Right policy for the wealthy

High-net-worth individuals need to find the insurance cover that is right for their lifestyles or they could lose out, says Matthew Schofield, head of Zurich Private Clients


The floods that have affected so much of Britain have prompted many people to question their insurance cover. For high-net-worth individuals (HNWIs) in particular, finding the right insurance policy to cover all their assets is more important than ever.

Art, jewellery, fine wine and performance motor cars require a level of cover that is considerably above that offered by most insurance policies, and anyone who owns such assets, but only has a standard package, could find themselves severely out of pocket in the event of a loss.

However, not all high-net-worth (HNW) insurance policies are the same. Good brokers know they need to find an insurer for their clients that has genuine expertise in this field, along with the network of specialist suppliers from jewellers to luxury car makers and auction houses to yacht manufacturers. Unlike off-the-shelf packages, which are appropriate for most clients, HNWIs need a bespoke policy that is tailored to cover their particular assets.

“We can send a dedicated specialist to meet clients at their home to assess the property that they want to have covered in their policy,” says Matthew Schofield, head of Zurich Private Clients. “Our expert client manager will conduct a risk survey covering things, such as the works of art, they might own, their wine cellar and the high-value vehicles in their garage, so we can create a policy that is matched exactly to their needs.”

One client made a claim concerning his Ferrari California after he lifted the bonnet and saw rats chewing through the wiring – Zurich covered the damage in full

When HNW clients do have to call on Zurich, when the unexpected happens, they can expect excellence in claims handling, and flexible solutions that fulfil their particular needs and match their lifestyle.

One client made a claim concerning his Ferrari California after he lifted the bonnet and saw rats chewing through the wiring – Zurich covered the damage in full.

“If you’re driving through Europe and your Aston Martin or Range Rover is involved in an accident, thanks to our contacts, we can repatriate your car, arrange specialist repairs and find the equivalent replacement for you, rather just offering a standard saloon,” says Mr Schofield. “Zurich’s global reach allows it to meet the needs of HNWIs who are more likely than most to travel frequently, own high-value insurable assets and demand bespoke claims solutions.”

He adds: “We can often go directly for customised replacements and repairs with luxury cars or watch brands, for example. We can have one-off items of jewellery remade to replace the lost or stolen originals where clients have photographs of them or we can, of course, simply arrange for a cash settlement.”

Aware of the particular needs of HNWI’s, Zurich Private Client’s specialist underwriting team is used to creating “all risks” policies that cover personal events, such as aggravated burglary, stalking and car-jacking, as well as physical damage to property.

Mr Schofield concludes: “Our bespoke products, which draw on our expertise in this area, also mean that not only do clients get the most comprehensive and appropriate package, but they get it at the best possible price – and even among wealthy individuals, that’s still an important consideration.”