The range of covers in traditional home insurance policies is wide, but is even wider in the high net worth (HNW) arena. Defaqto analyses more than 120 directly comparable features in HNW policies for buildings and contents. It also examines pub, restaurant and hotel policies
Differentiating HNW products
When selling HNW products intermediaries may take into account items that are not so easily comparable, such as the reputation and financial strength of the insurer, and the quality of the claims service provided.
Whether the insurer is a GISC member is possibly of increasing importance to some customers.
The analysis here uses about 40 product features in buildings and contents cover.
Looking just at the building covers it is clear that there is a leading group of providers offering very good levels of cover.
Based on our criteria, Chubb Masterpiece and Oak Underwriting are almost inseparable, with Zurich Private Clients and the Norwich Union (NU) Tapestry policies close behind.
At the end of last year, high net worth specialist Chubb Insurance revamped its Masterpiece policy, with considerable changes to the cover.
Key buildings features of the Chubb policy include:
There are a few areas where other providers offer better levels of cover than Chubb. These include:
The changes made by Chubb to contents cover bring Masterpiece to the top of the market. With Chubb and Zurich Private Clients established as the two leading products, a pack of insurers offering broadly similar covers trails a little way behind these two.
Key contents features of the Chubb policy include:
60 days; up to 20% of the contents sum insured; and newly acquired fine arts covered up to 25% of the fine arts sum insured
Other providers offer better levels of cover in some areas than Chubb. These include: