The retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.
The 1916 Company has a new watch insurance option to offer its customers.
The retailer has partnered with WonderCare, a watch insurance platform founded by venture capitalist, watch collector, and “Shark Tank” star known as “Mr. Wonderful,” Kevin O'Leary.
WonderCare, which launched in partnership with the retailer, is powered by Chubb Studio, the digital integration platform developed by insurance giant Chubb.
The partnership gives collectors and watch enthusiasts a streamlined option for insuring their timepieces.
The fully digital process lets customers receive quotes, activate coverage, add and remove timepieces to/from their policy, and update valuations.
This can be done either at the moment of purchase or later on. Coverage can include watches purchased from The 1916 Company and from other retailers.
"WonderCare offers a simple and effective way to safeguard your watch collection," said John Shmerler, CEO of The 1916 Company.
"As the luxury watch market continues to grow, the need for a tailored, easy-to-access insurance solution has never been more critical. We're excited to bring this valuable service to our clients, addressing the gap in the market, and ensuring that the process of protecting luxury timepieces is as smooth and seamless as possible."
O’Leary said he created the platform to address the challenge collectors faced in finding an insurance product suited to their needs.
"I founded WonderCare to ensure that timepieces are accurately appraised and covered for their replacement value, not a depreciated figure," said O'Leary.
He noted that many policies don’t cover an item's replacement value, which could exceed the retail price.
"WonderCare offers a nuanced solution to this issue, providing a tech-enabled process that meets the needs of collectors. Through our partnership with The 1916 Company and Chubb's digital protection platform, we aim to equip collectors with the best tools and services to help protect – and truly enjoy – their collections,” he said.
Shmerler added, "Kevin's profound love for watches and his understanding of the collector's mindset were key drivers for us to establish this partnership.”
O’Leary recently visited the retailer’s lounge in New York City and had a conversation about his watch collection with George Mayer, president of e-commerce, international, and pre-owned watches at The 1916 Company.
The two spoke about the “extraordinary pieces in his collection – from vintage to modern, priceless to attainable – including the most established houses and beloved independent brands, his signature red straps, and so much more,” said Shmerler.
The 1916 Company will refer its customers to the WonderCare platform while the insurance services will be directly managed by WonderCare and its licensed agents.
The 1916 Company formed in 2023, when watch retailer WatchBox merged with Govberg Jewelers, Hyde Park Jewelers, and Radcliffe Jewelers.
To learn more about The 1916 Company's WonderCare offering, visit the website.