WAX Collect Pioneers Customized Insurance with WAX Flex™
In a world where even a simple escapement can change the watch industry, WAX Collect is shaking things up with its WAX Flex™, rolling out a tailor-made insurance product specifically for watch collectors who refuse to settle for one-size-fits-all coverage. It's the first of its kind in modular approaches, focusing on giving collectors the reins when it comes to their insurance needs.
Covering Risk at Wrist: Customizable Options
Now, why on God's green earth would anyone want an insurance product as fixed as a rusty pocket watch? That's the real question. Collection insurance has been a square peg shoved into a round hole—same old coverage rate for vastly different pieces. WAX Flex, though, offers a new way of doing things for those keen on preserving both their wrist taste and wallet size. Imagine choosing your coverage based on risk tolerance and budget—finally, the collector's got some say in what they risk and what they keep.
Rich Vinhais, CEO of WAX Collect, snapped the tradition by insisting collectors dictate their coverage profiles, building their own insurance safety nets. Their premiums reflect exactly what they're covering, rather than lumping individual risks into one generic bucket.
The Nuts and Bolts of Flex: How It Works
- Optional Add-ons: Collectors can bolt on Checked Baggage and Unattended Auto Coverage, paying solely for what may apply to their varying risks.
- Market-value Coverage: If your invested piece has turned a profit, don't get shortchanged during a payout. Choose between 100%, 125%, or even 150% payout of the scheduled value (notice caps do apply).
- Multi-category Discount: Let WAX extend its low rates if you're willing to insure across up to three categories. Now that's a deal that suits a broad collector's horizon.
It's backed solidly on surplus lines paper and with an AM Best A+ (Superior) rated partner.
Why WAX Flex Matters in Luxury Insurance
Luxury collectors aren't just concerned about their collections. They're worried about their wallets too. With WAX Flex, collectors maintain robust protection from theft, damage, and endless mishaps, all while maximizing savings. WAX Collect breaks tradition by offering the Flex plan, empowering collectors to focus on procuring their next watch rather than fretting over costly premiums.
"We spent five years listening to collectors," says Vinhais. "The most serious collectors want to spend more on new pieces, not on inflated premiums."
A sentiment many of you might nod along to in agreement, whether you're holed up in your basement museum or trotting the globe with your favorite timepiece ticking away silently.
The Broader Reach: Commercial and Beyond
Now, it's not all swanky watches and glass cases here. Given the network of collectors that spans thousands and the sheer $2.5 billion in assets managed, many collectors aren't just hobbyists—they're business moguls and enterprises, needing more protection. WAX has branched into commercial insurance, serving their core base and the ecosystem that supports collecting. Retailers, dealers, marketplaces, they've all got something to gain.
WAX Collect stands as more than just a service; it's a community asset, protecting the collections and enterprises that turn the gears of the watch world.
A Nod to the Future
In an industry where competition is about as fierce as Swiss craftsmanship, WAX Collect has found a way to stand out. With 150 partner agencies and a vision rooted firmly in innovation, the game isn't just about having the shiniest pieces on display; it's about ensuring those pieces are securely protected. But the right way, with options and control placed where it matters most—in the hands of the collector.
