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Rolex_WatchDemand for quality watches, new and vintage, continues to grow as values increase. One of the best-selling and most prestigious brands, Rolex, are rumoured to have cut production to keep demand high and drive prices up. A recent price rise of 5% (third price increase in 2 years), partially blamed on Brexit and currency fluctuations, will also increase the cost of owning a Rolex.

This price increase has affected the used watch market for Rolex, with some of the most sought-after models continuing to increase in value and in some circumstances reaching the RRP value of a new model listed on the Rolex website.  Another reason behind the price rises is second-hand online sellers driving up prices, with buyers “flipping” watches in a global market.

An example of this is the Rolex Cosmograph Daytona Stainless Steel, model: 116500LN. This is shown on the Rolex website with an RRP of £9,550.00 but due to the limited availability and waiting list, it has a replacement/purchase value of over £17,000.00 from the authorized dealers.

Authorised dealers are limited to the allocation of watches they can buy and therefore a waiting list of up to 3 years for the most popular models continues to keep prices high.

Rolex have a reputation for holding their value and some sought-after models on the used market can increase in value over the years.

If you own a valuable watch or collection of watches, you will need to keep up to date with valuations to ensure you are fully insured for any losses. This action of re-branding by Rolex has been taken up by other prestige watch makers and has created a new demand in supply while values remain temporarily stable.

Valuable collections and antiques
Items in your home that were perhaps inherited from a relative can be surprisingly valuable.

An ornament that has sat in a corner of your living room for a few decades or jewellery that has been passed down through generations can be valued in the thousands. The BBC Antiques Roadshow is proof that sometimes owners are not aware of the true value of their possessions.

Even cases of fine wine that you have stored away that you bought in the early 2000s could now be worth more than you paid for them.

Keeping up with valuations
With Christmas approaching, now is a good time to consider the contents in your household.
Some insurers will automatically adjust the amount you are covered for by 10% or more over the Christmas period to allow for the additional value of presents during this season.

You need to consider any additional high value gifts that you receive and include these on your insurance policy.

Should high value items always be declared separately?
Most insurers will cover individual items up to £1,000 or £2,000; more expensive items such as collectable watches and other valuables should be listed individually. That new camera or hi-tech gadget you had for Christmas will need to be added to your policy to ensure it is covered if you need to make a claim.

To help with a claim it is wise to keep receipts or take photographs of all your high value items and, if possible, keep them in a safe or secure location.

Items like watches, jewellery and cameras may also need to be covered outside your home for theft and accidental damage.

Good practice is to review your insurance policy every year to check all your items are listed and insured for their present value.

Contact your insurance broker or provider to add any new purchases or presents and increase the value of existing items that may have gone up.

CLA (Risk Solutions) Ltd can help if you need to get a professional valuation for any of your high value items or wish to carry out a review of your insurance needs.
2017-06-18_11.42hrs_Le_Mans_IMG_5645As the Paris motor show celebrates its 120th year this month, there is no better platform to see everything that is new, innovative, sporty or luxurious in the automotive industry today and what is coming in the future.

I enjoy wandering around car shows, seeing the latest models and innovations. Whether you can afford them or not, it is the luxury end of the car market that attracts the most attention, especially the prestige luxury saloons or sports supercars.

Being a partner at an independent insurance broker, I find myself assessing the cost of insuring and owning these vehicles with an eye to minimising the high cost of insurance cover and protection from vandalism or theft on behalf of our clients.

Cut the cost of your prestige car insurance and keep your vehicle safe
There are a few simple things you can do to help reduce your car insurance, whether it is a prestige supercar or a family saloon:

Family fleet insurance
By insuring all the cars in your family under one policy you can reduce the premiums of all the vehicles in the fleet. Discounts can be up to 20% so your expensive prestige model should benefit more than the other cars in your fleet. Other benefits include a single renewal date and one set of forms for all.

Make and option packs can affect your premium
With luxury cars, it is sometimes the brand of the vehicle more than the value that can determine the insurance premium. Repair costs, availability of spare parts, location of authorised repairers and vehicle specification level can all affect your insurance premium.

Accident reducing technology
Check the specification of your new car before you buy and go for the “safety pack” that includes the latest technology such as autonomous emergency braking, rear traffic alert, lane keeping and electronic stability control, plus many more car safety features being installed in new vehicles.

