Chubb Insurance has begun offering all of its personal lines brokers exclusive quotes for ultra high net worth (UHNW) Masterpiece Signature business.
Chubb said an exclusive quote will only be granted when the broker commits to developing a three way partnership with both the client and Chubb.
The request must also be received no less than 90 days before renewal and generate a premium in excess of £10,000 for stand alone house, motor or both.
The broker, client or risk manager and a Chubb Underwriter or appraiser will also meet during the exclusive period to discuss the risk, cover and other requirements in detail.
Jamie Keaney, Chubb's European Masterpiece Signature manager said: “We have launched our exclusive quotes facility in response to changes in market conditions and the proliferation of price benchmarking amongst some brokers.
"We have to invest substantial resources to produce quotes for these very specialist risks and a broker simply ringing all of the major insurers for the cheapest quote helps no one.
“Our Masterpiece Signature policy should be sold on quality not price and we intend to support brokers who wish to pursue this philosophy.”
John Sims, Chubb's head of personal lines added: “This is a fantastic opportunity for brokers who intend to build relationships with clients by offering them the highest quality of cover and service in the long term, as opposed to being the cheapest in the short term.
"Now that we have opened up this facility to all UHNW brokers, the market can concentrate better on selling quality rather than driving down the price.”
Chubb said a typical Masterpiece Signature policyholder will have a minimum annual premium of £10,000 and will require cover for a substantial portfolio of assets, including multiple properties in different countries, fine art, wine, jewellery and car collections.
