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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.

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.
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.

Hardly a day goes by without a story about the quality of NHS services appearing in the press. Overstretched staff, the MRSA virus and cleanliness are just some of the concerns of people who consider private healthcare.  

If you are concerned about delays in getting treatment or seeing a consultant or prefer not to use NHS hospitals for any of your future medical conditions, then private healthcare may be for you.

Private-healthcare-insurancePrivate healthcare insurance is particularly suited to individuals who need to return to work as quickly as possible after illness or injury. This could be because they run their own business, are a key person in a company or are the main bill payer in the household. Lengthened treatment times could result in loss of income that could affect your ability to run your business, keep up with mortgage payments or cover other expenses.

Sports enthusiasts may also benefit by going private. Advantages include access to sports specialists and treatments that may not be available on the NHS and a fast-track to see consultants that can help to get you back to full health and participating again.

Other benefits include:
  • Speed of access to treatment
  • Make an appointment at a time that suits you, even out of working hours
  • See experienced consultants and practitioners every time
  • A choice of private hospitals where you can usually expect free parking
Finding the right policy to meet your individual needs can be time consuming and confusing. Most require you to disclose your full medical history and will not cover existing medical conditions prior to taking out the insurance. Other policies will include blanket exclusions. Certain incurable conditions such as some cancers and diabetes may not be covered.

Costs will depend on how much excess you are prepared to pay when making a claim. You can reduce costs further by opting to use the NHS for diagnosis and referral and then claim on your policy for treatment. Some policies cover different stages of your treatment enabling you to tailor the policy to your budget; for example hospital treatment, outpatient, aftercare and post treatment scans and tests.
The policy you choose will depend on your own individual circumstances.

To help guide you through the maze of insurance policies and providers, an insurance broker can offer advice and is then able to select from a variety of insurers to give you the most effective cover, at a cost that meets your budget.

For more information please call one of our account managers.

At a glance
  • There were more than 100,000 cases in the UK last year where identity thieves used somebody else’s personal details to obtain products or services
  • 80% of identity theft now happens online
  • In this article, we explore how identity thieves operate, and how you can avoid becoming their latest victim
Identity theft is one of the fastest growing crimes in the UK.

Dollarphotoclub_59190125Research by data and analytics firm Experian reveals that wealthy couples are the second most frequently targeted demographic for identity theft. The research also reveals that identity fraud victims are being targeted from more affluent towns in the vicinity of the UK’s major cities such as Manchester, Birmingham and London. Research shows wealthy couples were particularly likely to be targeted for credit card fraud or fraudulent loan applications.

Experts say High Net Worth clients are targeted not just because they have more money, but because there are more ways they can be targeted. For example, they are likely to have multiple credit cards and bank accounts and make more purchases online. Along with this, they are more likely to rely on employees or other intermediaries to make purchases for them – all of which increases their susceptibility to crime.

How do identity thieves work?

To assume somebody else’s identity, criminals will seek to acquire multiple pieces of personal information, for example credit card details, home addresses and passwords.
Identity thieves will use various routes to acquire the information they need. It is estimated around 80% of identity theft now happens online; however, criminals don’t necessarily have to hack into an individual’s computer to obtain personal information.
There are various channels ID thieves will use:
  • Tricking people into giving away personal information via email or website phishing scams
  • Scouring an individual’s social media accounts to find useful personal information such as their date of birth or other personal identifiers
  • Tricking people into divulging personal information over the phone, or in response to letter scams
  • Stealing items of ID, such as passports and driving licences
  • Searching through discarded rubbish in the hope of finding paperwork such as bank statements or credit card applications
How can you minimise the risk of ID theft?

Preventing identify theft requires a combination of online and physical security measures.
Online measures you should take to prevent ID theft are to:
  • Never divulge private information in response to a request via an email or website, unless they are certain the request is from a legitimate source
  • Use a password that is difficult to guess and change it regularly
  • Avoid sharing too much personal information on social media
  • Be wary of phishing scams
  • Avoid using shared public PCs to access internet banking
  • Only use reputable websites to purchase goods/services
Physical security measures you should take to prevent ID theft are to:
  • Securely file sensitive documents, and shred those no longer needed
  • Arrange for paperless bills and statements where possible
  • Redirect mail when you move home
  • Be aware of people who may be looking over your shoulder when entering passwords or PINs into a computer or ATM
  • When travelling, lock your passports, driving licences and other items of identification in a safe when they are not required
Spotting the signs of identity theft

As identity theft does not always have to involve the physical theft of items, it is possible some time may pass before victims realise they have been targeted. For example, if you don’t check your bank statements regularly, you may not notice unusual activity.
You should be looking out for indications of identity theft, such as:
  • Unusual entries on bank or card statements
  • An absence of usual bills or correspondence (a criminal may have given a different address in place of the victim’s)
  • Being unable to log in to an online account (a criminal may have logged in to that account using the victim’s password, and subsequently changed the password)
If you discover you have become a victim of identity theft, it is vital you act quickly to limit the damage. For example, if you suspect a criminal has discovered one of your passwords and uses it to access one of your online accounts, you should immediately change the passwords on all other websites and accounts.