On-board CCTV systems
Installing an all-round camera system can reduce insurance premiums by acting as a deterrent to theft, helping insurers to establish who is at fault in an incident, speeding up the claims process and providing vehicle tracking to recover the vehicle.

Defensive or Advanced driving skills course
Learn how to become a better driver by taking a specialist driving course that will give you the skills to become a safer driver.

Shop around to find the best deal
Discuss your next car purchase with your insurance broker who will be able to give you advice on what to think about to protect your car and can research the best insurance provider for the vehicle you are thinking of buying.

Other things that can help
Stay healthy, keep a clean driving record and, if possible, limit your annual mileage.

CLA (Risk Solutions) have a team of specialists who can advise you on the most effective ways to protect your next prestige car purchase to keep it protected and provide a competitive insurance quote.
Call 0121 321 4600 to talk to one of our team.
Insuring all your valuable possessions such as homes, cars, and pets (and travel insurance) under one insurance policy is the modern way to save time and money for all your insurance needs.

Insurance_for_high_net_worth_clientsThe point where a portfolio of insurance products becomes more viable than individual policies is applicable to more people than ever before.

If you have a car worth £30,000 or more, a reasonably high value home and enjoy worldwide travel for business or pleasure, this type of policy is for you.

You can also include your pets under the same policy and items such as horse boxes and trailers together with second homes in the UK, either buy to let or holiday homes.

The policy can be tailored to your requirements and, as you would expect, you will have access to advice when setting up your policy and fast claims handling when you need it from our support team.

What can you expect?

Home insurance
In most cases buildings insurance is unlimited. Possessions are covered for all risks including accidental loss and damage anywhere in the world for up to 60 consecutive days.

Car insurance
Cars covered can include classic, sports, luxury saloons and other prestige vehicles. You can insure all the cars in your household as a family fleet providing at least one is worth over £30,000. European driving cover for 90 days is included as standard.

Pet insurance
Flexible cover for all your pets with claims paid directly to your vet to simplify the process. Up to £8,000 is paid towards vet’s fees for each pet insured and complimentary treatment such as acupuncture, aromatherapy, homeopathy, physiotherapy, osteopathy and hydrotherapy is included up to £1,000.

Travel
Worldwide cover for you and your family for business and pleasure. Emergency medical expenses, delays, cancellations and access to a personal service when you need it most, in an emergency.

One policy for your lifestyle
With one policy renewal date and optional interest free monthly payments, renewing your multiple insurance policies could not be easier.

Call CLA on 0121 3121 4600, your insurance brokers in Sutton Coldfield, to discuss your portfolio requirements with one of our account managers.

 
 
21st March 2018

Family fleet insurance

You may think that as a family you would not qualify for fleet insurance; however, you may be surprised to learn that if you have two or more cars on your drive you are eligible for family fleet insurance.

Family_fleet_carsMost families today end up having more than two cars on the drive as older children learn to drive and are staying in the family home longer.

There are many multi-car policies offering a variety of insurance cover. However, if you own a high-performance car, classic car or luxury saloon car, you may need specialist car insurance not available through the usual online insurers. You may also need motorcycle and horsebox insurance.

If one of the cars you own is worth around £30,000 or more, you could benefit from our family fleet insurance by including other members of your family under one policy.

There are huge benefits to be gained if you can combine all family members on one insurance policy:
  • Insurers offer a discount (could be up to 20%)
  • One renewal date and premium
  • One set of forms to complete
  • Individual’s no claims discount maintained
  • Individual flexible cover, eg. fully comprehensive or 3rd party mix
  • Cover for driving in Europe
  • Fast track claims service
  • Ability to create your own bespoke cover
  • No obligation pre-cover surveys
With this cover, you have all the advantages associated with high net worth insurance for private clients such as a courtesy car to match your own, legal advice and fast claims settlement through our dedicated claims managers.

You can also insure your home, overseas travel and pets all under one straightforward plan.

To find out how much you could save on your family’s car and home insurance, call CLA Risk Solutions, your local insurance brokers Sutton Coldfield, for a free quote. 0121 321 4600.
 
 
 
Home-insuranceComparison sites are a great way of saving you time and money. However, cover varies widely and the cheapest quote may not give you the replacement value needed if something happens to your home or belongings.

No single comparison site covers the whole market, so it is worth checking with a couple of them to get a broader view. After checking three of the sites, you still need to go back and see if your current supplier can beat the best quote.

