Private Client Insurance
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Protection For Your Wine
Private Client Insurance
Ensure Your Jewellery Sparkles
Purchasing A Classic Car
Enjoy Your Art Collection
Protecting Your Holiday Home
Protection of Your Fur
Letting Your Home to Others
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Private Client Insurance Owning precious valuables can sometimes be worrisome. On the one hand, possessing unique and expensive objects such as art, jewellery or an expensive home can be a source of pride and imbue you with a sense of distinction. On the other hand, these objects can create additional burdens, constantly requiring security and special consideration. How can you reconcile these two perceptions? Simple: Secure your commodities and your peace of mind by purchasing a high net worth insurance policy.
Who Needs It? Standard insurance policies will meet the needs of most customers. However, a high net worth policy benefits customers who have particularly valuable assets, such as an expensive home, a collection of fine art, high-end jewellery, yachts, motor vehicles and more. Standard policies may not encompass customers’ full range of assets, providing an insufficient sum insured or one that cannot account for the sheer volume of valuables. Because they cover such a wide variety of valuables, high net worth policies are often composed of several different covers which, together, constitute a single policy. The following sections describe some popular covers available as part of a high net worth policy.
Buildings Cover Your luxury home is one of the largest and most expensive purchases you will ever make—forgoing high net worth buildings cover may condemn your high value property to ruin in the event of an accident or emergency. As part of a high net worth policy, ‘buildings’ is likely defined as the main dwelling, outbuildings, garages, swimming pools, tennis courts and other features on the property.
High net worth policies typically extend cover beyond the limits of a standard policy to include buildings and features ancillary to the main house. Due to its expansive nature, insurers usually offer buildings cover, and most other high net worth covers, on an ‘all risks’ basis rather than a hazardspecific basis. But offering ‘all risks’ covers does not preclude insurers from issuing cover exclusions—they sometimes exclude damage caused by domestic animals, frost and more. Always read your policy wording to know what you are covered for.
Valuables Cover Depending on your policy, your valuables—items such as gold, jewellery and furs—may be covered under your contents cover. Insurers also offer separate valuables cover if customers have a specific list of valuables they would like to protect, such as fine art, antiques and collectibles. Extensions include cover for newly acquired valuables, pairs and sets, and an increase in sum insured due to the death of an artist. Exclusions can include dented or faded stamps and coins, losses during transit and damage caused by alterations.
Contents are generally defined as the personal property which you own. This can include furniture, furnishings, household goods and personal effects. Most high net worth policies provide contents cover on a ‘worldwide’ basis, meaning it covers belongings wherever they are in the world for the entire period of insurance. Worldwide cover is especially attractive to people with multiple homes or those who travel extensively. Rather than arranging separate policies for the personal property spread across several countries, customers can purchase a single, comprehensive worldwide contents policy that protects their belongings—no matter where they are.
Extensions to contents cover can include alternative accommodation, home office equipment and guests’ effects. Exclusions can include loss caused by government confiscation, repairs and pets. The list of extensions and exclusions to contents cover can be long—pick a policy that insures the full spectrum of your contents.
Insurers may fold legal expenses cover into liabilities cover. Legal expenses cover defrays the cost of pursuing claims against another party, arising from, for example, an accident that causes death or injury to the insured or a dispute over a contract.
As the owner of a house or employer of domestic staff, you unavoidably expose yourself to legal liability. Liabilities cover protects against liability claims related to your property or household employees. For example, are there public rights of way across your land, or do you hold public events on your premises? Inviting or allowing members of the public on your property greatly increases your legal liability. Mistreating employees or failing to provide a safe working environment in your home makes you liable for any employee injuries or deaths that occur.
Insurance Protection For Your Wine - We Can Toast To That! Did you know? A true wine enthusiast understands the rewards of owning an expansive collection. The pride that goes in to nurturing a bottle, anticipating its peak age and then enjoying its flavour can be gratifying. To protect your collection, you may consider purchasing wine insurance, especially if you store your collection in your own wine cellar. If you own a large, valuable array of wines, it is wise to insure your collection in a stand-alone valuable articles policy. You can either insure the collection under a blanket amount, such as £50,000 or, if your collection contains individual high-value bottles, you may wish to insure each bottle separately. Policy Inclusions Wine insurance policies may include the following: ● Protection against damages due to fire, theft or accidental breakage. ● Protection against mechanical breakdowns in the climate control unit that damages wine. ● Protection against label damage in a fire, flood or other natural disaster—for many rare, vintage wines, the label increases the value of the wine. ● Access to suppliers who ship, buy and sell wine; suppliers who store wine in another location; suppliers who offer security systems for your collection and suppliers offering temperature-control systems. ● Guidance for how to best store your collection, especially when building or renovating your wine cellar.
