High Networth

Are you prepared for an accident in your home?
Are you prepared for an accident in your home? 1920 1280 James Hallam

Creating a safe environment where your family can grow and thrive is a top priority.  Accidents can happen at any time in your home, so it’s even more important to be prepared during a pandemic.  Make sure you’re doing everything you can to achieve maximum safety at home.

Some common hazards you should be aware of:

Fires – Cooking, heating, smoking, faulty electrics or candles all can cause a fire, make sure you have checked that all your smoke alarms are working correctly. Ensure that you and all members of your household are aware of the fire exits. Check that all your windows can be opened with ease and if they have security bars that they can be easily released. At no point after leaving the house should you go back inside, wait for the emergency services to arrive.

Carbon Monoxide – Carbon monoxide is virtually impossible to detect and low levels can cause headaches and dizziness, while high levels can lead to vomiting, impaired vision, and even death. It’s vital you install a CO detector in your home, this will alert you if CO reaches dangerous levels in your home.

Falls – Wet floors, slippery surfaces, and scattered toys all create the potential for falls. Make sure all staircases are well lit, have handrails, securely affixed flooring, and safety gates if there are small children at home. Keep the stairs clear of any tripping hazards and use grip tape to secure mats in place.

Electrical Safety – Many accidents and fatalities involve electricity and must always be treated with respect. Have your wiring installation checked at least once every five years by an approved contractor. Do not use appliances that are worn or damaged flexes. Keep mains-operated appliances out of the bathroom.

Safety with medicines and cleaners – Chemical preparations should always be treated with caution. Consider having a proper lockable cabinet fitted in the kitchen and bathroom to keep out of the reach of children. Always follow the label directions when using any household cleaning products.

Here are three things to consider while planning for an emergency:

Contractors
If you are required to have contractors visit, ask them about their COVID-19 health and safety practices. Make sure everyone understands best practices and continues to follow government guidelines to protect each another from risk of infection. Try to pay your bill online to and if any family members are showing symptoms make sure you inform them.

Emergency kit
Gather a go to bag of supplies which you can grab quickly. It should include personal items like toiletries, food, and water. Due to the COVID-19 pandemic additional items will needed to be added to this bag: extra face masks, hand sanitizer with 60% alcohol, disinfectant supplies, tissues, and as well as personal hygiene items.

Evacuation Plan
If you are required to leave your property at during an evacuation , unplug major electrical equipment such as televisions and small appliances. Do not unplug your refrigerator or freezer unless there is a flood risk. And do not forget to secure your home by locking all the doors and windows.

 

 

Valuing your Possessions for Insurance
Valuing your Possessions for Insurance 1392 992 James Hallam

If you are the owner of any antiques or treasured possessions it is important to insure them properly. Regardless of their worth they are likely to hold significant personal value and having insurance will not only protect them but help give you some peace of mind.

Insuring valuables can bring with it challenges given the uniqueness of some of the items, as well as the high value that some hold. Even with specialist insurance, the amount and type of protection you need may change as your life does. Your policy may be able to cope with small fluctuations, if your possessions rise significantly in price, you will need your insurance policy reviewed to check it is still suitable.

Why do valuations matter?

Fluctuations in the market could have an impact on the insurance protection you need. Having an accurate valuation of your antiques will allow you to decide if a standard policy will be sufficient or if you need to consider a specialist insurance policy such as a high net worth policy. Many standard contents insurance policies will set a sum insured limit, while others may require you to individually list items which exceed a certain value.

From classic cars, rare watches or bottles of whisky, we can recommend skilled and independent valuers to assist with reviewing your valuable collections. An up to date valuation can help avoid financial losses in the case of a claim or having to accept a lesser quality replacement item.

The benefits of professional valuation are:

  • A professional, fully detailed valuation makes it more likely for an insurer’s loss adjuster to accept the claim and speed up the process in case of loss/theft.
  • A valuer will confirm the authenticity of the item and its certificates.
  • Experts will give you an accurate market price.
  • They will be able to advise the best care and check for any repair work to your item.
  • It could provide a far better description or more accurate details of the item that might not be available from purchase receipt or older valuations.
  • An ‘agreed value’ will be made on your item which means in the event of a claim, you will receive its full value – or even more in certain circumstances.

 

If you own any antiques or treasured items, then it is vital to get them valued correctly. If you do not keep abreast of market fluctuations which could impact the price of an item you may be surprised to find out the cost price has significantly risen. We recommend getting your items valued regularly, for example expensive high end jewellery could be valued annually but we recommend this be done every 3 years at the very least. You may want to consider security for your valuables. This could include storing your valuables in a safe, having a home alarm system installed or considering CCTV to increase the security of your home. By doing this, you ensure your possessions are fully protected.

Marcus Rennick discusses ‘High Net Worth’ with Insurance Age
Marcus Rennick discusses ‘High Net Worth’ with Insurance Age 1920 1280 James Hallam

Our Head of Estates and Private Clients, Marcus Rennick, discussed ‘In-depth – High net worth’ with Insurance age…

High net worth customers demand the very best in service. Sam Barrett explains what brokers must do to meet private client requirements.

High net worth (HNW) clients have high expectations when it comes to the service they receive. To meet these expectations, brokers must ensure they have a good understanding of their customers and their needs.

“You’re protecting their lifestyle so it is essential you understand what they do and what’s important to them,” says Joan Sell, private client manager at The Clear Group. “You can then use your insurance expertise to build the right cover for them”.

Expert service

As well as understanding the individual and his or her needs, Marcus Rennick, head of estates and private clients at James Hallam, says there needs to be a much more joined up service in the HNW market.

“You need to engage with other professionals such as tax advisers, security advisers and lawyers to provide a client centric solution,” he explains. “You can’t approach this type of business from the perspective of an insurance broker looking to sell a policy; you have to look outside the box.”

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