no paperwork. Simply switch the insurance on in order to put the cover in place.
“Many of our users keep their valuables in safe storage for much of the time, but if they are travelling or attending an important event, they want the flexibility of insurance that can come into force for just a few days or weeks rather than a fixed annual arrangement. The new policy available on our fully digital platform enables this, providing competitive premiums and ultimately complete flexibility,” Stephan Kaiser, CEO of KoverNow said.