At KBIS, we understand the unique challenges that private clients face in managing and mitigating underinsurance risks. As part of Specialist Risk Group, we are delighted to introduce Specialist Risk Private Clients, an established department within Specialist Risk Insurance Solutions, who offer a concierge-led service across a range of products for private clients and their assets including; high-value household, listed buildings, private and family offices, antiques, jewellery and watches, fine art, and motor, including family fleet and high-value or classic cars.
Specialist Risk Private Clients bring a wealth of expertise, and we are proud to share their valuable insights with our audience, including this piece on how to safeguard your assets effectively, avoiding the risks of underinsurance that can leave you vulnerable.
Ensuring comprehensive insurance coverage is an ongoing task. As your lifestyle evolves, the threat of underinsurance increases and can leave valuable assets inadequately protected. In this article, we explain the importance of avoiding underinsurance and outline strategic measures for private clients to safeguard their wealth effectively.
An oversight commonly made is relying on outdated valuations.
Given the dynamic nature of asset values, what may have been adequately insured in the past might fall short presently. Regular and thorough assessments of asset valuations are essential to ensure that insurance coverage accurately mirrors current market values, thereby minimising the risk of underinsurance.
There has been a significant increase in the value of watches, jewellery, precious metals, art, and wine. Building valuations should also be further examined as previous valuations may differ significantly due to index-linked sums insured. Challenges in supply chains, the rise in price of building materials, the availability of tradespersons, and general inflation are responsible for these changes that could leave your assets underinsured.
Affluent individuals often encounter unique risks that standard insurance policies may inadequately address. Specialised coverage, such as excess Liability insurance or umbrella policies, serves as a pivotal addition, offering a layer of protection beyond the confines of conventional plans. Tailored to the distinctive needs of private clients, these policies provide broader coverage and elevated limits, fortifying against potential financial liabilities.
Seeking support from a specialist insurance broker is paramount for individuals with complex insurance needs. Our specialist team can craft coverage that precisely aligns with your individual requirements. Our team looks to create a close relationship with our clients so that your insurance portfolios scale alongside your evolving financial circumstances and lifestyle considerations.
Change is the main factor when it comes to the risk of underinsurance. The acquisition of new properties, substantial investments, and significant life events mean that your insurance will require prompt updates and planning. Neglecting such updates may lead to coverage gaps and expose you to risks that proactive adjustment could have otherwise mitigated.
Safeguard your wealth effectively. Our Private Clients team specialises in crafting personalised insurance solutions for private clients. Contact the team to schedule a consultation.
Both at KBIS and within the wider group, we are committed to providing comprehensive insurance solutions. We hope this blog have provided some useful guidance when it comes to safeguarding your assets and how working with a team of experts can help you to do this with confidence.