What is Private Client Insurance?
Private Client Insurance is a term used by the Insurance industry. This term refers to High Net Worth Individuals. 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. Investment Banker or Fund Managers for example. Lawyers, Solicitors, CEO’s as well as other high paid professions. Entrepreneurs are often high net worth and would also fit the profile.
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- Designed for those that have more to insure.
- Specialised in catering for High Net Worth individuals.
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- Tailored policies.
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- Prestige protection.
High Net Worth (HNW) individuals often need high value home insurance. Affluent areas of London see house prices of several millions of pounds. Areas 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.
We offer bespoke personal insurance brokers For High Net Worth Individuals. No two people are the same. We build an affinity with our clients. Our management and service is second to none. We ensure comprehensive cover at all times. We use a tailored approach when insuring them. Many of our clients live in these areas and we are very experienced in insuring these high value homes.
Private Client Home Insurance
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- One insurer that covers your auto, home, collectibles and personal liability.
- One premium to cover your whole estate.
- One broker to manage risk.
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High Net Worth Individuals usually need a bespoke level of personal protection insurances. This is due to the complex nature of their assets. For private client insurance a one size fits all ‘standard policy’ is not enough. Many of the larger international brokerage houses do not cater for specialist markets. You need a much more tailored solution.
Why do I need a high value home insurance policy?
When you have more to insure you need to focus on wealth management. Managing risk is important. Standard home insurance does not cover HNW individuals. Some of our private clients will have more art than jewellery. Others may have a classic car collection or fine jewels. Everyone is different and standard policies will not take this into account.
Some clients may require the following specialist policies:
- High Value Motor Insurance.
- High Value Jewellery and Watch Insurance.
- High Value Home Insurance.
- High Value Art Insurance.
Arranging protection of unique or at the very least, non-standard assets requires experience. Our Private Clients can often own many properties, fine art, and bespoke jewellery. Also, our clients are often cash rich but time poor. Being efficient with their time is of paramount importance.
Do I need specialist insurance for my listed home?
You may not always need specialist insurance for a listed building but it is worth checking. A HNW broker will check the details and coverage and provide the best solution for your needs.
A specialist client insurance broker or High Net Worth Broker is essential. At McLeod Insurance we offer no obligation face-to-face meetings. We will manage your insurance coverage with care and with the highest levels of service. We are then able to match the client with the suitable Insurance Group. 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. Determining what the Private Client’s requirements and needs are is essential. Not all markets are open to all brokers. The broker will have access to the correct markets. Be able to place the business with the appropriate underwriter. High Net Worth insurers are selective when it comes to brokers. Not everyone has access to the same markets.
Requirements for a broker specialising in Insurance For private clients:
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- Excellent relationships with the right type of underwriters.
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- Access to markets is key.
- Experience in placing this type of business.
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- Not all markets are open to all brokers
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- Good advice is essential.
Key questions a good broker will be able to answer for you:
- Why do I need a high value home insurance policy?
A high value home insurance policy offers the broadest cover in the market and the very best service.
- How do I calculate how much cover I need?
Some insurers will offer a free appraisal service to calculate building and contents sums insured. Otherwise, a recent survey report may be able to help with the building sum insured. Finally, the ABI website has a rather crude calculator that can give an indication.
- Do I have to list all my possessions and valuables to be covered?
You do not have to list all of your belongings. Some insurers may ask you to list items of fine art or jewellery over a certain value i.e over £15k or £25k for example.
- How often should I update my jewellery and fine art valuations?
Insurers recommend that jewellery and fine art valuations be carried out every 3-5 years. However, an eye should be kept on relevant markets intermittently.
- I am having building work done at my home do I need to tell my insurer?
Check your policy wording for the level of building works you can carry out without having to disclose to your insurer. The value of these works are usually between £50k-£250k, depending on the insurer.
- I am considering letting my home out, how will that affect my home insurance?
Your insurer may look to impose some terms, depending on your circumstances. Always refer this to your Broker before going ahead and letting your property.
- My home will be left unoccupied for a period of time should I tell my insurer?
Check with your Broker. Most policies will allow unoccupancy between 30-60 days depending on your insurer.
- I own many properties, can I have one insurance policy?
Yes. Most high value home insurers can also accommodate other properties i.e rentals, holiday home, second home etc…
- How can I reduce my insurance costs?
Consult a reputable and quality broker.
A good broker also requires the attention to detail. Navigating the fine print of the insurance policy is a skill. The broker must ensure that the needs and protection of the private client come first. 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. No two individuals are the same. Thus a tailored approach for each client.
Getting An Experienced Broker Is Essential
Experience is priceless in this process. Our MD Richard McLeod is in a unique position. Having served this niche area of insurance cover for over twenty-five years. Relationships built during this time and access to the best markets. We place our clients business with the leading High Net Worth underwriters. Underwriters including Chubb and AIG.
Two of the worlds largest and most comprehensive Insurers are:
We have access to both of these markets. Piece of mind is essential In the event of a claim.
Service expectations are likely to be higher than that of the man on the street. We use private client insurance companies that have specialist claims departments. This includes having a speedy claims settlement. High levels of service and keeping regular contact with the Client and Broker.
Comprehensive Client Services Is The Key To Our Success.
The broker is important at the start of the process with the initial placing of the business. We are also important moving forward. A specialist broker will ensure that their client remains well protected. We will track the market and make sure the client remains at the correct Insurance Company. This will involve ongoing assessments of the marketplace. This results in peace of mind for the client.
Private Client Group Insurance understands the lifestyle of a client. We would incorporate areas of cover such as:
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- High Net Worth Motor Insurance
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- Annual worldwide travel insurance to cover the policyholder and their family
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- Employers liability cover to include domestic employees
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- Kidnap and Ransom
- Credit card fraud
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- Family Legal Expenses
Are you a Private Client looking for a no obligation insurance coverage quotation? If so, please contact McLeod Insurance by telephone or email.
At McLeod Insurance we can either arrange a meeting face to face or by telephone. We are happy to discuss all the available options with you. All discussions are confidential.
Give us a call today if you would like to discuss any of the topics discussed here, we are always happy to assist.
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