The British Insurance Brokers’ Association (BIBA) is warning that many of the nation’s high net worth individuals are unaware of how much their belongings are worth, and by insuring them under standard household insurance policies the majority are under-insured by thousands of pounds.   Indeed, many policies have a maximum limit of £1,000 for any one item but last year there were more than 20,000 claims ⁽¹⁾ with items worth more than this.

Graeme Trudgill, BIBA Manager, Technical Services said: “There are well over 700,000 high net worth individuals in the UK and, within three years, this is expected to increase by around 25%. However, as their wealth increases, many people are staying with their current home insurance policies, which means they could be under-insured and need a specialist policy.”

BIBA has just re-launched its High Net Worth Scheme ‘Executive Home’, providing even greater cover, which is available exclusively through BIBA brokers.  New elements of the cover include worldwide all risks cover as standard, business equipment in the home, reinstatement of data (including business information), increased inner limits and new optional cover elements such as annual travel, second homes, overseas homes and pleasure craft. 

There is now even cover for those lucky enough to have a hole in one on the golf course and the subsequent bar bill that comes with that as they are expected to buy everyone a drink in the clubhouse bar.   The scheme is managed by BIBA Partner Member Sterling Insurance Company Ltd, which has a strong focus on the High Net Worth Market.

Core elements of Executive Home include:

·       Non-Standard Construction and occupations catered for

·       Competitive premiums with specially discounted BIBA rate

·       A visit by a risk management surveyor

·       Student possessions covered whilst children away at university

·       Wide range of excess options

·       Valuation Assistance

·       Generous limits:

-       £2,500 for money and £25,000 for credit cards

-       Business equipment £15,000

-       Reinstatement of data £5,000

-       Unlimited cover for TV’s, sound systems, freezer contents and loss of keys

-       Fine Art & Antiques single article limit £15,000

-       Jewellery, watches single article limit of £5,000

-       Optional covers (Fine Art, Annual Travel, Second Home, Overseas Home, Pleasure Craft)

-       Eligibility starts at £50,000 for contents and no minimum required on buildings

BIBA’s Executive Home cover is available exclusively through BIBA's member brokers. For details of BIBA's members please visit the BIBA website www.biba.org.uk or call BIBA’s dedicated consumer helpline on 0870 950 1790.