Who insures you doesn’t matter… until it does!

When did you last see your broker?

Worryingly, personal insurance is fast becoming an impersonal world of anonymous call centres, automated telephones and invisible brokers. It’s full of pitfalls if you happen to own anything a little out-of-the-ordinary. Anything that requires a personal touch rather than an algorithm.

Contrary to widespread belief, all insurance is not the same. Standard policies that try to cater for everyone – on a one-size-fits-all basis – can do so profitably only by placing strict limits on what is covered and how it is covered. This is fine if you own a standard three-bedroom home – you’ll fall within the limits. However, it’s not so good if you own anything non-standard. It can often result in a claim settlement far lower than you were expecting, simply because you have been penalised by limits buried in the small print. Even worse, the problem is unlikely to surface until you make the claim. But by then it’s too late! You could be left significantly out-of-pocket. Maddening if it’s an expensive watch – devastating if it’s your family home!

Does your broker talk to you about reducing risk?

The solution is to seek out a specialist high-net-worth personal insurance broker.

The best will assign you a dedicated account manager who will get to know you inside-out and champion your interests. They will invest time upfront helping to identify the actual risks you face – from fire through to theft – and suggesting ways to minimise or eliminate them without compromising your lifestyle. This will not only help to better protect your property it could also reduce your premium.

They will advise on how to ensure that your assets – homes, cars, valuables – are accurately valued so that you can replace like-for-like should you make a claim. They will seek out the right cover with the right insurer to match your individual requirements – with fewer restrictive conditions and flexible upper limits. They will help you find a policy with the right protection against the non- tangible – but equally distressing – risks of wealth such as: cybercrime, identity theft, aggravated burglary, stalking or road rage. Finally, they will aim to simplify things by merging all your insurances into a single portfolio so you have one premium, one renewal date and none of those infuriating grey areas between policies.

Insurance made simple

Andrew Scannell is the MD of HERO Insurance Solutions, explains:

“High-net-worth clients frequently have complex requirements. Our single-minded aim is to make their insurance simple and stress-free. We are committed to providing thoughtful individual advice based on their specific circumstances. We want to understand from the start the risks they face and agree accurate replacement costs for their homes, cars and belongings. Where necessary we will recommend professional valuers, often at preferential rates. This means we can match their cover to their requirements. So, they pay only for the insurance they need. But, most importantly, by agreeing upfront precisely what is insured and for how much, we effectively settle any claim before it happens. This eliminates the need for haggling after the event and makes the claim process faster, fairer and smoother. In other words, insurance made simple.”

For your valuables do you have worldwide all-risks cover even when travelling – whether it’s jewellery, fine art, antiques, watches, handbags, wine, guns or collections? Other important covers that you’re unlikely to be offered on a standard policy are agreed value (specifying the exact sum you will be paid, with no deductions, for a total loss), pairs & sets (cover for the whole set even if only one piece is lost or damaged), compensation for loss in value following a claim, and automatic cover with high limits for newly-acquired items.

A claim service that respects your wishes

“Finally, the ultimate test of any broker and any insurance is the claim service,” states Scannell.

A good broker will make certain that you deal only with insurers whose claim service leaves you feeling in control because your wishes are respected and there are no nasty surprises. The aim will be to restore things as they were before the claim, speedily and without fuss. To ensure that you are paid what is fair to put things right. To give you the choice of cash or replacement/ repair. To allow you to select your supplier for replacement or your craftsmen or garage for repair. To deal with you sympathetically offering expert support however complex your claim.

So, don’t let yourself be caught out by your insurance. Who insures you does matter! Choose the certainty of working with a good specialist high-net-worth broker.