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Where Meerkats and Opera Singers Just Don't Compare

Article posted Tuesday 19th February 2019

Whilst many domestic insurance buyers are happy to purchase their home and motor insurance via a comparison site, there is no doubting that high net worth insurance buyers can benefit from using the services of an Insurance Broker that specialises in this area. 

The demands and needs of a high net worth customer differ from the average domestic insurance buyer and the sector is served by a number of distinct insurers with specific policies and wordings.  A sector Insurance Broker expert can help to identify and present risks to specialist insurers, suggest improvements for increasing cover and reducing premiums, in addition to assisting in valuing assets and making claims.

So, what is the criteria for a high net worth insurance customer?

Typically, a high net worth insurance customer will have a home contents replacement value of £100,000 and above and a buildings reinstatement value of at least £500,000.  They are likely to be professionals like accountants, bankers, solicitors, barristers and others with Chartered status, entrepreneurs, directors or people who have inherited wealth.  They are inclined to be asset rich and time poor, may not appreciate the value of their assets and may be unsure of the advantages of bespoke insurance.  

As part of the PIB Group we now offer high value household insurance delivered through a team of dedicated and experienced sector experts. We have exceptional insurer relationships and can offer products with enhanced policy wordings including worldwide cover on contents and superior cover for jewellery, watches, fine art and antiques.  

What do we mean by enhanced cover?

A good example is a warranty free wording.  Standard policies can carry a locks and alarm endorsement, which means if you were to leave your home and forget to lock or close a window and you were unfortunate to be burgled, the insurance company would not pay that claim.   We can source policies which are warranty free, so that they do not carry this type of endorsement.

What about claims?

High net worth insurers have dedicated claims teams who deal with claims in a professional manner and in most cases hassle free.  At PIB we also have our own claims team who can assist you on difficult claims.

What do I do next?

See what our Private Client team can do for your domestic insurance arrangements by contacting, Jacqueline Burnett.  Alternatively, let us know the renewal date of your current policy at marketing@cookeandmason.com.

What our clients have to say

“I am really grateful for the expertise and efficiency of Cooke & Mason.  I value long relationships with people I do business with, so it is testament that I feel so comfortable with your support and guidance.”

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