Wholesale insurance broking specialists Berkeley Alexander has appointed veteran high net worth insurance expert Dave Probert to head up its launch of a new High Net Worth Division.
Probert has over 20 years of experience in helping intermediaries, wealth managers and private banks insure high net worth individuals and is on an educational crusade for high net worth individuals to educate themselves that they need adequate insurance cover and to help intermediaries maximise the opportunities from selling HNW general insurance products.
“The products we will insure are predominantly household such as high end private cars; pet cover; second homes and holiday homes and yachts and small craft,” Probert says.
“My feeling is that it will be more based around tangibles and I have found it is a broad church and not age related in terms of client base. My experience is that it can be anyone from aspiring new wealth and successful people who are moving up the ladder to retired successful people. It’s often people who don’t realise they are as successful as they are because they live alongside their peers and have really nice expensive items at home, living alongside people with equivalent things.”
In a former role, Probert recalls a story of an owner of a GBP5 million townhouse in Chelsea who had just GBP50,000 insurance for its contents. When a staff member went to visit and do a valuation of the contents, it came to GBP2.75 million.
“The marketing within the industry tends to be that you are exceptional and different and they don’t see themselves as that,” Probert says. “It’s only in times of disaster do they realise there is an inadequacy of the insurance cover they have. We approach it as self-recognition. We don’t express it as sums assured but more as ‘this is the lifestyle we are trying to protect - does this feel like you?’”
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