Valuable Policy Extensions

December 18, 2019

The purpose of high value home insurance is obviously to protect expensive, luxury homes that therefore require higher sums insured and policy limits that are not available via standard home insurance. However, in reality it’s much more than this. High net worth cover encompasses a holistic approach to home insurance that takes in your property, your specialist contents, the security of your home, its grounds, outbuildings, swimming pool etc. and puts them altogether in a single convenient policy to eradicate any gaps in your cover. And depending on who your insurer is, this same policy is also equipped with a range of valuable extensions, such as family legal protection, home emergency cover and identity theft cover.

We work with quality insurers and these extensions are not mere marketing initiatives, but useful additions to your cover that provide you with valuable and enhanced protection.

So the message is – know what your policy includes and please don’t forget that you have them:

Home Emergency

If your boiler unexpectedly fails, the emergency service in your insurance will cover the call out and up to four hours labour costs for an engineer to fix it, plus parts and materials up to £1,000.

This emergency response cover also applies to any one or more of the following situations:

  • your home is flooded because your plumbing or drainage system has failed
  • your electricity supply system has failed or broken down
  • your ‘permanently installed cooking system’ has failed or broken down
  • your home has been rendered insecure because the external locks have failed
  • the only available key has been lost- you can’t replace it or gain normal access
  • you are at risk of internal water damage due to a problem with your roof

Lastly if the heating or electricity cannot quickly be mended, then the insurance will pay up to £100 towards the hire of alternative heating equipment or electricity generator.

Identify Fraud Detection and Assistance Service

With this particular policy this service is provided by a third party and gives access to your credit report with the ability to set up alerts when changes occur, which could be a signs of potential identity fraud. They also do a ‘web watch’ that monitors the internet and social networks to help detect theft, accidental disclosure and misuse of your personal information online. If your personal information is detected online, this service allows you to take quick, preventative action.

There’s also a fraud resolution service that provides a case handler from Callcredit’s ‘Victim of Fraud’ team to support you until disputed entries on your credit card are resolved.

There is a free option to take out Cifas Protective Registration to help reduce the risk of your identity being used unlawfully to obtain credit money in your name.

Personal Lawyer Cover

This service provides confidential legal advice over the telephone on any personal legal matter under British law.

Lines are open 24 hours a day, 365 days a year and can help you with important matters, such as what your legal rights are, what course of action is available to you and whether these can be best implemented by you or whether you need to consult with a lawyer.

The policy will then provide support for legal proceedings that have been agreed or authorised by the underwriter, for:

  • the pursuit or defence of a claim for damages
  • specific performance
  • injunction – dealt with by:
    • negotiation
    • a civil court
    • a tribunal
    • arbitration
    • any other body

Your prospects of success are taken into account and in respect of all claims the insurer expects that it is more likely than not that damages are recovered; that you can make a successful defence and/or appeal; recover damages that are higher than the costs and all of these are assessed by the insurer’s appointed representative. Territorial limits also apply.

Legal events covered by the policy are:

  • medical disputes
  • personal injury
  • consumer disputes
  • property disputes
  • employment disputes
  • tax disputes
  • motor prosecution
  • jury service

Here we have included details of some of the most common additions and these examples come from a particular policy, but if you’re unsure about what exactly your high net worth home insurance offers, then talk to Flint Private Clients account handler who will advise you accordingly.

It’s also useful to remember the add-ons at renewal time as you might want to include these in your list of policy considerations; the benefit of a good legal expenses addition should not be underrated.

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