Castleacre Case Histories
Our property insurance case histories show just how important specialist insurance advice can be.
Visiting a Client is the Best Way to Understand the Risks They Face
A well-known Bond Street jewellers recommended us to one of their clients, who explained that he had already asked for two other quotes from HNW brokers but neither had taken the time to go and see him. His predicament was that he had told the other brokers he had no contents of value except for a single high-value engagement ring. On meeting with the client, we ascertained that just to replace his and his fiancées’ wardrobe would cost in excess of £30,000 but we also discovered additional high-value contents during this visit.
One of the original brokers had declined the business as their panel of insurers were not prepared to quote on what they assumed was just a ring and no contents but this was not the true risk. The other broker quoted £1,000 more and only put a small provision for £20,000 for General Contents. The client would have been severely underinsured if a thorough risk assessment had not been carried out by us face-to-face.
Specialist Insurance Surveys Ensure Better Policy Cover
One of India’s 10 wealthiest men bought a house in central London through an offshore company. Castleacre were asked to survey the building and contents and advise on insurance.
In the first year following refurbishment water seeped in behind the master electricity box and severely damaged all the alarm and television monitoring systems and a claim was submitted to the insurers for £100,000. Because the house had been carefully surveyed the sums insured were up-to-date and the insurer paid out in full. Castleacre now act as broker for the whole family and protect assets which include a London Letting Property Portfolio, a Motor Fleet and International Health policies.
Why is it Worth Opting for a British Insurance Policy for European Property?
A property in the South of France which belonged to an international family suffered freak windstorm damage. Large areas of the roof were ripped off and water cascaded through living rooms. If it had been insured under a standard French insurance policy it would not have been covered as the wind speed did not reach the proscribed minimum stipulated in the conditions of insurance. Under the ‘All Risks’ policy placed via Castleacre the client was reimbursed in full and the house was in full operation again by the mid-summer.
The Importance of ‘All Risks’ Insurance for Historic Houses
We recently took on a client who owned a large castle in Ireland. We reviewed his insurance arrangements and put him on an ‘All Risks’ policy – just in time as it transpired, as he suffered a leak from a water tank on the roof which resulted in a total claim of €117,000. He admitted that under his previous insurer he would only have received compensation of €40,000.