What time is it? Watches and horology

Are there any issues with the insurance value of the package if it is an expensive watch? i.e. mark the value low to dodge import taxes, but be unable to insure for an appropriate value?

It's a gamble but I, err my friend, insists on tracking so the likelihood of anything going missing is very slim. We're talking watches worth hundreds rather than thousands. Personally if I was going to spend thousands on a watch I'd buy within the EU and avoid extra tax that way.