What is high net worth travel insurance?

Most people can relax and jet off on holiday with little more than their passport, luggage and a good book (and a suitable travel insurance policy).

For wealthier individuals, who may face more complex risks or have higher-value assets to insure, holidays can often feel a bit more complicated than they should.

Usually, this is because a typical travel insurance policy doesn’t provide high enough levels of cover.

Fortunately, it doesn’t have to be this way if you invest in a high net worth travel insurance tailored to negate the risks you face.

What is high net worth travel insurance?

High net worth travel insurance is designed to automatically offer more benefits and a higher level of protection than a standard travel policy.

They cannot be written as a standalone policy and are often provided as part of an insurance portfolio or high net worth home insurance policy.

Unlike the insurance plans on offer from comparison websites and standard market insurers, these policies are not laden with exclusions, clauses or limitations.

They can also be tailored to suit your personal requirements, your family and any members of your travelling party – no matter where you’re going in the world.

Why do you need it?

If you’re prepared to spend between £10,000 to £30,000 on a holiday, should you really protect yourself with a travel insurance policy you bought for less than £50 online?

In our experience, the answer should definitely be no.

Otherwise, you may be shocked to find you’re only covered for up to £5,000 (or less) in the event of a cancellation – a potential loss of thousands!

A tailored high net worth travel insurance policy will offer you an increased level of cover with higher limits and far greater protection.

Designed specifically for people with high value assets, they allow you to take any jewellery, luxury watches or personal belongings abroad with you safe in the knowledge they’ll be fully protected.

More adventurous activities like skiing, sailing & jet skiing (pictured above) – which are not usually covered as standard – are also automatically included.

Should the worst happen and a claim need to be made, you can be sure you’ll be properly compensated – and not at risk of under insurance.

The process is often very straightforward and conducted professionally with little fuss.

Who and what can be covered?

Tailor your high net worth travel insurance with Nowell & Richards and we’ll make life easier with an all-encompassing policy suitable for even the most adventurous traveller.

Which people can be covered?

  • All party members travelling together on same trip
  • All individually named family members
  • Any person travelling independently (including children or dependents)
  • Named dependents – aged 25 and under
  • Domestic employees – nannies and au-pairs
  • Reduced rates for couples
  • Flexible age limits

What’s usually covered as standard?

  • Annual worldwide, multi-trip cover
  • Medical expenses – £10m and more if needed
  • Cancellation or curtailment – £15,000 and more per person
  • Personal accident – £50,000 and more per person
  • Delays – effective from 4 hours
  • Missed departure
  • Acts of terrorism
  • Medical conditions
  • Hospitalisation
  • Unprovoked assaults
  • Hijack and kidnap
  • Jewellery

What activities can be covered?

  • Water sports – jet bikes, jet skis etc
  • Winter sports – snowmobile and ski-doo
  • Piste closure & skiing cancellation
  • Equipment – skiing, golf etc
  • Boat and yacht travel

Why can it pay to arrange cover through a broker?

In our experience, it’s often best to arrange high net worth travel insurance through a specialist broker because it’s much simpler and easier to do.

In most cases, it will be included as part of a package together with your car or home insurance so that you have one ‘portfolio’ policy – with one renewal date and premium to pay.

This often reduces the amount you pay because you benefit from better economies of scale – rather than having three separate policies with different insurers.

At Nowell & Richards, we’ve been providing tailored insurance solutions for wealthy individuals since 1976 – allowing you to relax safe in the knowledge that your assets are properly protected.

Rather than provide short-term policies, we build long-standing relationships – helping you get the right cover at the right price.

As fully independent insurance brokers, we listen and understand your lifestyle before analysing the market as independent advisors. This means we can offer unbiased expertise to tailor the most appropriate protection for you and your family.

Should a crisis occur, we’re immediately on hand to resolve any issues on your behalf – no matter where you are in the world.

If you understand that basic travel cover won’t suffice, call our high net worth travel insurance team on 01785 255514 – they’ll be happy to discuss your needs in confidence.

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