At Specialist Risk Private Clients, we understand the unique needs of high-net-worth individuals and our experienced team offer a concierge-led service across a range of products for private clients and their families. When choosing an insurance broker to arrange cover for your personal assets and estate, there can be a lot to consider and therefore, in this blog we outline a series of frequently asked questions of private clients.
What insurances do private clients typically need?
Our specialist Private Clients team can assist you in the following areas:
- High-value household
- Listed buildings
- Private offices and family offices
- Antiques
- Jewellery and watches
- Fine art
- Wine collections
- Coins and gold bullion
- Yachts and pleasure craft
- Holiday homes
- Buildings undergoing works/renovation/alteration
- Motor, including family fleet and high-performance or classic cars
Who does Private Client insurance cover?
Due to the unique characteristics of the type and quantity of assets held by private clients, a more detailed appreciation to insuring them is usually required. This includes c-suite professionals, affluent individuals and their families, collectors of art, jewellery, antiques and wine, individuals with complex portfolios, both domestically and internationally and UK non-domiciled individuals.
What are the benefits of using a broker instead of online comparison sites?
As a specialist broker for private clients, we have access to insurers which are not available direct, or through comparison websites, which often include onerous conditions, warranties and limitations to cover. We can provide a unique risk appraisal and audit your current policy documents to find a tailored policy to suit your specific needs.
We are also able to make introductions with specialist third parties, who can assist with jewellery valuations, rebuild cost valuations, security upgrades, flood defences and more.
Do I need to tell you if I want to carry out some building work on my property?
All insurers need to know about any building works before they commence at your property. We would need to gather information surrounding any JCT contract signed, including whether the occupant has or has not moved out for the duration of the build, the total value of the work, the expected duration, and a description of what the work entails. Our team will then liaise with the insurer and contractors and advise next steps to provide options to ensure both the existing structure and the contracted works are covered.
I’m planning to buy a new item of jewellery, what information do you need?
When new jewellery is added to a collection through purchase, gifts, or inheritance during a policy year, we should be notified of the description and value of the item to ensure it is covered adequately. If the item exceeds the single article limit of the policy, we will then need proof of purchase or a recent valuation.
How often do my jewellery and watches need to be valued?
To ensure the values are up to date on the policy schedule, and to avoid disappointment in the event of a claim, most insurers require valuations every 3 years for jewellery and watches. We can help facilitate introductions to specialist valuers and jewellers.
I have more than one property, can you cater for this?
All our private client insurers can provide cover for your portfolio, this means that we can arrange policies to cover your main home, second homes, holiday homes, travel, and motor policies whilst delivering you a single portfolio of cover with a single common renewal date.
How can I get a quotation?
You can contact one of our private clients specialists, Amanda or Gaby, by email or by telephone:
privateclients@specialistrisk.com
020 7977 4800
“What sets Amanda apart is her attention to detail in relation to my personal circumstances in order to source the policy that best suits my needs and then the determination to drive the best premium outcome.”
- Anonymous private client
Specialist Risk Private Clients is a trading name of Specialist Risk Insurance Solutions Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 473138). Registered Address: 6th Floor, One America Square, 17 Crosswall, London EC3N 2LB. Registered in England and Wales. (Company No. 06368755). Specialist Risk Insurance Solutions Limited is part of the Specialist Risk Group.
