Private Client Insurance is a term used by the Insurance industry to identify High Net Worth Individuals and the type of insurance policies that fit their needs. A Private Client can be an Investment Banker, Fund Manager, Lawyer, Solicitor, CEO or any number of high paid professions. Private Clients may live in affluent areas of London, such as Chelsea, Kensington, Knightsbridge, Hampstead, Notting Hill, Marylebone or Islington.
Private Clients, or High Net Worth Individuals, usually require a bespoke level of personal insurances due to the often complex nature of their assets. Private Clients can often own multiple properties, fine art and bespoke jewellery. In addition, Private Clients are often cash rich but time poor so being efficient with their time is of paramount importance.
As a result, Private Clients usually require a specialist Private Client insurance Broker or High Net Worth Insurance Broker to place their business. At McLeod Insurance we offer no obligation face to face meetings to try to ascertain the level of cover that is required and then try to match the Private Client with a Private Client Insurance Group. This takes skill in determining what the Private Client’s requirements and needs are to ensure that every possible area is covered.
In addition to a Private Client Insurance Broker being important in placing the business of a Private Client individual, a Private Client Insurance Broker will also ensure that a Private Client’s insurance remains with the correct Insurance company and will stay on top of the market. This will ensure that a Private Client can rest assured that the market is being assessed at regular intervals by their Broker and that they remain with the most suitable Private Client Insurance Company.
Private Client Group Insurance understands the lifestyle of a Private Client (or High Net Worth Individual) 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
Private Client Insurance Groups can include the likes of Chubb High Net Worth Insurance and AIG Private Client Insurance (now known as Azur). Chubb and Azur have been in the Private Client Insurance market for many years and offer some of the broadest wordings in the market. Chubb
Private Clients 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.
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.