WAX Collect Transitions to Specialty MGU with Launch of Modular Watch Insurance Product
WAX Collect, an InsurTech firm specializing in luxury assets, has announced its transition into a specialty managing general underwriter (MGU). The company launched WAX Flex™, a modular insurance solution designed specifically for watch collectors. Unlike traditional all-in-one policies, WAX Flex allows users to customize coverage by selecting specific add-ons like checked baggage or unattended auto protection and choosing between different market-value payout percentages. The new product aims to address the price sensitivity of serious collectors by offering tiered options alongside its existing comprehensive plan, WAX Classic™. By allowing for multi-category discounts and modular risk management, WAX Collect seeks to capture a larger share of the luxury asset market. The company currently manages over $2.5 billion in catalogued collections across various categories including jewelry, art, and trading cards.
Topics: Collectibles Insurance Insurance Product Launch InsurTech Luxury Assets