New lines of cover aimed at high net worth individuals

Hiscox head of art and private client Justin Gott

Specialist global insurer Hiscox has today launched a range of enhancements and new lines of cover for its overseas home insurance policy aimed at high net worth individuals.

Hiscox Overseas 606 now includes worldwide all-risks cover as standard, updated wording for catastrophe cover in France and Spain and emergency travel cover for claims-related journeys. Currency conversion conditions for euros and US dollars have also been clarified.

New lines of cover added to the policy include:

  • Business records cover of up to £10,000 to reconstitute business data in the event of physical loss or damage to home office records;
  • Acquired disability cover of up to £50,000 towards the cost of alterations to a property in the event of sudden and unforeseen physical disability;
  • Fine art cover for death of the artist, with a 100% hike in the value of a work, if the artist dies during the period of insurance; and
  • Automatic fire cover home for a second home, when Hiscox insures the client’s main residence in the same country.

Hiscox head of art and private client Justin Gott said it had enhanced the policy to minimise the stress and disruption of claims on an overseas property policy and offer an alternative to the complexities of local insurance options.

“As the only UK insurer to offer a bespoke overseas home insurance product for customers with higher value homes, we understand the challenges that come with relocating overseas or buying a holiday home and are well placed to help minimise the stress and disruption that can arise from an overseas claim.”

Hiscox Overseas 606 caters for larger main residences and second home risks.