How we have helped Private Clients

Case study 3 – High networth
r and Mrs S. lived in a substantial Grade 2 Listed house dating back to the 14th century with substantial stables and covered dressage arena. They had lived at the house for 7 years but had spent 4 years completely reconstructing the main house, coach house and stables including new wiring and plumbing, new oak timber framing, new walls, steel joists, tanking of the cellar areas and fitting new land drains.

All the work was carried out in total sympathy with the property and in association with Architectural Historians and cost in excess of £3,000,000.

How Merritt Insurance Services was able to help:
At the time of the visit it was discovered that the client had a fully up to date valuation for all their contents and fine art/antiques. During an in depth conversation to fully understand the client’s lifestyle and needs it was revealed that the clients former broker had never visited the clients home neither had the insurer.

A review of the insurance policy raised a serious issue of underinsurance of the main house, coach house and stable block to the extent of several million pounds. The client expressed concern about this but was uncertain where to turn to get an accurate rebuilding sum as his existing insurer placed the full onus upon him to establish the correct rebuilding sum insured.

We proposed a leading insurer who would visit the clients home (free of charge) to assist in establishing the correct rebuilding sum insured. As a result the client elected to move all his personal insurances and to change to this recommended leading insurer. The new insurer subsequently visited the home to carry out a complimentary appraisal.

This free appraisal alone saved the client many, many hundreds of pounds and as a result the insurer offered a guaranteed unlimited rebuilding sum insured on the property providing total peace of mind.  

In addition the client chose to move his 4 motor cars onto the same policy – these had formerly been on 4 different insurance policies with 4 different renewal dates. In addition there was a premium saving of about £800 and the new policy offered agreed value on all vehicles plus many other coverage benefits.

The result for the client was one policy covering all their tangible assets with probably the best combined policy coverage available, together with a premium saving.