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High Net Worth

Why offer High Net Worth Insurance?

By offering your VIP clients High Net Worth insurance, you are embedding your relationship with them, protecting yourself from allowing other advisers to build a relationship with your client, creating a high commission yield opportunity in a sector that has a high retention rate and high customer satisfaction.

The amount you can earn will grow year on year as you receive commission on the renewal as well as the new business. The more you write, the higher your income. However by way of an example, based on an average premium per client of £1,500, an average policy lifetime of 6 years, a retention rate of 80% year on year and on you writing 10 new cases each year, over the first 6 years you can expect to earn:

What Is High Net Worth Insurance?

A specialist home insurance product designed for the needs of High Net Worth Individuals making provision for high valued contents and personal belongings including fine art, antique and jewellery collections.

These valuable items can be insured on an "agreed value" basis in advance, allowing claims to be resolved quicker. Our Insurers employ specialist claims staff and loss adjusters to handle High Net Worth claims and these claims teams understand the need for a simple, swift and sensible settlement.

Levels of cover vary from insurer to insurer Cover but a High Net Worth policy include:

  • 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
  • Other - policies can be extended to also include annual travel, holiday homes in the UK or abroad, motor insurance and occasionally yacht insurance as well.

Who is a "High Net Worth" Client?

Whilst there is no precise definition as to how rich somebody has to be to fall into this category as the title suggests a High Net Worth Individual is a term used to denote an individual and/or family with high asset values.

Generally speaking in insurance terms it's a client who needs a specialist household policy to cover high contents sums insured (£100,000 plus although some entry levels are lower) including antiques and fine art.

This type of client require high levels of personal service, help and advice, and that’s where you come in.

Our Insurers

This is a highly-specialised market with dedicated insurers and we have access to a number of these specialist providers including Hiscox, Covea, Home & Legacy, Dual, Oak Underwriting, Towergate, Palladium, Plum, & Beazley.

Hiscox

Hiscox are an international specialist insurer and underwrite a diverse range of personal and commercial insurance risks. They have a long history, and great expertise, in providing specialist home insurance cover, and are widely considered to be one of the leading insurers in the High Net Worth market.

More information on Hiscox High Net Worth insurance.

How To 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.

In order to quote, we’ll need a risk profile of the client and the property. This is done with the use of a dedicated HNW Fact-Find form.

You can either:

  1. Request a quote pack from us - complete our Fact-Find form and send it to us. If you need help with the form, please call us.

    Once we receive the Fact-Find form we will:

    • Acknowledge receipt.
    • Check we have the core information, and come back for more if needed.
    • Approach the insurers keeping you up to date with developments.
    • E-mail you a full insurer quote pack for you to present to your client. All you will need do is add your own ‘Reasons Why’ letter.
    • Answer any questions you may have and arrange cover when you’re ready.

  2. Refer your client to us - If you'd prefer our specialist High Net Worth staff to deal directly with your client, please refer to the Introduce a Client section.

    Once we receive the referral instructions we will :

    • Acknowledge receipt.
    • Contact the customer as instructed.
    • Produce quotes, email/post them to the client, and discuss them in detail.
    • Complete all documentation and put cover on-risk.
    • Keep you informed at every stage.
Hiscox Covea Home-Legacy Dual Oak Towergate Palladium Plum Beazley