’Managing the insurance requirements of HNW individuals is important for both personal lines and commercial brokers,’ says head
Biba has appointed managing general agent (MGA) iprism to provide its high value home insurance scheme to members.
The MGA’s cover is targeted at high net worth (HNW) clients and includes high single article limits for jewellery, watches, art and antiques, identity thefts, home emergency and alternative accommodation for up to five years.
The scheme is backed by A-rated, UK-domiciled capacity.
Mike Hallam, Biba’s head of technical services, said: “We are delighted to have brought on board this scheme with iprism.
“Managing the insurance requirements of HNW individuals is important for both personal lines and commercial brokers alike.
“Having the opportunity to access a quality scheme for their customers helps demonstrate the value their services offer.”
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This came after insurer Ecclesiastical highlighted that most collectors were worried about underinsurance.
Read: HNW clients’ second homes facing increased threat from criminal activity – Ecclesiastical
Read: Ann Owen – How Aviva is targeting a ‘market-leading’ position in the HNW sector
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In a statement last year (13 November 2023), Ecclesiastical highlighted that some 62% of 250 UK individuals had expressed concerns that their art and collections did not have the right cover.
In turn, brokers were urged to speak to their clients about this issue.
Biba members can access the new scheme via a dedicated webpage or iprism’s broker portal.
Ian Lloyd, chief of iprism, said his firm was committed to supporting brokers and HNW clients.
“We’ve invested in building a team of highly skilled underwriters,” he added.
“Through this new scheme, we’re proud to open up our offering to BIBA’s members and provide them with a speedy service, quality product and technical underwriting expertise they deserve.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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