We often refer to private client insurance as providing “coverage that fits your unique lifestyle.” Standard home coverage is essential for many everyday items, whereas private client insurance ensures precious items are covered correctly.
What is private client insurance?
Private client insurance is available to clients who may have collections of valuables that do not fall within more standardized home coverage. You may have unique valuables such as jewellery, art collections, vintage wine collections, fine arts, and studio equipment. The coverage provided under a standard home or tenant’s policy is not adequate to cover these valuables.
Professional Advisory Services
In some cases, insurance companies can recommend to private clients best practices for maintaining and ensuring quality retention on their valuables.
For example, let’s say the client has a collection of fine art. Our team would assess the storage details of where that material is housed and determine a list of considerations to help them protect their investment. What are the humidity considerations of the storage space? Is the environment prone to mould? Will the art be in direct sunlight? Is there an appropriate fire protection plan in place? Because of our experience with various items, we can make helpful recommendations for the prolonged protection of the collections.
Item Appraisals May Not Be Required
Having your items appraised may be helpful in the long run, but in many cases will not be necessary if the article does not exceed $100,000 in value. Professional appraisals can be expensive. Having each item appraised may be ultimately cost-prohibitive. That’s why it’s beneficial to have a lenient appraisal requirement on your valuable item coverage.
One Size Does Not Fit All
Private client insurance is customizable based on your unique needs. Because there are so many possible variations of valuable items, we would need to conduct a customized risk management assessment of your property to ensure we understand the whole nature of what would fall under the coverage.
Do you need private client insurance?
Many homeowners may not know the specifics of what their current home policy covers. Most collectibles have reduced coverage limits unless you specify extra coverage for them —musical instruments, jewellery, artwork, china, fine arts, crystal, porcelain, etc. Most people realize too late (after a claim) that their home plan is not sufficient for the valuables they have on-premises.
Private client insurance offers the peace of mind that you are covered appropriately for your entire estate. As we say, it is coverage that fits your lifestyle.
If you think you may have items that require private client insurance, don’t hesitate to contact us. We’ll be happy to discuss your options with you and book an assessment of your items.
