High net worth
Insurance
Owning precious valuables can
sometimes be worrisome. On the
one hand, possessing unique, pricey
objects such as art, jewellery or an
expensive home can be a source of
pride and imbue you with a sense
of distinction. On the other hand,
they can create added burdens,
constantly requiring security and
special consideration.
How can you reconcile these two
perceptions? Simple: Secure your
commodities and your peace of
mind by purchasing a high net worth
insurance policy.
Who needs it?
dress and it looks fantastic. She wants it
as an heirloom, part of the family history.
This is a wonderful commission.”
Rupert recently also painted a former
colleague - the man who gave Rupert his
first job because he loved his drawings.
“When this colleague was 25 he worked
for Milner Gray (one of the key figures
of British industrial design in the 20th
century) where he designed the symbol
for National Rail and the typeface. His wife
wanted me to paint his portrait, so I asked
if we could put a ghosted image of the
symbol in the background as a mark of his
career. He sat for me for endless drawings
and colour notes and then I composed it
all in the studio,”
Rupert has also done work for
organisations and companies. He
painted a street scene of Lewes Old
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Grammar School to mark its 500th
Anniversary; which was also used as
the cover of the book celebrating the
history of the school. He designed the
school’s corporate identity, working
with the College of Arms in London as
they have a heraldic grant, as well as
painting portraits of the last two owners
of the school (Mr and Mrs Mead) before
it became a trust.
uncertain career choice that often bears
fruit late, it’s rarely dull,” he concludes.
“Someone I greatly admire is Vivian
Maier, the photographer,” he says. “She
never sold or published a picture in her
life but she was a genius and left us with
reams of the most beautiful images. I
don’t really paint to sell (commissions
aside). I paint what I feel and then I’m
always amazed when someone wants to
buy it! But selling is not my motivation,
nor should it be, as I’ve done other things
to survive. So whilst it can be a terribly
Rupert runs an open studio in Lewes so
if you wish to view his art in person, visit
www.rupertdenyer.co.uk to arrange a time
that suits.
As he pops up a canvas on his easel
to add the finishing touches to another
piece of work, I take my leave. As I head
to my car I think to myself; now there’s
a man who has a great outlook on life, a
finely tuned talent and who is definitely
one to watch.
By Katherine McCoy
Standard insurance policies will meet
the needs of most customers. However,
a high net worth policy benefits
customers who have particularly
valuable assets, such as an expensive
home, a collection of fine art, highend jewellery, yachts, motor vehicles
and more. Standard policies may not
encompass customers’ full range of
assets, providing an insufficient sum
insured or one that cannot account for
the sheer volume of valuables.
value property to ruin in the event of an
accident or emergency.
As part of a high net worth policy,
‘buildings’ is likely defined as the
main dwelling, outbuildings, garages,
swimming pools, tennis courts and other
features on the property. High net worth
policies typically extend cover beyond
the limits of a standard policy to include
buildings and features ancillary to the
main house.
Due to its expansive nature, insurers
usually offer buildings cover, and most
other high net worth covers, on an ‘all
risks’ basis rather than a hazard-specific
basis. But offering `all risks` covers
does not preclude insurers from issuing
cover exclusions. They sometimes
exclude damage caused by domestic
animals, frost and more. Always read
your policy wording to know what you
are covered for.
Contents cover
Contents are generally defined as the
personal property that you own. This can
include furniture, furnishings, household
goods and personal effects.
Valuables cover
Depending on your policy, your
valuables – items such as gold, jewellery
and furs – may be covered under your
contents cover. Insurers also offer
separate valuables cover if customers
have a specific list of valuables they
would like to protect, such as fine art,
antiques and collectibles.
Extensions include cover for newly
acquired valuables, pairs and sets
and an increase in sum insured due to
the death of an artist. Exclusions can
include dented coins or faded stamps,
losses during transit and damage
caused by alterations.
Travel cover
Most high net worth policies offer annual
travel insurance that covers cancellation
charges, medical expenses while abroad
and costs due to delayed departure and
missing luggage. Exclusions include
travelling against medical advice,
certain age restrictions, and death,
illness or injury stemming from specified
dangerous activities.
Insure your legacy
Because they cover such a wide variety
of valuables, high net worth policies
are often composed of several different
covers, which, together, constitute a
single policy. The following sections
describe some popu lar covers available
as part of a high net worth policy.
Buildings cover
Your luxury home is one of the largest
and most expensive purchases you
will ever make. Forgoing high net worth
buildings cover may condemn your high-
Most high net worth policies provide
contents cover on a ‘worldwide’ basis,
meaning it covers belongings wherever
they are in the world for the entire
period of insurance. Worldwide cover
is especially attractive to people with
multiple homes or those who travel
extensively. Rather than arranging
separate policies for the personal
property spread across several
countries, customers can purchase
a single, comprehensive worldwide
contents policy that protects their
belongings, no matter where they are.
Protect your legacy and the things
you have worked so hard to obtain
and expand. One disaster can cause
a ripple effect, divesting you of
the products of your hard work. By
purchasing a comprehensive high net
worth policy, you can rest easy knowing
that you have insured a lasting legacy.
By Mark Bennett
bennettchristmas.com
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