Storage Recommendations If you house a collection in your home, consider the following recommendations to reduce damage to your wine:
Recent reports suggest that Wines, Jewellery and pieces of Art are 3 of the Top Ten under-insured items on a home insurance policy! Wines
● Do not store chemicals, paint or odourproducing materials near your collection. These items can permeate through the cork and spoil the wine. ● Do not store wine near heaters or sunlight, or in areas that are susceptible to flooding, such as beneath a lavatory or laundry room. Also avoid placing wine in areas of the home that are beneath or next to a home theatre which causes excess vibrations. ● Store wine at 13 degrees Celsius. The humidity in a wine storage should also be 65 to 75 per cent. Anything above or below that amount can damage the label or cork. ● Install an alarm that warns against theft, temperature changes and moisture. When selecting an alarm, purchase one that sends a message directly to your mobile device.
It's not just a few bottles! Your carefully selected Wine collection is your pride and joy. It’s stored and cared for in a way that only wine can be. We can advise you on keeping your wine collection correctly valued and up to date on your Insurance policy. Jewellery Your limited edition Rolex or Platinum Engagement ring is something you would not want to be without. Is it covered for the correct amount? How old is the valuation? We can advise you on keeping your cherished items valued properly and secured properly. Do you know what Cash Rating your safe should be? Art and Antiques Works of art and antiques are, by definition, irreplaceable! We know this. With the correct cover, at least you will know you will compensated sufficiently should your beloved 18th Century Oak Bureau or 21st Century Banksy become lost or damaged! We can advise you on when to get your items valued and ensure they are covered properly.
Ensure Your Jewellery Sparkles for Years to Come Like any significant investment, you must make an effort to care for the gems and jewels in your collection. They will require cleaning and care on a regular basis to ensure that they sparkle and shine long after you pass them on to your children and grandchildren. Jewellery Care To ensure that your jewellery has a long and sparkling life, consider these care recommendations: ● Always store your jewellery in a jewellery box or other secure location when it is not being worn. This will protect it from dust and other particles that will diminish its appearance. ● When storing jewellery, also remember to refrain from stacking items on top of one another. This is because pieces with stones may scratch other soft metal items if they are touching. ● Most jewellery can be cleaned simply with water or with mild dish soap. After cleaning, dry your pieces with a lint-free cloth. ● Do not expose your jewellery to extremely hot temperatures, dry conditions or sudden changes in temperature, as many stones (emeralds, opals and pearls, for example) are negatively affected by these conditions. ● Do not wear jewellery while exercising or playing a sport, as it can break on impact.
Specific Care Recommendations Diamonds: ● To maintain a diamond’s brilliance, soak it regularly in a solution of half ammonia and half cold water for 30 minutes. Then dry it with a lint-free cloth. Or, place a diamond in a glass of plain vodka to restore its sparkle. ● Make sure diamond rings are inspected semi-annually to ensure that stone settings are in place. Metals: ● Many durable metals (tungsten, for instance) require minimal care, yet others (platinum, for instance) are more susceptible to scratching. Get a platinum band buffed every six months to remove scratches. ● Remove excess dirt build-up on metals with a jewellery cleaner or mild soap and water. ● To help silver retain its shine, polish it regularly with store-bought silver polish. Gold: ● Remove gold jewellery before showering or using household cleaners, as soap film builds easily on gold surfaces. ● To clean gold, place it in a solution of a few drops of ammonia, mild detergent and warm water. ● To remove body oil and grease from gold jewellery, use rubbing alcohol. Colour stone care: ● Avoid exposing emeralds to hot water or soap water for a long period of time. ● Do not engage in vigorous activity while wearing tanzanite, as it is very brittle. ● Clean opals with baby oil or olive oil to prevent them from drying out.
