If you are a high net worth individual, the likelihood is that your insurance requirements will be far more complex than what standard policies are written to cover. As such, conventional policy wording may not cover you when you need it most. It’s essential to make sure your policy is tailored to your assets so that in the event of a claim you are adequately covered.
So what differences and benefits can be found in a high net worth insurance policy?
A high net worth policy can often be more comprehensive—for example, a policy could promise to cover loss or damage to valuables anywhere in the world, whereas a standard policy may only cover contents temporarily away from your home, and potentially not at all when outside the British Isles. If you are an international businessperson or frequent flyer, this could be a pitfall, so a high net worth policy would be worth looking into.
When it comes to your property, there are a full range of possible additional benefits, including trace and access and home emergency cover as standard. Wine collections are often included as standard. A specialist policy might also protect you from fly tipping or trespass, which could be beneficial if your property has large grounds.
If an event occurs that stops you from living in your home, you may need to claim for living expenses—e.g. the cost of renting somewhere if you’re unable to live in your property. A bespoke, high-end policy could include wording that offers to provide ‘additional living expenses’ with no capped monetary value, whereas standard policies might only offer a set amount.
Some benefits of High Net Worth household insurance:
- Worldwide all-risks contents and valuables cover
- Higher single article limits for jewellery, watches and other valuables
- These policies can accommodate high value antique furniture, art, precious metals and collections
- Large loss excess waiver (usually if a claim in excess of £10,000 is made, no excess applies)
- Enhanced claims service with a quicker than average turnaround
- Inclusive benefits such as legal expenses, identity theft cover, kidnap and ransom cover and cyber cover
- Worldwide annual family travel can be added as part of the household policy with most insurers
Some benefits of High Net Worth motor insurance:
- Agreed value can be provided by many insurers meaning the vehicle value agreed on the schedule is what will be paid in the event of a total loss, not the usual market value
- Driving other cars benefit for the policyholder/main driver can usually be extended to included comprehensive driving other cars rather than the usual third party cover
- Some insurers will offer open driving, meaning that anyone not residing at the insured’s address can drive the insured vehicle/s automatically and comprehensively without being named on the policy
- Enhanced claims service with a quicker than average turnaround
- Premium courtesy car often provided (Mercedes C Class or equivalent)
- Some insurers offer excess waivers if the client does not take a courtesy car (if they have more than one car and can just use that instead, it can save them the excess on a claim)
- Often guaranteed OEM replacement parts and will often let client’s choose their favoured garage for repairs
- Some cover is often included for cherished number plates
Of course, there are a full range of other possible benefits—everything is dependent on your personal circumstances. If you feel you could benefit from a high net worth insurance policy, get in touch with a member of our team on 01509 274000.
