The Dolmen Insurance Guide to High Net Worth Insurance

Many wealth individuals with significant assets often face unique insurance challenges. Why? Well, the more assets you have, the more you need to protect them. The higher value those assets are, the more complex insuring them can become. If you’re not living a standard lifestyle, standard insurance is not going to provide you with the cover and protection you need. When we discuss High Net Worth Insurance, there is often five recurring questions for which people look for answers.  

What is high net worth insurance?

High net worth insurance is a collective term used to describe insurance products that are designed to protect people with high-value homes and possessions. This could include possession such as jewellery, diamonds and watches, to antiques, art and collectables. If you’ve built up a collection of Rolex, Hublot or Audemars Piguet watches, or perhaps a diamond engagement ring, a standard insurance policy is not going to provide you with the cover you need. You may have an overseas property or summer home that you want to protect.  All of these need specialist cover to protect the assets in question.

Do I need high net worth insurance?

If your home has a rebuild value of €1,000,000 or more, or you need more than €150,000 cover for your contents, you may need high net worth insurance to ensure your assets are adequately protected. If you have significant personal assets, it is likely that they will not be covered under a standard policy. In simple terms, the cover provided in a standard policy will not match the value of your assets. High net worth insurance offers tailored packages for those with unique insurance needs.  This type of cover is reserved not only for the wealthy, and is often sought out by those who have a significant amount of assets, who require more insurance to maintain, preserve and protect them.

What items does a high net worth insurance policy cover?

Every policy is different and can be tailored to suit your specific needs. If you are running a business or multiple businesses, if you are regularly acquiring assets, it’s often easy to lose track of valuable items and the value of items you have in your home. If you look around your home today, you will be surprised to find how valuable your assets are and how quickly their value adds up. Louis Vuitton hand bags, Chanel shoes, Cartier watches, art and antiques. The thousands can add up very quickly. When valuable items are accumulated over a period of time, the overall value is often forgotten about and this can lead to some severe cases of under-insurance.  Something that is often not thought of until it is too late. Depending on your cover, you may get just some of the value, or may not be insured at all. This is why having a detailed discussion with a member of Dolmen Insurance’s high net worth team can prove extremely valuable.

Property

·      High-value homes

·      Property portfolios

·      Overseas homes

·      Summer houses

·      Investment properties

·      Outbuildings – tennis courts and stables

 Assets

·      High-value home contents

·      High performance motor vehicles

·      Car collections

·      Vintage Cars

·      Jewellery & watches

·      Precious metals – gold and silver etc

·      Collectables

·      Campervans, Boats & Yachts

What are the benefits of high net worth insurance?

At Dolmen Insurance, our specialist team can provide expert guidance to ensure you have the right cover and protection, eliminating any surprises, should you need to make claim. As a high net worth individual, it is likely your insurance policies are often overlooked, next to running your work and business. Some of the main benefits Dolmen Insurance provide include a common renewal date for all insurance needs, along with single item limits that are typically higher than those offered under standard insurance policies. However when it comes to high net worth insurance, each policy should be unique and tailored. There is no such thing as a standard high net worth insurance policy.  If a broker or insurance company do not have an in depth discussion with you regarding your requirements, assets, cover requirements and more, then it is likely the policy will not give you the protection you require.

Can Dolmen Insurance save me money?

When it comes to high net worth insurance, there is no ‘one size fits all’ policy. At Dolmen Insurance, we have qualified experts in their field, who have provided real protection for high net worth clients for over 30 years. We conduct detailed, in depth and accurate appraisals, and will arrange the most appropriate insurance cover for the risks identified. As independent advisors, we hold no affiliation to any one insurance provider, and our experts will explore all the market options available so you get the best cover available. For high net worth individuals, privacy and confidentiality is often of paramount importance. All our clients can be assured that they, and their policies, are dealt with in the strictest of confidence.

Click here to view our website dedicated to High Net Worth Insurance