Are You A Fan Of Classic Cars? Purchasing a classic or antique car requires special, proper insurance since it is an investment. Cover Inclusions A classic car insurance policy can cover: ● Agreed Value Cover – Pays for the car’s full-insured value with no depreciation in the event of a total loss, less your excess ● Laid Up Cover – To compensate for when classic cars are garaged or off the road for repair, without the need for an on the road policy ● Spare Parts Cover ● Flexible Usage Options – Not limited to ‘parades only’ Additional Cover Options ● Emergency Towing in case of a breakdown ● Roadside Assistance for items such as a flat tyre, flat battery or running out of fuel ● Emergency Lockout ● Lost Key Return ● Emergency Travel Expenses in case your classic vehicle breaks down whilst away from home ● Car Show Expenses that pays for expenses associated with missing a car show due to a breakdown ● Theft Reward Since classic and antique vehicles are all so different, your insurance cover will be specific to your vehicle and how often you plan to drive it. There are many considerations which you and Bond Lovis Insurance Brokers will discuss while creating a policy to suit your needs.
Enjoy Your Art Collection for Generations Collections of fine art and other collectibles can be an expression of the owner’s passions and interests. If collectors want their items—and by extension their image—to shine and impress for many generations to come, they should consider purchasing fine art and collectibles insurance. Such insurance policies, along with ensuring that each piece is properly cared for, help protect the collection and retain its value for the Future. Depending on the variety of your collection, you have two options for insuring the entire lot. If you have a large collection, but each piece is valued under £10,000, you can insure the entire collection with a blanket policy. If your collection is composed of several high-value pieces, you may benefit more from insuring each piece individually. Regardless of how you choose to insure your collection, follow these best practices to help preserve its value. Adding to Your Collection To protect the value of the new pieces you procure for your collection, ensure that you review this information before purchasing them: ● The note of sale, which should list the name of the gallery, the artist, the name of the piece, its value and any other relevant information ● A letter of authenticity ● The history of the piece, such as who previously owned it ● Previous appraisal records, if available
Staying Prim and Proper To ensure that each of your pieces retains its quality, follow this easy guidance on maintenance and display: ● Store pieces in temperature-controlled, archival-quality containers. ● Display pieces away from direct sunlight in temperature-and humidity-controlled rooms. ● Clean with a dry, soft brush or low-power vacuum—never apply cleaning solutions directly to the pieces. Providing Security for Your Collection In order to ensure that you receive the appropriate cover amount for your collection, have each piece appraised before purchasing insurance. Fine art and collectibles insurance may include the following: ● Cover for physical loss or damage, including transit risks ● The option to repurchase a stolen piece after it has been recovered ● Compensation for loss of value if a piece was damaged during restoration ● Bespoke basis cover (eg agreed value, market value and restoration/theft recover)
As a collector, you may find that you have acquired more pieces than you can adequately display. In order to preserve the quality of the additional pieces, you will need to store them properly. Here are several tips for appropriately storing your collection: ● Wrap each piece in brown paper to protect it from light, mould and insects, and then encase in bubble wrap to protect it from damage. ● Store framed pieces vertically to reduce build-up. ● Keep your pieces in a location where temperature and humidity is controlled.
Protecting Your Holiday Home in Winter As the holiday season comes to an end, prudent holiday homeowners prepare their second homes for the winter. Yet, even diligent seasonal maintenance will not protect your home from all potential risks. Most home policies do not include cover for holiday homes and deem them as too risky, since owners leave them unattended for months at a time, exposing them to theft, damage, potential loss of rental income and more. The only guaranteed way to protect your holiday home is by purchasing bespoke insurance. Holiday Home Insurance Holiday home insurance should cover the cost of rebuilding (which is not the same as the market value) and cover the specific ways in which you use the property, such as letting it to tenants. Make sure your bespoke holiday home insurance includes the following: ● Building insurance: In addition to the main property, this provides cover for outbuildings, swimming pools, tennis courts, etc. ● Contents insurance: This provides cover for the personal effects of your home. ● Liability cover: This provides cover in the event that a guest, gardener or seasonal tenant is injured on the property. Maintenance Tasks Along with purchasing robust, bespoke cover, perform the following maintenance before winter to ensure your holiday home stays safe:
● Turn off the utilities: Turn off the water and gas, and unplug all electronic devices. If your home has an electric heater, set the temperature to at least 12 degrees Celsius. ● Winterise the home’s pipes and exterior: Ensure that all the waterlines are drained and the pipes are properly insulated. Inspect the seals around windows and doors for any leaks, and have the gutters inspected and cleaned. ● Lock up valuables: Perform maintenance on vehicles before securely locking them away. Additionally, store any valuables away from windows. ● Schedule lawn maintenance: Have any nearby trees trimmed, any garden tools securely stored and the lawn mowed. ● Activate security devices: Make sure the home is fitted with security devices such as alarms and window locks to deter theft. Each holiday home is unique, making bespoke cover a vital piece of protection. For more information on protecting your holiday home, contact Bond Lovis Insurance Brokers at 08000 113 444 today.
