High Net-Worth Insurance

High Net-Worth insurance comprises several different products which require greater levels and types of cover due to an increased value or risk for the insurer, for example, prestige and luxury cars, high-value homes and contents, fine art, antiques, and collectibles too.

High Net-Worth insurance is the collective name for products designed to cater to people with high-value homes and possessions, prestige cars, high-value antiques, jewelry and collections, overseas properties, and those who travel a lot for personal or business purposes. High Net-Worth may also include people with higher profile occupations such as professional sports people and those in the public eye.

Travel Cover:

Most high net-worth policies offer annual travel insurance that covers cancellation charges, medical expenses abroad, and costs due to delayed departure and missing luggage. Exclusions include traveling against medical advice, certain age restrictions, death, illness, or injury from specified dangerous activities.

Additional Covers:

In addition to the preceding list, there are many more additional covers available as part of high net worth policies, such as:

Buildings Cover:

As part of a high net-worth policy, ‘buildings’ are likely defined as the main dwelling, outbuildings, garages, swimming pools, tennis courts, and other features on the property. High net-worth policies typically extend cover beyond the limits of a standard policy to include buildings and features ancillary to the main house.

Contents Cover:

Contents are generally defined as the personal property you own. This can include furniture, furnishings, household goods, and personal effects.

Most high net-worth policies cover contents on a ‘worldwide’ basis, meaning it covers belongings wherever they are in the world for the entire period of insurance. Worldwide cover is especially attractive to people with multiple homes or those who travel extensively. Rather than arranging separate policies for personal property spread across several countries, customers can purchase a single, comprehensive worldwide contents policy that protects their belongings—no matter where they are.

Valuables Cover:

Depending on your policy, your valuables—such as gold, jewelry, and fur—may be covered under your contents. Insurers also offer separate valuables cover if customers have a specific list of valuables they would like to protect, such as fine art, antiques, and collectibles.

Extensions include cover for newly acquired valuables, pairs, and sets and an increase in the sum insured due to the death of an artist. Exclusions include dented or faded stamps and coins, losses during transit, and damage caused by alterations.

Liabilities Cover:

As a house owner or domestic staff employer, you unavoidably expose yourself to legal liability. Liabilities cover protects against liability claims related to your property or household employees.

Legal expenses cover defrays the cost of pursuing claims against another party, arising from, for example, an accident that causes death or injury to the insured or a dispute over a contract.

Travel Cover:

Most high net-worth policies offer annual travel insurance that covers cancellation charges, medical expenses abroad, and costs due to delayed departure and missing luggage. Exclusions include traveling against medical advice, certain age restrictions, death, illness, or injury from specified dangerous activities.

Additional Covers:

In addition to the preceding list, there are many more additional covers available as part of high net-worth policies, such as:

Some of the main advantages of high net-worth insurance include:

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.