High Net Worth Insurance Claims Guide
High Net Worth Claims
Handling high net worth claims, particularly involving antiques and fine art, requires specialist knowledge. Invariably, Insurers will have their own “expert” to handle claims of this nature. However, the experience and knowledge of the individual can vary significantly from a few months at an auction house to years of experience.
Most policyholders do not realise that their treasures ore insured on a retail basis (what you would pay for the item at a dealers or quality antique fair) not what the item could be sold for at auction.
This is something not always understood by Insurers, and sometimes they even believe it is the some thing. One of our Directors has specialist knowledge in this field, tracing his family roots back to the formation of Pilkingtons Pottery at Clifton, Manchester.
Year of Training & Experience
What Cherry & Griffith Will Do
As a consequence of the above, and many years of training and collecting, he is in the enviable position of being able to argue, not only with Insurers, but also their professional valuers.
We recently had a claim with Insurers who believed an item of furniture was worth only £50. As a consequence of our involvement and after discussions, Insurers agreed to appoint a professional firm of valuers, known to ourselves, and eventually we were able to agree the value of the item at £1,400. This is a classic example of what happens on a regular basis.
Another example is that Insurers who generally appoint specialist companies to repair damaged figurines or other porcelain objects suggest that once repaired the item would only have its value reduced by say, 5%. This is clearly nonsense, with the value of these items being affected sometimes by more than 50%.
We also accept that we cannot know the value of everything, but we do have a contact list of dealers and other specialists with whom we have built up a relationship over a number of years, and who ore able to provide accurate valuations of objects and advise the possibilities of restoration, and a likely value thereafter.
Our Peace of Mind Pledge
- Offer immediate help by attending your property to advise on salvage and security
- Make immediate representation to your insurers to arrange a site meeting as early as possible
- Make a thorough valuation of all your losses and damage incurred and explain your entitlements within the boundaries of your policy
- Take care of all the relevant paperwork, correspondence and telephone calls that will be needed to process your claim effectively
- Keep you fully informed at all times on the progress of your claim
