Valentine’s Day and high-net-worth insurance

With countless examples of manufacturers doubling the price of particular handbags in recent years, Stephen Wilkinson, head of risk management south for Aviva Private Clients, said it is vital clients stay on top of their content and valuables insurance covers.

In the latest Insurance Post Podcast, Wilkinson said: “Those [cover] values could be too low, or indeed, occasionally too high as well. It is important insurers and brokers help educate clients and ensure they are insuring at the correct value type.

“By that, I mean retail replacement [or] what it would cost to replace those items on a new for old basis. Sometimes we see clients who have bought items at auction or inherited them and considered probate values, which is very different to replacing items at current prices.”

How often special collections need to be re-valued was highlighted by the high-net-worth experts that took part in the podcast, plus the importance of talks about where items were purchased from originally and the impact this may have on finding a replacement today.

Aaron Woodhams, chief underwriting officer at Iprism, Dr James Lindow, underwriting director of Ecclesiastical, and Alex Wakefield, executive adjuster for private clients at McLarens, also outlined the type of evidence required by insurers to consider a high-net-worth claim.

The nature of cover and service required by individuals with lots of cash in 2024, who may be receiving sparkling jewels or watches worth six-figure sums this Valentine’s Day, was also discussed.

As well as being able to listen to the podcast by clicking on the player above, you can also download and keep this episode of the Insurance Post Podcast to listen to anytime, anywhere you want to. 

To download the episode, go to your podcast provider of choice (Apple, Google, Samsung, Spotify, Audible, etc) and search for Insurance Post.