Alasdair Hogarth works as Client Manager specialising in high net worth homes and overseas properties for Aon Private Clients. He has worked within the broking industry for over 15 years, specialising in all sorts of complex risk placement and also the more ‘standard’. He specialises in bespoke insurance solutions for High Net Worth individuals, providing tailored cover to meet the clients’ exact requirements. Provision can be arranged for a stand alone high value home to including portfolios of properties including UK and Overseas Holiday Homes, Let properties.
1. Hi Alasdair, I understand you work with high profile clients, tell us a little more about your background and how you got involved in your profession?
I started out in standard general insurance in 1996 but quickly found I was able to build a good rapport with clients and so progressed to working with High Net worth clients. I have been assisting high net worth clients with their insurance requirements for around 10 years now.
2. If an investment of a high net worth home is made, can you take us through the steps involved in having it insured?
Many clients will already have a specialist insurance broker in place and a new property investment could be added to their existing policy. For new enquiries we would take our clients through a full risk assessment. This could be face to face or over the phone depending on the client’s profile and their requirements.
We would discuss the location of their new property, its construction, year of building as well as any risks such as flooding or subsidence. We would consider the type of property i.e if it was listed or in a conservation area too.
We wouldalso offer assistance in helping a client assess the sums insured they requireand also consider any specialist requirements they would have around their contents for example artwork or jewellery. We’d then go out to the insurer markets to get quotes for the client.
3. What suggestions could you share with high net worth owners in protecting their property and themselves?
Many security requirements are dictated by insurers based on the sums insured. For example safes, alarms or CCTV. Dependent on the client profile they may have more complex needs for security such as security guards, guard dogs or crisis risk management solutions but this would be ascertained through a full risk assessment of the client.
All high net worth individuals should consider general security measures for their homes such as ensuring the property is looked in on when away on holiday, getting CRB checks on any staff employed and ensuring all keys are accounted for at all times.
4. What big changes have you noticed in property insurance during the recession?
Since the recession, I have noticed that the trend in property investment amongst Ultra high net worth individuals however high net worth individuals tend to be investing in their existing properties by having work done.
5. How different is the property market now to when you first initially started?
More people now are aware of the amount of insurance policies available to them. We do find that many people however are still with the providers they had when they bought their first home who may not be able to provide an adequate service to meet their growing protection needs. As the value of homes increases it is also important that people regularly review their sums insured to make certain they have adequate cover for their needs. This is where a broker can help by undertaking a risk assessment.