Comparison sites are prone to making assumptions to speed up the search process, so double check the cover before you buy as it may not be suitable for you. This all adds up to a lot of work for you. You may find it easier to use an insurance broker that can look at the whole market for you and get the best cover for the lowest price.

There are three basic types of home insurance:
Buildings insurance covers the structure of the building and the fixtures and fittings. If you have a mortgage, buildings insurance is mandatory to get your mortgage agreed.

Take care not to ‘over cover’ your buildings insurance. It’s only the rebuild value that insurers need, not the resale value. You should also consider the cost of materials, labour and architects and the cost of somewhere for you and your family to stay during the rebuild. A broker can calculate your total rebuild value for you.

Contents insurance covers your belongings. Even if you rent, you should have a contents policy, it is unlikely your landlord will cover you. Be realistic about what your belongings are worth otherwise you may be underinsured if you have to make a claim. Go through each room in your house and work out how much all your furniture, crockery, white goods, clothing, books, toys, jewellery and miscellaneous items would cost to replace.

Combined buildings and contents insurance is recommended for homeowners. Before taking out a combined policy, check the excesses, as some insurance companies have separate excesses for each area of insurance cover. This could affect your finances, if you have fire or flood damage and have to claim on your buildings and contents insurance.

If you decide to take out separate cover with different insurers, you may find they disagree over liabilities when you make a claim. An insurance broker can manage this on your behalf if you have taken out cover through them.

If you do decide to use comparison sites to save money on your home insurance, be aware that some insurance companies are charging more interest than credit cards for monthly payments. Interest charges range from 16.5% to 33.2% for monthly payments.

If you would like us to look at the whole market for you, contact us on 0121 321 4600 or request a call back.
7th February 2017

High net worth insurance

Insurance for private clients with unique requirements and higher value items to protect will benefit from high net worth insurance.

High value homes and contents, including specific items of jewellery, art collections and furniture, will be covered for their full replacement value and your insurance policy can be tailored to your exact requirements.

High net worth insurance can also cover all of your other possessions, including cars, yachts and motorboats.

Insurance for high value motor vehicles
Private clients are more likely to have cars valued at over £100,000, either on the road or in storage. Vehicles valued at these sort of figures need specialist insurance cover to provide adequate protection for cars, drivers and personal belongings.

Additional services may also be required such as a dedicated claims handler to discuss repair options, availability of premium courtesy cars and legal expenses cover.

Other features include insurance for personal number plates, unlimited European use, fully comprehensive cover when driving other cars and business use as standard.

Cover can also be extended to track days to provide accidental damage and liability insurance, if required.

Yacht-High-Net-Worth-InsuranceYacht and motorboat insurance
Flexible and enhanced insurance for a broad range of vessels can be provided for private clients and includes a wider scope of cover and higher limits.

To ensure the most effective insurance policy is available to meet the needs of the modern boating community, we can offer the following:
  • Underwriting decisions made on a boat-by-boat basis.
  • Awarding customers the ability to choose more comprehensive racing cover where they need it, on top of standard liability cover.
  • Protecting customers who use their tender or dinghy away from their main vessel.
  • Removing excess to pay where deemed not at fault and third party details are available.
  • Rescue and repatriation regardless of liability for the customer or their guests for up to £50,000.
CLA (Risk Solutions) can discuss your individual insurance requirements and provide accurate valuations to ensure you are fully covered, whatever your lifestyle.

 
18th October 2016

Smart home security

At a glance
  • Surveys suggest half of us are planning to buy a smart home device during the next 12 months
  • Devices available and what you should consider before buying one
  • Discounts on home insurance may be available from some insurers due to improved home security
Security is a key driver in smart home technology
While only one-fifth of consumers already own a smart home device, almost half are considering doing so within the next 12 months. Surveys show that home security is the prime motivation for nearly two-thirds of people considering buying a smart device.

Home-automation-securityAdvantages of smart home security devices
The devices currently available range from smart locks, which allow a user to lock or unlock doors remotely via their smartphone, to smart cameras that can stream and record video footage from inside or outside a property.

The most obvious advantage of such devices is that they offer new ways to protect your property that traditional devices cannot match.

However, smart home devices also have the power to positively change people’s behaviour.
Research suggests that 95% of alarms in the UK are false alarms. Hence, house alarms often get ignored and over time, this changes the behaviour of homeowners, as many will eventually decide there is no point switching their house alarm on.

Using the new technology, security devices can detect sound or movement that are unusual and send a notification to a user’s smartphone. They can then decide whether to sound an alarm, call the police or take no action if they are satisfied nothing untoward is going on.

