Dutch Insurance Company Compelled to Compensate Theft Victim at Full Rolex Market Price

Today, I’d like to share a noteworthy ruling from the Dutch Institute for Financial Disputes (Kifid) regarding a dispute between an insurance firm (Achmea Schadeverzekeringen N.V.) and a policyholder. The policyholder possessed an insurance policy inclusive of a valuable goods clause, extending coverage to the loss or theft of valuable items outside the home. The Stolen Rolex Sky-Dweller On the night of April 26th/27th, 2022, the policyholder fell victim to theft, resulting in the loss of his cherished Rolex Sky-Dweller. Promptly on the 27th, a police report was filed, followed by an insurance claim to Achmea Schadeverzekeringen by month’s end. Subsequently, on August 22nd, 2022, the insurer commenced an investigation into the claim. A month later, the claim was approved, with reimbursement set at the retail price of the replica Rolex Sky-Dweller (€14,300 at the time), deducting the client’s €100 excess. Payment at Market Price The narrative takes an intriguing turn at this juncture. As we’re well aware, acquiring a Rolex Sky-Dweller directly from an authorized dealer is no straightforward task. On October 4th, 2022, the theft victim visited an authorized dealer, seeking to procure the identical Rolex Sky-Dweller he previously owned at its retail price of €14,300. However, he was informed of a minimum three-year wait time for the timepiece. In a twist, the dealer offered the Sky-Dweller immediately for €25,000. The victim, succumbing to the offer, departed with his new acquisition. An Additional Claim Subsequently, the policyholder lodged an additional claim with Achmea Schadeverzekeringen, seeking €10,700 to offset the total expenditure of €25,000. Following a brief investigation by the insurer’s jewelry expert, the claim was rejected under the premise that the timepiece could indeed be acquired for its retail price of €14,300. Discontented, the policyholder escalated the matter to the Dutch Institute for Financial Disputes (Kifid), citing contractual clauses stipulating reimbursement sufficient for immediate replacement. The Verdict Favors the Consumer In a meticulous examination of the insurance policy’s terms and conditions, the Dutch Institute for Financial Disputes (Kifid) delved into the interpretation thereof. As per Dutch law, ambiguity in such agreements leans in favor of consumer rights. The pivotal issue revolved around the definition of “buy.” Although objectively construed as acquiring goods for money, the absence of precise elucidation in the insurance terms warranted a consumer-favorable interpretation. Consequently, “buy” encompassed not only payment but immediate ownership, absent a stipulated waiting period. Consequently, the insurance company was directed to reimburse the client the additional €10,700, adhering to the binding verdict agreed upon by both parties. *The images accompanying this narrative are for illustrative purposes solely. Presently, the retail price of a steel Rolex Sky-Dweller stands at €16,200 on an Oyster bracelet and €16,400 on a Jubilee bracelet.