The Covid-19 lockdown has been a period for many to reflect on important issues such as family and personal wellbeing, as well as the future economic landscape we may face when we eventually leave this uncertain time behind.
Many of us have good intentions to look at our financial protections, but time is always a barrier and insurance is rarely considered as a means of protecting wealth. Whilst most of us are spending more time at home, now is the perfect time to revisit and review the general insurance cover and costs of your most important and valuable assets, such as your home, cars, fine art and jewellery etc and it needn't be difficult with the right advice and guidance.
Ignoring correct cover can be costly, both in terms of financial loss, but also time lost and emotional distress. If something does go wrong, you need to know you're covered and you have good support and advocates to fight your corner and get you back to the position you were in before the loss.
You and your family will have amassed various assets in different classes over the years, such as UK and overseas property, fine art, jewellery and maybe even a classic car or yacht. You may have inherited assets or wealth and children will be at varying stages in their dependent lives. With this gradual evolution usually comes multiple renewal dates, different insurers and sometimes advisors, which adds to your administrative burden and the opportunity for things to be missed in the gaps between. Importantly, economies of scale and leverage are also not taken advantage of with a piecemeal approach to covering the family portfolio.
Lockton Private Clients ensure our clients have all potential exposures/risks reviewed and then negotiated on their behalf with the most appropriate insurer on the best commercial terms. There is no need to wait until your renewal date to review your insurances. By having a review mid-term you can swerve some of the issues of inadequate and inappropriate cover. During the review process we audit your current policies and schedules, providing analysis and recommendations across all your assets, lifestyle and potential liability exposure.
We can help you consolidate renewal dates and your different assets within a carefully considered programme, saving you admin time and avoiding gaps between policies , whilst at the same time reducing the number of insurers to gain leverage when negotiating the overall package.
We will also discuss what your ongoing needs are so we can understand your existing and future exposures. Alongside a benchmarking exercise, this will ensure that the terms, conditions and premium levels are in line with current market conditions.
We do not charge for our review process and it is quick and efficient. Recent reviews have resulted in some considerable premium reductions and improved terms, with savings of up to 20% for those clients who have not had a proper review in a long time.
Be wary of buying 'off the shelf' as these policies often have clauses and inner limits that don't fit with the requirements of people with more value assets than the standard. Being with a broker for several years also doesn't mean that you're getting the best deal, as all too often policies are just rolled over at each renewal. A proper review and challenge every 3 years, with benchmarking the market every year is advised.
From an insurance perspective, the private client market is very much open for business. Unlike other classes of business whom have been badly affected by losses; private client household and specialist prestige motor insurers are keen to write new business at competitive terms, so now is the time to take advantage of this.
The lockdown will not last forever, nor will these competitive rates, so seize the opportunity to tick insurance off your 'to do' list and deal with that niggle that you think you're properly covered, but aren't 100% certain. If you would like to talk to us further, we are always happy to help and you can speak to one of our team.