What are the risks of smart home devices?
There could be a number of reasons why many people have yet to invest in smart home technologies:
  • Cost
  • Concerns devices will be complicated to install
  • Fears over privacy
  • Hacking and cyber security concerns
In relation to cyber security, although there have been isolated cases where hackers have managed to take control of webcams, baby monitors and other smart home devices, theft of personal data is a greater risk.

With 70% of IoT (Internet of Things) devices suspected to have cyber security vulnerabilities, it’s important you select smart devices with high cyber security standards.

To find out what you can do to reduce your insurance premiums by installing smart home devices, call one of our Account Managers or fill in our enquiry form.
 
High net worth insurance provides premier insurance cover for all of your possessions, members of your family and can also provide cover when any of you travel abroad.

We understand that as a high net worth household you will need an insurance policy with the ability not only to protect your individual requirements, but also gives you a whole raft of additional services:
  • Valuation service
  • Security advice
  • GP helpline
  • Home sitting service
  • Jewellery repair and replacement service
  • Specialist vehicle repairers
  • Premium courtesy cars
  • Vehicle breakdown and recovery
  • Personal injury physiotherapy cover
  • Travel advice
Antique-vaseCLA are an experienced high net worth insurance brokers with the ability to tailor exactly the right amount of cover for your needs. This can include items you take with you when you travel abroad, possessions belonging to grandparents while they are in a nursing home and items belonging to your children while studying away from home.

High value home insurance
Valuation of high value properties should be undertaken by specialists to ensure adequate cover is maintained for the full re-building cost based on age and status of your home. We can arrange for experienced valuers to assess your property so that any claims can be handled quickly and for the exact amount they are worth.

High value contents insurance
Antiques, collectibles or the latest gadgets can all be individually valued for the right amount to ensure you are fully covered. As your broker, we can arrange independent valuations for all of your possessions including works of art and jewellery.

We can even arrange for details of specific items of jewellery to be recorded so that repairs or a replica can be made to replace the lost or damaged item.

Quality_carsVehicle insurance
High value cars require a higher level of support than a standard motor insurance policy can provide. Should you find yourself off the road for any reason, you want to be confident that you will receive the full replacement value of your car or be able to arrange for specialist repairs to be undertaken. You would also expect a similar premium level of courtesy car while yours is off the road.

Travel insurance
Whether you are travelling for business or pleasure, you can add travel insurance to your home insurance cover. The policy will cover any member of your family and domestic staff. No need for separate policies, everyone will be covered under the one policy for the entire year.

Complete peace of mind
If you need additional cover for marine craft or any other specific items, call us to arrange a meeting with one of our Account Managers to discuss your individual requirements.

 

It is near impossible to calculate the number of boat owners in the UK, but it is estimated that the UK’s leisure, super-yacht and small commercial marine industry has a turnover of £2.901 billion. That’s not a drop in the ocean!

Jet_skiBritish people are increasingly determined to enjoy their precious leisure time, and owners of sailing boats, rowing boats, speed boats, jetskis, narrowboats, barges and motor boats are no exception. Commercial boat owners are enjoying new respect too, thanks to the fact that transporting freight along waterways is not only considered to be economically viable, but environmentally sound.

However, industry pundits are concerned that the choice and complexities of Marine Insurance could be leaving leisure and commercial boat owners “all at sea”. The water has been further muddied by so called “cheap” policies online or direct, which sometimes hide crucial gaps in insurance cover. Watercraft owners of all types are being urged to speak to local independent brokers like CLA to be sure of getting adequate cover, at the right levels, with a personal claims service.

We can look at not just the type of craft and its value and usage, but also factors such as where it is stored. Our detailed research would include any equipment on board, but also the services you may need to use in the event of a claim. In some cases the cargo on commercial boats and whether the watercraft is for inshore or offshore can greatly affect insurance needed.

Armed with this detailed understanding and industry knowledge, we can suggest a policy to you that properly protects you against the risks you face, such as theft, malicious and accidental damage, collision, fire, explosion, leaks and discharge of cargo.

For anyone travelling further afield, we can also look at “war” and piracy cover, which thanks to headlines about Somali pirates is not as far-fetched as it may have once sounded. If you ever did need to make a claim, we would be readily available and responsive to personally progress it to resolution. This enables you to stay afloat, without getting bogged down in long drawn out haggling with faceless call centres.