According to industry research, about one-third of UK holiday homeowners have the wrong Insurance—mistakenly believing that a main residence policy will cover their holiday home. Holiday homes are often used differently than main residences, and thus require bespoke cover to protect against specific holiday home risks such as letting homes to others.
Protection for you fur Putting on a fur coat can make you feel luxurious. Yet, if you do not take proper care of your prized possession, it will not remain in peak condition and may lose value. Extra Care for Your Fur Love your fur? Treat it well and wear it for years to come by taking these care precautions: ● While storing your fur at home during the winter months, give it ample room in your closet to hang. ● Always hang the fur on a broadshouldered hanger or ask your fur dealer for a special hanger designed for your garment. ● Do not expose furs to lots of light or heat. This can cause oxidation, which can change the colour of the fur. ● Do not cover furs in plastic bags, as they need air circulation to prevent the leather side from drying. If you must cover you fur for a short time, do so with a loosely woven cloth bag. ● Store your fur in a specially designed vault during the summer months to prevent the leather from drying out and to protect it from dust, dirt and insects. ● Have your fur professionally cleaned at least once per year by a fur specialist. This cleaning process enhances the lustre of the fur and allows the retailer to inspect your garment for repairs.
● Avoid wearing shoulder bags while wearing your fur, which can break the hairs and create bald patches. Also, avoid snagging your garment on jewellery or accidentally spraying hair spray or perfume on it. ● If your fur gets a little wet from snow or rain, simply shake it out and hang it up to so it can dry slowly. Do not use a hair dryer or try to comb or brush the fur when it gets wet. If your coat is drenched, take it to a fur specialist immediately. ● Do not sit on your fur for a long period of time. This may lead to crushing and premature wear. ● If you notice a small tear, have it fixed by a professional immediately. By fixing minor problems straight away, you will avoid replacing pelts later on. Need assistance insuring your fur? We can help. Call Bond Lovis Insurance Brokers at 08000 113 444 today to learn more about our insurance solutions.
Storing your fur each spring and summer in a temperature and humidity-controlled vault will reduce the risk of damage and will preserve the fur and leather aspects of the garment.
Letting your home to others If you are considering letting your home, consider the following before doing so: Letting To-Do’s ● Draw up a rental agreement that defines the terms of the rental, including restrictions, liabilities and occupancy guidelines. ● Ask for references from potential tenants, especially those that will stay for an extended period of time. ● Request a security deposit to be refunded if there is no damage to your home. ● Advise Bond Lovis Insurance Brokers that you plan to let your home and ask about how this may affect your current cover. ● If you are letting for an extended period of time, consider hiring a ‘property manager’ to look out for your house while you are away. Protecting Your Personal Property ● Set aside a locked place in your home to house personal items such as clothing and valuables. ● Take valuable items to a locked storage facility, a family member’s home or a bank vault. ● Change alarm codes after you are done letting. ● Provide keys to only one door of your residence so that you have to change only one lock after the tenants leave.
● Photograph and videotape all areas of your home before the rental takes place in case damage occurs while you are away. ● Tell your neighbours that you are letting and ask that they watch over your home. ● Ask your telephone company to block long distance phone calls from your landline. ● Have your post forwarded or held until you return. ● Provide your contact information for both the tenants and your neighbours in case of an emergency. ● Provide the tenants with a list of service providers, such as plumbers and electricians, in case of a water leak or furnace failure. Contact Bond Lovis Insurance Brokers at 08000 113 444 today to learn more about the risks of letting your home.
Checking the references of potential tenants is vital when determining if you will open your home to strangers. If you uncover any red flags while tenant referencing, do not agree to let your home, even if you are afraid of hurting someone’s feelings. Your first priority should be to protect yourself and your property.
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Guide to Private Client Insurance