From fine wine to modern art; from memorabilia to classic cars, many High Net Worth customers have extensive valuable collections that need to be insured. However, given fluctuating investment/collector tastes, the value of these items are potentially very fluid, meaning regular appraisals by an expert are vital to make sure a HNW customer is adequately covered.
This obviously also extends to the physical buildings too. Especially given that over half of the properties appraised by Chubb in the UK and Ireland each year are under-insured.
Designed for brokers, Post's webinar in association with Chubb explored the subject of underinsurance within the HNW sector.
• Why agreeing accurate sums insured for buildings, valuables and collections is crucial to ensuring claims are settled quickly and fairly.
• How an insurer can identify potential risks early, so as to work with its brokers and policyholders to reduce risks or mitigate them altogether.
• Why an appraisal is key when it comes to rebuild costs in the most extreme of cases.
• The value of sector experts and working with the best third parties.