The intricacies of placing suitable insurance for high net worth properties

What is High Net Worth Insurance?

High net worth insurance is a specialised insurance solution crafted for individuals with complex asset portfolios or high value assets and collections. Unlike standard insurance, high net worth insurance provides broader coverage and higher limits to safeguard a diverse array of assets and liabilities.
Here’s what distinguishes high net worth insurance:

• Enhanced Coverage Limits: It offers elevated coverage limits for property, motor, liability, and other potential risks, acknowledging the higher value of the assets involved.
• Tailored Policies: These policies are customised to address the specific needs of affluent individuals, covering valuable possessions like artwork or antiques, luxury residences, and multiple properties.
• Broad Protection: It typically includes expansive coverage options, such as increased personal liability limits, extended legal expense coverage, and protection against new and evolving risks.
• Risk Management Services: Insurers may provide additional support, such as risk management advice, to help prevent potential risks and handle complex claims.
• Umbrella Policies: These offer an additional layer of liability coverage beyond standard policy limits, which is crucial for individuals facing greater risk.

In essence, high net worth insurance is designed to provide comprehensive protection and peace of mind by addressing the diverse aspects of a wealthy individual's financial and personal life.

Why should you use a High-Net-Worth Insurance broker?

A high-net-worth insurance broker offers specialised benefits tailored for affluent individuals:

• Customised Coverage: Tailors policies to protect high-value assets like luxury homes and fine art.
• Higher Limits: Secures extensive coverage with higher limits than standard policies.
• Expertise in Complex Risks: Manages complex risk profiles and unique liabilities.
• Exclusive Products: Provides access to specialised insurance products.
• Holistic Risk Management: Offers comprehensive risk management strategies.
• Personalised Service: Delivers attentive, bespoke service and builds strong relationships.
• Claims Advocacy: Advocates for clients during the claims process.
• Estate Planning: Integrates insurance into estate and legacy planning.
• Privacy: Ensures confidentiality of sensitive information.
• Ongoing Adjustments: Continuously updates coverage as needs and assets change.

In essence, they deliver expert, tailored solutions to effectively manage and protect significant assets.

Get in touch with our Private Clients team to find out more.