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Car insurance

Car in floodwaterWhether you live in a high-risk flood area or you are driving around the local roads, with winters in the UK becoming wetter and flood records being regularly broken, you need to check exactly what is covered in your high net worth (HNW) insurance policies.

If you left your car in the garage, parked on your driveway or driving it to the shops during a spell of rainy weather, any water ingress to the engine or interior of your car could lead to a costly claim to dry out and repair a high value vehicle.

Insurers recognise that flood damage from raised water levels while your car is parked (unavoidable damage) is different to making a decision to drive through a flooded road (avoidable). Your insurance provider may decide not to pay out on an avoidable claim, depending on the circumstances, if they consider it was reckless behaviour. To make a claim whether avoidable or unavoidable you will need to have fully comprehensive insurance, not just third party so this will not be a problem with your HNW insurance policy.

Our recommendations:

Never drive through floodwater if you believe there is a risk that your engine may cut out or you are unable to see what lurks below the surface. Extra caution will be needed if you own a Turbo-charged diesel engine car, they are more vulnerable to water ingress and damage.
 

High net worth Family fleet car insurance

Considering the fact that many high net worth clients live in areas on the outskirts of towns and often in rural areas with rivers and open fields nearby that are prone to flooding, having an insurance policy that meets your specific needs is vital.

High net worth insurance clients can take advantage of insuring all of their vehicles under one insurance policy. This can include other motorised vehicles such as quad bikes, boats and horseboxes that may also be parked on the premises.

This makes it much easier to make a claim under one insurance policy if worst happens and you find your property and garages destroyed or damaged by an insured loss.

If your main vehicle is worth more than £30,000, you can include all of your other motorised vehicles under the same policy. The main vehicle can be a modern high-performance prestige car, luxury saloon or a classic car.
 

Buildings and contents insurance

Though long periods of freezing temperatures are becoming less common in some parts of the UK, there are still times when cold weather can affect property and outbuildings. High net worth clients often live in larger older properties with pipework that can burst in freezing temperatures. A leak in a large property with expensive fittings and contents can lead to a big insurance claim. Unoccupied premises can also increase the risk, with HNW clients more likely to take long mid-winter holidays or spend time between more than one property.

Our recommendations:

Make sure the property and water pipes are well insulated, especially lofts, cellars and outbuildings. Keep the temperature above 10°C while unoccupied and ask a friend or neighbour to check the property at regular intervals.

Keep the property well maintained throughout the year and identify and test your main stopcocks as they can seize up in older properties. Arrange for professional valuations to make sure you are not underinsured if you do have to make a claim following an insured incident.
 

Benefits of high net worth insurance

Due to the nature of HNW claims, there are many benefits to providing cover for all of your possessions and holiday cover under one tailored HNW insurance policy.

From dedicated claims handlers to specialist repairers, you can be confident that your insurance claims will be handled quickly 24/7, 365 days a year, anywhere in the world.

Your bespoke insurance will cover all your needs. Call 0121 321 4600 to discover how it works with one of our team of advisers or visit https://www.clarisksolutions.co.uk/insurance/lifestyle/high-net-worth-insurance to find out more.
 
If you need buildings cover over £1 million and contents cover for over £100,000, then you are likely to need high net worth insurance.

You may be surprised at how easy it is to fall into this bracket of insurance when calculating your cover. If you factor in buildings and outbuildings, boats, prestige cars plus any holiday homes, you could find yourself within the realms of high net worth individuals.

Inherited property, jewellery and antiques could also take you into higher insurance cover to help protect your family heirlooms for the next generation.

Private clients
High net worth insurance policies can be tailored to individual requirements. You can cover home, cars, overseas travel, personal protection and include the whole family under one insurance policy. This will save you time when you come to renew your annual insurance policies.

As a private client you can also request an internal survey to assess some of the risks in your property, obtain an accurate valuation of your possessions and get security advice.

High net worth house insurance
High-net-worth-home-floodedAs one of your most expensive and important assets, making sure your home is adequately covered for insured risks and giving you peace of mind is paramount when choosing your insurance provider.

Using an insurance broker to guide you through the maze of risks and providing advice on valuations will take a lot of the guesswork out of choosing a provider to match your particular risks.

One of the most common insurance claims is for escape of water. This presents a greater risk to our high net worth clients because of the damage that can be caused to expensive fixtures, fittings and personal contents. There is usually a larger area that water damage can affect and you will probably have more bathrooms and possibly underfloor heating which both increase the risk of a water leak even further.

The Association of British Insurers report that in the space of 3 years water claims rose from £529m to £654m.

Leaks are commonly caused by water pipes corroding, particularly in older properties. Pipework is often hidden and difficult to inspect so there are often no warning signs before a leak occurs. Even a small hole in a pipe, if it goes unnoticed, can cause thousands of pounds worth of damage to the fabric of the building and expensive carpets, furniture and electrical equipment.

The risks are greater if you own a second home or are likely to leave your main residence vacant for long periods, especially over the winter months.

One policy
To find out how you can benefit from high net worth insurance and combine your multiple policies into one cover to include house, prestige cars, overseas travel and even your children’s possessions while at university, call your local insurance broker CLA (Risk Solutions) on 0121 321 4600.
 
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.