London, UK (1 July 2013) – Specialist global insurer Hiscox has launched an improved overseas home insurance offering for its private clients with new lines of cover added for convenience and peace of mind.
Justin Gott, Head of Art and Private Client at Hiscox, explained: “We estimate that almost a third of the UK’s high net worth individuals have an overseas home – from ski chalets, villas and apartments through to châteaux and country estates. Many choose to insure them locally, although that often requires detailed knowledge of local market practices and contractual obligations as well as the ability to navigate complex insurance documentation in another language.
“That’s precisely why we’ve reviewed, refined and ultimately improved our overseas home insurance offering. As the only UK insurer to offer a bespoke overseas home insurance product for customers with higher value homes, we understand the challenges that come with relocating overseas or buying a holiday home and are well placed to help minimise the stress and disruption that can arise from an overseas claim.”
Hiscox offers two levels of cover for those with more than one property; Hiscox Holiday Homes, a product for smaller risks that can be accessed by those who insure their main home with Hiscox, and Hiscox Overseas 606, which caters for larger main residences and second home risks. Both products combine the insurer’s overseas underwriting expertise, access to Lloyd’s via Hiscox Syndicate 33 and experience of working with clients that have complex or unusual risks and are run by a dedicated overseas team.
Hiscox Overseas 606 now includes worldwide all risks cover as standard and has been tailored to local markets with updated and simplified wording for catastrophe cover in France and Spain, emergency travel cover in case the client needs to travel abroad to mitigate the outcome of a claim and clear currency conversion conditions for Euros and US Dollars. It also consists of several new lines of cover including:
- Increased garden cover up to 5% of the buildings sum insured with a £1,000 per tree, shrub or plant limit
- Increased trace and access cover up to the total buildings sum insured but with a £15,000 outside of the home limit;
- Buying a new home – fire damage cover will automatically be put in place for a new home if Hiscox already insures the client’s main residence, and they are buying a home in the same country;
- Fine art death of artist cover – the insured value for any specified piece of art will increase by up to 100% if the artist dies during the period of insurance and the value of their work increases as a result;
- Acquired disability cover – £50,000 worth of cover towards the cost of reasonable and necessary alterations to a property in the event of sudden and unforeseen physical disability; and
- Business records cover – £10,000 worth of cover to reconstitute business data in the event of physical loss or damage to home office records.
For more information, visit www.hiscoxbroker.com.
For further information please contact:
+44 (0) 20 7448 6619
Notes to editors
About Hiscox UK
Hiscox offers a range of business insurance policies to cover the liabilities and property risks of small businesses and consultants in the UK, as well as profession-specific policies that you can tailor to suit the risks that your business faces. Hiscox also provides specialist insurance cover for homes and their contents, valuables and collections.
For more information, visit www.hiscox.co.uk
Hiscox, headquartered in Bermuda, is an international specialist insurance group listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group – Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites mainly internationally traded business in the London Market – generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd’s. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA.
For further information, visit www.hiscoxgroup.com