The Research Department examines high net worth buildings and contents cover and credit card repayment protection

High net worth
TRD recently launched a new high net worth (HNW) home insurance analysis within its Aequos database. This month we compare the buildings and contents cover on offer from ten of the HNW providers.

With Christmas fast approaching, and very attractive 0% offers on credit cards, many people will be tempted to put their purchases on plastic and pay off the debt in the next year. We look at the payment protection insurance on offer from a wide range of card providers.

HNW buildings cover
HNW cover is traditionally associated with the intermediated market, and provided by a small number of specialist insurers. In the past year a number of insurers have launched or relaunched products for this market, and others are eyeing the sector as a growth area.

What may be surprising is the diversity in the levels of cover available. Oak Underwriting narrowly offers the best cover, with the new Zurich Private Clients policy coming a close second.

Key features of the Oak Underwriting
policy include:

  • Buildings cover on an all risks basis with sums insured index-linked
  • Alternative accommodation costs for up to two years, including cover for pets and horses
  • Trace and access costs up to £5,000
  • Cover for fixtures temporarily removed for cleaning, renovation or repair for up to 60 days
  • Up to £10,000 for security upgrades following criminal assault at the home
  • 60-day unoccupancy period
  • £100 standard excess, £1,000 subsidence excess.

    Area where it lags behind includes:

  • No franchise for buildings claims (some insurers such as Chubb and Royal & SunAlliance have a £10,000 franchise on buildings claims)

    Credit card repayment protection
    Most people who tick the box on their credit card application form to say they want payment protection cover probably have little idea how much variation there is in the cover on offer.

    Of the 50 products analysed Sainbury's Bank and Co-op's Smile cards were clear leaders.

    Key features of the Sainsbury's Bank card policy include:

  • Benefits payable after 14 days of unemployment or disability
  • Monthly benefit is 10% of the outstanding balance
  • Death benefit up to £15,000
  • No initial exclusion periods for either unemployment or disability claims
  • No exclusions for mental illness, stress or backache
  • Cost is 72p per £100 of cover

    Areas where the card lags behind some of the others include:

  • 12-month benefit (Smile offers 18 months for unemployment and 24 months for disability)
  • Contract workers must have been in employment for 24 months with at least one renewal

    HNW contents cover
    When we look at contents products there are a significant number of features from which to select. For the 22 features selected the Zurich Private Clients product leads the field, with HSBC Select's new Platinum Plus policy and NU Tapestry marginally behind.

    Key features of the Zurich product include:

  • Contents on all risks basis with automatic index-lining
  • Contents in outbuildings, or in the open covered up to the full sum insured
  • £5,000 money cover and £25,000 credit card cover worldwide as standard
  • Unlimited lock replacement following loss or theft of keys
  • 60 days of cover for new acquisitions up to 20% of the contents sum insured
  • Unlimited cover for loss of metered water or heating oil
  • £15,000 of business equipment cover
  • £500 hole-in-one cover
  • £5m public liability and £10m employers' liability as standard

    Areas where it lags behind include:

  • High risk items and fine art only covered up to £5,000 unless specified
  • No cover for visitors belongings
  • No franchise on contents claims

    Source: Aequos - for details: , freephone 0808 1000804


  • These charts use The Research Department's unique Data Numerical Analysis (DNA) scoring system.
  • DNA illustrates the relative positioning of a product based on selected criteria
  • The criteria used in this chart are a representative sample only and may not be relevant in all cases
  • Other criteria are available and may give different results
  • When used to match products to a client's circumstances, DNA can show how closely a product matches those requirements.

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