High net worth

By offering your VIP clients high net worth insurance, you are embedding your relationship with them, protecting yourself from allowing other advisers to build a relationship with your client, creating a high commission yield opportunity in a sector that has a high retention rate and high customer satisfaction.

The amount you can earn will grow year on year as you receive commission on the renewal as well as the new business. The more you write, the higher your income. However by way of an example, based on an average premium per client of £1,500, an average policy lifetime of 6 years, a retention rate of 80% year on year and on you writing 10 new cases each year, over the first 6 years you can expect to earn:

A specialist home insurance product designed for the needs of High Net Worth Individuals making provision for high valued contents and personal belongings including fine art, antique and jewellery collections.

These valuable items can be insured on an "agreed value" basis in advance, allowing claims to be resolved quicker. Our insurers employ specialist claims staff and loss adjusters to handle high net worth claims and these claims teams understand the need for a simple, swift and sensible settlement.

Levels of cover vary from insurer to insurer but a high net worth policy includes:

• Contents - all contents, including fine art. "Fine art" includes antique furniture, paintings, sculptures, etc, but not jewellery (which is covered under a separate section specifically designed to cover the client's precious items).

• Buildings - can also be added, but need not be. It is not usual to cover the building without the contents - with this type of policy, they go hand in hand.

• Bespoke Valuables Cover - is usually provided on a worldwide basis, and normally on a "warranty free" basis

• Other - policies can be extended to also include annual travel, holiday homes in the UK or abroad, motor insurance and occasionally yacht insurance as well.

Whilst there is no precise definition as to how rich somebody has to be to fall into this category as the title suggests a High Net Worth Individual is a term used to denote an individual and/or family with high asset values.

Generally speaking in insurance terms it's a client who needs a specialist household policy to cover high contents sums insured (£100,000 plus although some entry levels are lower) including antiques and fine art.

This type of client require high levels of personal service, help and advice, and that's where you come in.

Due to the bespoke nature of the cover, it's not possible to provide an online quote & buy system for this type of policy. Each risk needs to be individually discussed with the insurers to provide the most appropriate cover for the customer.

The insurers prefer to base their assessments as much on the individual rather than the property, so they want to understand the clients attitude towards risk.

We bring a personal touch to our broking service and would rather engage with you on these enquires and not ask you to complete a form to submit for quote. Call us today on 01273 477784 and we will collect all the required details and approach insurers to obtain quotations.

Or you can refer your client to us and our specialist high net worth staff will deal directly with your client. For more information take a look at our Introduce a Client section.

Once we have received the referral we will:

• Acknowledge receipt

• Contact the customer as instructed

• Produce quotes, email/post them to the client, and discuss them in detail

• Complete all documentation and put cover on-risk

• Keep you informed at every stage