Since all the controversy with the banks and the loss of faith in the banking system, many people have been looking at alternative ways to invest their cash. This has seen a surge in insurance requirements for high value jewellery and watches as well as art and antiques.
Insuring High Worth items is a specialist field and some insurance policies will not cover these items. When an approach is made to an existing insurer, the client often finds that there is a single article limit – and this can be as low as £1,500. The client does not automatically become a bad risk just because of this single item of high value jewellery, it is simply that the main insurers are in the mass market and do not wish to stray outside of their policy framework.
High Net Worth Insurance providers take a different view and welcome such items. They will often have a single article limit of at least £5,000 and offer you greater freedom to wear the item as you see fit. For example, even if your current insurer will cover the single item of high value or jewellery or watch, they may only cover this whilst it is being worn or in a safe. This is a condition (or in insurance jargon) a warranty, that most people find complicated to put into practice. A High Net Worth policy will have worldwide all risks cover for all your possessions, including single articles of high value jewellery or watches. This means you have complete freedom to live your life as you see fit without worrying if you are insured or not.
High Net Worth Insurers take a pragmatic approach and will assess your lifestyle as much as the high value of the jewellery. They will take into account the amount of jewellery you wear on a daily basis and the overall security of your home. It is unlikely they will ask for a safe to be installed, unless the total of your jewellery and watches exceeds £30,000 – and will go as high a £50,000 provided that the risk is well managed by the client. If you do have a safe which is bolted down and from a well known safe provider, then the insurance company will look favourably on this and will reflect their approval with a preferential rate on this portion of the premium.
Art and Antiques are seeing a surge in popularity also – again for investment purposes. Most home policies refer to these in very general terms: most policies are created to cater for the needs of an average family and afford little consideration to the specific needs of a serious collector.
Typically, the insurance cover will be limited to a percentage of the overall contents. The insurance sum insured will have a single article limit that is too low and rarely provides cover away from home unless a specific extension to cover is chosen, and paid for. This may not be the perfect situation for precious objects like art, antiques and other high value items.
In general terms, some of the benefits you should look for in a High Net worth policy are:
> Worldwide All risks cover so that your art, antiques and valuables are covered wherever you may take them
> A high value single article limit of up to £25,000
> Depreciation in value of the piece of art or antique, following restoration, if it is only partially damaged rather than completely lost or destroyed
> Assistance in getting your art and antique collections professionally valued
> New acquisitions of art or antiques to be covered automatically upon purchase with a set time period to notify the insurers
You need to look at what is available from High Net Worth providers and choose accordingly. There is a myriad of choice, but getting exactly the cover you need to provide peace of mind is not easy. Call a specialist company – Westhill Insurance Services is an independent insurance company, we pride ourselves on our professionalism and excellent customer service. We believe in listening and learning exactly what our clients want – and acting accordingly. Our friendly team will make sure you receive the very best in service as well as a policy which is cost effective and delivers all that you wish.
Take the risk out of insurance – call Westhill Insurance Services today and let us provide all the guidance you require on High worth Insurance, and rest assured your investments are correctly insured.
Contact Westhill Insurance Services, today.