What Is High Net Worth Insurance

What is a “High Net Worth” client?

Generally speaking, they are a client who has a need for home insurance to cover higher than average contents (£100,000) including antiques and fine art. The entry level can be lower if the client is a young professional who will become a high net worth client in the coming years.

These customers are often asset rich, but time poor. They want value for money, but demand the peace of mind of knowing that claims will be dealt with quickly, simply and fairly. Along with this they want high levels of personal service, help and advice, and that's where the services of Couture can assist.

What cover would normally be included?

• Contents – all contents, including fine art. “Fine art” includes antique furniture, paintings, sculptures, etc, but not jewellery (which is covered under a separate section specifically designed to cover the client’s precious items).
• Buildings - can also be added, but need not be. It is not usual to cover the building without the contents - with this type of policy, they go hand in hand.
• Bespoke Valuables Cover - is usually provided on a worldwide basis, and normally on a “warranty free” basis (see below).
• Other - policies can also include annual travel, holiday homes in the UK or abroad, and often motor insurance as well.

What is “High Net Worth” home insurance?

• High Net Worth Insurance – will normally be ‘warranty free’. This means that the normal clauses in relation to the use of alarms, locks or safes would not be present. In addition, valuable items can be insured on an “agreed value” basis in advance, meaning that claims can be resolved very quickly, as the insurers don’t need to discuss the value of items at the claims stage. The claims teams understand the need for a simple, swift and sensible settlement, and the loss adjusters often have authority to settle claims on the spot.

How do I get a quote?

Because of the bespoke nature of the cover, it’s not possible to provide an online quote & buy system for this type of policy. Each risk needs to be individually discussed with the insurers to provider the most appropriate cover for the customer.

The insurers prefer to base their assessments as much on the individual rather than the property, so they want to understand the client’s attitude towards risk. The client’s honesty, integrity and trustworthiness is as important as the risk information. If you have known the client for many years, and can vouch for them, that will carry enormous weight.

In order to quote, we’ll need a risk profile of the client and the property. If it helps you, we have created a dedicated HNW Fact-Find form . If you want to maintain the client contact, either complete this and return it to us, or ring us and we’ll complete it with you.

Can I refer clients to your specialist Couture team?

Yes. Use our referral service and we will speak to the client on your behalf.

What insurers do you use?

This is a highly specialised market and has dedicated providers. Our panel has been carefully selected to ensure we can access the right product for each client, whether they be emerging wealth, affluent professionals or ultra-high net worth.