Private Client Insurance
Private Client Insurance is a term used by the Insurance industry to identify High Net Worth Individuals. More accurately it is a term used to describe the type of insurance policies that fit their needs. The term ‘Private Client’ can represent any number of job types including Investment Banker, Fund Manager, Lawyer, Solicitor, CEO as well as a number of other high paid professions. Entrepreneurs are often high net worth and would therefore also fit the profile.
Often the areas these individuals reside fall within the high value home insurance bracket and include affluent areas of London, such as Chelsea, Kensington, Knightsbridge, Hampstead, Notting Hill, Marylebone or Islington. As you can imagine there are many areas throughout the UK that meet the same criteria and require the same tailored approach when insuring them. Many of our clients reside in these areas and we are very experienced in insuring these high value homes.
Bespoke Personal Insurance for High Net Worth Individuals
High Net Worth Individuals, usually require a bespoke level of personal insurances. This is due to the complex nature of their assets. One size fits all ‘standard policies’ offered by the larger international brokerage houses do not fit such individuals. A much more tailored solution is required when arranging protection of unique or at the very least, non-standard assets. Our Private Clients can often own multiple properties, fine art, and bespoke jewellery. In addition, our clients are often cash rich but time poor so being efficient with their time is of paramount importance.
As a result, a specialist Private Client insurance Broker or High Net Worth Insurance Broker to place their business is essential. At McLeod Insurance we offer no obligation face-to-face meetings to try to ascertain the level of cover that is required. We are then able to match the client with the suitable Insurance Group. Essentially this is the remit of any broker but in the case of high net worth individuals, a more bespoke service is essential.
Are all Private Client Brokers the same?
The short answer to this one is NO. A good broker requires skill in determining what the Private Client’s requirements and needs are to ensure that every possible area is covered. The broker will require access to the correct markets so as to place the business with the appropriate underwriter. High Net Worth insurers are selective when it comes to brokers and not everyone has access to the same markets.
A good broker also requires the attention to detail to navigate the fine print of the policy to ensure that the needs of the client are met. Standard policy wording is not suitable for most private clients. While one client may have stored their wealth in art, the next may store their wealth in jewellery. Classic cars are often an asset class of the wealthy but rest assured no two individuals are the same and therefore a tailored approach is required for each client.
An experienced Broker is essential
Experience is priceless in this process. Having served this niche area of insurance for over twenty-five years our MD Richard McLeod is in a unique position. Relationships have been built during this time and we have access to the best markets. We place our clients business with the leading High Net Worth underwriters including Chubb and AIG. Chubb High Net Worth Insurance and AIG Private Clients are two of the worlds largest and most comprehensive Insurers. In the event of a claim, it is essential to have the piece of mind that all will be resolved quickly and efficiently.
Service expectations are likely to be higher than that of the man on the street. As a result, Private Client Insurance Companies use specialist Claims Companies, or internal Claims Experts, to settle claims and to manage expectations. This includes having a speedy claims settlement service and keeping regular contact with the Client and Broker.
On going service is the key to our success
In addition to the broker being important at the start of the process with the initial placing of the business, they are also important moving forward. A Private Client Insurance Broker will ensure that their client remains with the correct Insurance Company. This will involve on going assessments of the marketplace and results in piece of mind for the client.
Private Client Group Insurance understands the lifestyle of a client and incorporates areas of cover in addition to the obvious household, such as:
- High Net Worth Motor Insurance
- Annual worldwide travel insurance to cover the policyholder and their family
- Employers liability cover to include domestic employees
- Kidnap and Ransom
- Credit card fraud
- Family Legal Expenses
If you are a Private Client looking for a no obligation quotation then please contact McLeod Insurance by telephone or email. At McLeod Insurance we can either arrange a meeting face to face or by telephone, to discuss the available options with you. All discussions are highly confidential.