How can CLA help?

Clients who choose one of our insurers Ultimate Home and Ultimate Exclusive Home products will benefit from identity fraud cover.
Further enhancements to the lifestyle section of our Home policies include:
  • A multiple claim excess waiver for claims involving more than one section of cover. Only the highest policy excess will apply
  • Carjacking and road rage limits widened to cover anyone occupying your car. Previously, this only covered you or an insured relative
  • Legal protection cover limit increased to £250,000
Our insurer’s “Private Clients” Identity Fraud Cover will pay the following costs and benefits incurred as a direct result of an identity fraud:
  • Loss of income: if you have to take time off work, to amend or rectify records regarding your identity, our insurer will pay up to £500 per day for loss of personal income or compensation for annual leave
  • Legal advice involved in assisting you to restore their credit history
  • Removing incorrect information held on your credit report
  • Protective registration with CIFAS
  • Replacing passports, driving licences or birth certificates, should they be lost or stolen
  • Re-submitting applications for loans, grants, or other credit or debit instruments that are declined solely as a result of the lender receiving incorrect information as a result of an identity fraud incident
  • Notarising affidavits or other similar documents, telephone calls and postage incurred as a result of efforts to amend or rectify records regarding your identity
  • Legal representation and any related court costs for a suit brought against you by a creditor, collection agency or other entity acting on behalf of a creditor, for non-payment of goods or services or default on a loan as a result of an identity fraud incident
  • Assisting in the removal of any civil judgment wrongfully entered against you as a result of an identity fraud incident. The most our insurers will pay during any one period of insurance is £50,000
Call us to find out more about these products or services.
The UK is one of the fastest-growing markets for luxury watches. Figures from the Federation of the Swiss Watch Industry show exports of watches from Switzerland to the UK between January and August 2015 totalled nearly £500 million – a 21% increase on the same period in 2014.

Watch_faceCurrent and future trends
There are a number of possible reasons why the UK luxury watch market is so resilient. One theory is that wealthy Chinese tourists are taking advantage of cheaper prices across Europe, particularly in the UK.

Another possible explanation could be the Capital Gains Tax (CGT) factor. Paul Davidson, Director at auctioneers Bonhams, explains that there has been significant growth in the market for watches and other collectables that are classed as “wasting assets”, because they are expected to depreciate in value over time, and are therefore not normally subject to CGT in the event of a price increase.

Whether your High Net Worth (HNW) client  buying watches as an investment or for pleasure, CLA  can play an important role in helping to ensure these items are kept safe, correctly valued and appropriately insured.

How have we helped – speedy settlement
While enjoying a holiday in Europe, a client discovered that one of his expensive limited edition watches had been stolen, despite having taken necessary steps to protect his belongings.

Upon returning home, the theft was reported to CLA Insurers  and immediately began to source a replacement through a specialist high-quality jeweller. Despite the rarity of the watch, insurers were able to offer an exact replacement, which was hand delivered to the client within three days of first notification.

All of the arrangements for replacement were dealt with in full by CLA Insurer and Broker in tandem , helping to minimise stress for the client.

How have we helped – underinsurance
A client misplaced a very expensive Rolex insured for £21,800.

During the claims process, ’ validation established that the client was underinsured, as the current replacement cost was £24,450.

The supplier partner discount enabled us to replace the identical watch at a reduced cost which was below the sum insured, resulting in a very satisfied client and a reduced settlement amount.

In light of the watch being underinsured, the client used our supplier partner to have her remaining jewellery revalued, ensuring she had the correct sums insured to avoid complications with any future claims.

Correct valuations are essential
We  emphasise to our  clients the importance of obtaining an accurate valuation of their watches, to avoid the risk of underinsurance.

There are a number of reasons why underinsurance can occur. If a client has inherited a watch, they may not realise its true value. Alternatively, if they bought the watch abroad, the price paid could be very different to the cost of replacing the item in the UK if it was lost, stolen or damaged.

As an example of some of the services available Zurich Private Clients’ provide a private  valuation service  which can include the option for a home visit from an expert from Bonhams or Mappin & Webb. They can provide a bespoke report giving full details about the watch being valued, including materials and techniques used, and can help clients make accurate valuations in the future.

4 key luxury watch trends for 2015
Smaller watches are becoming increasingly popular. Many men’s watches have returned to more classical proportions from the average of 44mm to around 39mm in diameter and women’s watches around 37mm
Blue is the new black.

A number of luxury watch manufacturers, including Patek Philippe at the Baselworld Watch and Jewellery Show, have unveiled models with blue dials this year.

There is increased demand for customised luxury watches, where people add a personal statement to their timepiece.

A number of manufacturers have launched watches with ultra-precious stones or materials, including Jaeger’s Master Calendar, which contains an 800,000-year-old meteorite.


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.