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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.

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.