Marsh Private Clients

High net worth insurance products are bespoke, tailored cover for individuals who require all-risks cover for their high value assets.

From high value properties, to extensive collections of art and jewellery, high net worth insurers provide cover shaped to the lifestyle and the portfolio of each client. Typically, cover is offered on a warranty free basis, covering clients’ valuable assets without restrictions.

High net worth insurers typically have minimum sums insured requirements. For example, a main residence with a reinstatement value in excess of £1,000,000 or an accumulative collection value of contents, art and jewellery in excess of £250,000.

High net worth clients typically need structured insurance programmes that can comprehensively insure listed properties, multi-property portfolios, complex travel patterns which indicate varying degrees of occupancy.

Clients that seek these levels of cover quite often want the reassurance that their assets are protected. Their insurance programme is arranged in a way that is easy to understand, with the support of their broker acting as their trusted adviser.

You may require a high net worth policy because you’ve made a new purchase that your current insurer cannot cover. For example, if you’ve purchased a new watch for £20,000 which is above the current insurer’s limit. High net worth insurers generally have higher limits when it comes to valuables and the associated requirements, such as alarms and safes.

You may need a high net worth policy if you can’t comply with the terms of your existing policy. For example, if you spend a lot of time either out of the country or in another property you own, standard policies tend to have an unoccupancy term of 30 days. Insurers can be a lot more flexible with a high net worth policy.

A real benefit of a high net worth policy is to cover all your personal assets under one policy. Typically they would include – buildings, contents, art and antiques, jewellery, watches, and any other niche items such as an expensive collection of handbags / shoes / coin collection/ wine. All of our clients are unique and have different passions. High net worth policies often include additional benefits such as legal expenses, home emergency and travel insurance as standard.

Where possible, we can also look at a portfolio option to include your motor fleet. This helps to simplify your insurance programme and make claims smoother if various assets are damaged in the same incident.

Whilst surveys are not always stipulated by insurers, we would recommend that an appraisal is carried out every three years to ensure your cover reflects the reinstatement value in the current market.

Our insurers can often provide this facility at their expense, to support you in getting the correct cover. Following a risk management survey, insurers typically provide enhanced or guaranteed rebuilding cost cover to give additional protection. This can protect you against increasing reinstatement costs and other unforeseen circumstances and events.

In addition, Marsh also has a risk management team that can provide a survey at an additional cost.

We always recommend you keep the valuation as up-to-date as possible and within the last 3 years for jewellery, watches, art and antiques. These items can fluctuate in value based on the rate of precious metal and gems, or if an item has been discontinued making sourcing a replacement more costly in the event of loss or theft. Art is also subject to increases or decreases based on purchasing trends.

High net worth insurers will have a requirement for valuations on certain specified items but their criteria for this can vary.