The COMPLETE guide to high net worth insurance
Wealthy individuals with significant assets – homes, cars, yachts, art, wine collections or jewellery – face unique insurance challenges.
Rather than arrange different insurance policies for each asset class it’s much easier & mainly more cost effective to place them all under one ‘portfolio policy’ with a leading high net worth insurer.
A tailored insurance programme will underwrite your assets, profile and lifestyle before implementing the most appropriate coverage for your needs. This detailed approach will ensure your assets are correctly and sufficiently stated saving you from the danger of under insurance.
At Nowell & Richards, we arrange insurance for successful business people including owner managers, corporate leaders, entrepreneurs, professional sports people in order to manage risks and mitigate the potential for loss.
The aim of this guide is to explain what high net worth insurance does, who may need it and the benefits it offers.
What is high net worth insurance?
High net worth insurance is a collective term which describes the insurance products designed to protect people with high-value homes and possessions – including jewellery, antiques, collectables and overseas property – and those who travel frequently, either for business or personal reasons.
Who needs high net worth insurance?
People with significant personal assets often cannot be covered by standard insurance policies because their sums insured are greater than those which standard insurers will provide cover for.
Whilst it’s primarily for people with specialist insurance needs, you don’t have to be rich and famous to benefit from the cover that a tailored high net worth insurance will provide.
If your home has a rebuild value of £750,000 or more or you need more than £100,000 cover for your contents, you may need this type of insurance to ensure your assets are adequately protected.
The more assets you have, the more care you need to take with insurance to maintain, preserve and protect them.
What items can be covered on a high net worth insurance policy?
It’s all too easy for high net worth individuals to lose track of the number of valuable items in and around their home.
Inheriting a few family heirlooms or acquiring an assortment of expensive handbags or jewellery can quickly add up to a surprising amount.
In our experience, art, antiques, jewellery, clothing and personal effects are often some of the most under-insured items probably because they have been accumulated over many years.
Unfortunately, many people do not realise that standard insurers cannot provide adequate cover for these prized possessions.
Should a claim need to be made for loss, damage or theft; adopting a tailored approach to insurance coupled with a market leading policy wording will eliminate the risk of being incorrectly insured or not at all.
A good high net worth insurance policy should safeguard your possessions against all risks or simply a fortuitous act outside of your control.
To make life simple and maximize the benefits of high net worth insurance, it often pays to protect homes & cars within a tailored insurance policy.
At Nowell & Richards, our high net worth insurance can cover:
- High-value homes
- Listed Property
- Second homes
- Overseas homes
- Property portfolios
- Investment properties
- Outbuildings – tennis courts, ménages and stables
- High-value home contents
- High performance vehicles
- Car collections
- Jewellery & watches
- Collections – fine art, wine, memorabilia
- Designer clothing, gadgets & technology
- Precious metals – gold and silver etc
- Collectables – coins and stamps etc
- Boats & Yachts
- Business insurance
- Commercial combined insurance
- Professional indemnity insurance
- Public & Products Liability
- Management Liability Insurance
- Cyber risk insurance
- Reputation and lifestyle protection
- Personal protection – kidnap, ransom or car-jacking
What are the benefits of high net worth insurance?
At Nowell & Richards, we want you to be able to relax – comfortable in the knowledge that your assets are fully protected.
We’re proud of our ability to assess risks correctly and always tailor the most appropriate insurance for your needs.
Some of the main advantages of high net worth insurance include:
- Common renewal date for all insurance needs
- Single item limits typically higher than standard insurance policies
- All homes on same policy as main residence
- No restrictive clauses, conditions or warranties
- Buildings sum insured agreed via appraisal
- Automatic cover for gardens and outbuildings
- Agreed value approach on all assets and valuables
- 90-day cover for new acquisitions as standard
- Flexible driving options – any driver, any car cover
Why should you use a specialist high net worth insurance broker?
Whether you need cover for your home, investment property portfolio, watch collection, car or business; using a genuine Private Client broker will be the best way to arrange a insurance portfolio to protect your assets.
An experienced broker should be diligent in every aspect of their role – from conducting an accurate appraisal to arranging the most appropriate insurance cover for the risks identified.
At Nowell & Richards, we listen carefully to your needs, understand your lifestyle and assets before offering any advice.
As independent advisors, with no ties to any single insurance provider, we use our expertise to explore all the markets available to us to obtain the right insurance solution.
Having worked with high net worth individuals since 1976, we understand that privacy and confidentiality is of paramount importance. We provide a discreet service for a number of highly-successful entrepreneurs, corporate business leaders, high-profile celebrities and professional sports stars.
In the event of an incident, we are immediately on hand to offer assistance guidance & support when most needed.
We don’t aim to be the cheapest. And we obviously don’t look like meerkats who are recognised for providing cheap insurance policies, but who cannot match this level of highly-personalised service. In our experience, their policies are often also far from adequate for the needs of high net worth individuals. In the event of a claim needing to be made, many standard insurance policies also contain ‘get-out’ clauses weighted in their favour – leaving you exposed.
Dealing with a specialist high net worth insurance broker like Nowell & Richards eliminates the need to worry whether your policy is laden with clauses. We can also advise you about more unusual risks that standard insurers often overlook – including cyber security, media liability, kidnap and ransom.
By packaging your home, car, contents and travel insurance together into one ‘portfolio’ it is often possible to provide a robust and comprehensive insurance solution whilst saving you money. This is partly due to better economies of scale and partly because your insurer has a better understanding of all the risks you and they face.
High net worth insurance summary – consider ALL options carefully
Ultimately, the decision about whether to invest in high net worth insurance depends on your personal circumstances.
Some people value the reassurance that this type of protection will provide, especially in times of crisis. This makes it much easier to establish a working relationship with them so we can deliver a service with maximum benefits.
Others do not feel the same way, viewing insurance as a nuisance purchase or a legally-required essential. In our experience, this is often because they do not fully understand the products available or appreciate the level of protection offered.
Before deciding what’s best for you, it’s important to research ALL your high net worth insurance options carefully.
Price is obviously a major factor which must be taken into consideration, but it should not be the only one. Weigh up your assets, their worth, your lifestyle, the risks you face and the consequences of not being fully insured.
In our experience, adopting this comprehensive approach will help you select an insurance solution which is best suited to your budget and personal circumstances.
If you’d like to discuss your insurance requirements further, please email email@example.com or call 01785 255514 – our experienced Private Client team will be happy to assist.