Prestige Underwriting adds Buildings cover to High-Value Collections Product

Prestige Underwriting has expanded its high-net-worth offering by adding buildings cover to its existing Contents and Collections product.

Developed with Beazley following broker feedback, the new Home and Private Collections product enables brokers to place a client’s high-value home, contents and collections under a single policy.

It is aimed at clients whose properties or possessions require higher limits or more flexible underwriting than standard household policies can provide. The aim is to give brokers a more straightforward route for placing high-value household risks without arranging separate policies for the home and collection.

Buildings can be covered up to £3 million, with a maximum insured value of £5 million at any one location. The minimum threshold for general contents and personal possessions is £125,000.

Cover is available for items including jewellery, watches, fine art, antiques, musical instruments, wine, memorabilia and other collectibles.

Fine art and antiques can be covered without individual specification up to £50,000 per item, while the equivalent limit for jewellery and watches is £25,000 per item. Wine collections can be covered up to £25,000 without itemisation.

Worldwide all-risks cover also applies while possessions are temporarily away from the home, subject to policy terms and conditions. Prestige can tailor terms where a property, individual item or collection falls outside standard underwriting criteria.

Tim Baxter, Business Development and Relationship Director at Prestige Underwriting, said:

“Following the launch of our Contents and Collections offering, brokers told us that some clients wanted to insure their homes and collections together rather than arrange separate policies.  We are delighted to deliver this with Beazley, combining the higher limits clients need with the underwriting flexibility and competitive pricing brokers want.  Adding buildings cover gives brokers a more straightforward route for placing high-value household risks, while retaining access to specialist underwriting for unusual properties and valuable collections."