As part of a high net worth policy, ‘buildings’ is likely defined as the main dwelling, outbuildings, garages, swimming pools, tennis courts and other features on the property. High net worth policies typically extend cover beyond the limits of a standard policy to include buildings and features ancillary to the main house.
Contents are generally defined as the personal property which you own. This can include furniture, furnishings, household goods and personal effects.
Most high net worth policies provide contents cover on a ‘worldwide’ basis, meaning it covers belongings wherever they are in the world for the entire period of insurance. Worldwide cover is especially attractive to people with multiple homes or those who travel extensively. Rather than arranging separate policies for the personal property spread across several countries, customers can purchase a single, comprehensive worldwide contents policy that protects their belongings—no matter where they are.
Depending on your policy, your valuables—items such as gold, jewellery and furs—may be covered under your contents cover. Insurers also offer separate valuables cover if customers have a specific list of valuables they would like to protect, such as fine art, antiques and collectibles.
Extensions include cover for newly acquired valuables, pairs and sets, and an increase in sum insured due to the death of an artist. Exclusions can include dented or faded stamps and coins, losses during transit and damage caused by alterations.
As the owner of a house or employer of domestic staff, you unavoidably expose yourself to legal liability. Liabilities cover protects against liability claims related to your property or household employees.
Legal expenses cover defrays the cost of pursuing claims against another party, arising from, for example, an accident that causes death or injury to the insured or a dispute over a contract.
Most high net worth policies offer annual travel insurance that covers cancellation charges, medical expenses while abroad, and costs due to delayed departure and missing luggage. Exclusions include travelling against medical advice, certain age restrictions, and death, illness or injury stemming from specified dangerous activities.
In addition to the preceding list, there are many more additional covers available as part of high net worth policies, such as:
- Small craft, pleasure boats and motor yachts
- Second homes abroad
- Family protection
- Personal cyber insurance