- Client: High-net-worth individual and property owner
- Portfolio Value: Above £5 million
- Property Portfolio: Residential and commercial properties across the UK
- Requirement: Consolidated property insurance
Enness was approached by a high-net-worth individual with a property portfolio valued at more than £5 million, comprising residential and commercial properties across the UK.
The client had previously arranged insurance for their properties with several different insurers. Over time, this had become difficult to manage, with different policies, providers and renewal dates to keep track of. The client wanted a simpler arrangement and preferred to have a single broker managing the portfolio rather than dealing with multiple insurers independently.
Bringing the portfolio together was not straightforward. The properties were held under different company names, while some of the buildings had mixed-use occupancy. The policies also had staggered renewal dates, meaning the portfolio needed to be reviewed and managed carefully to ensure the appropriate cover was in place as each renewal approached.
Enness began by gathering the detailed information required by insurers and building a clear picture of the client's wider property portfolio. This allowed us to approach the market with a consolidated view of the risks rather than treating each property as an entirely separate requirement.
Throughout the process, Enness kept the client updated on progress and highlighted any differences between the terms or premium indications being offered and their previous arrangements. This gave the client a clearer understanding of how the proposed structure compared with the policies they had held previously.
Enness ultimately consolidated the client's property portfolio under a single insurance policy. This significantly simplified the administration involved in managing the portfolio and resulted in more competitive premiums than the client's previous arrangements.
The case demonstrates the value of taking a portfolio-wide approach to property insurance. For clients with multiple properties, different ownership structures and varying renewal dates, consolidating arrangements can make ongoing insurance management considerably easier while creating an opportunity to review the overall cost and suitability of the cover.
If you have a high-value property portfolio and are finding it difficult to manage multiple insurance policies, speak to an Enness specialist to discuss your requirements.
Disclaimer:
Enness does not give general insurance advice or recommendations. Enness Insurance Brokers is a trading style of Vizion Insurance Brokers Limited, which is authorised and regulated by the Financial Conduct Authority under firm reference number 751098. This case study is for illustrative purposes only and does not constitute financial, legal, tax or insurance advice. Insurance cover is subject to insurer assessment, policy terms, conditions and exclusions.
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Property values can fall as well as rise, and you may not get back the amount originally invested. Property investments can be illiquid and may take time to sell. Where borrowing is used, your property may be repossessed if you do not keep up repayments on a mortgage or other loan secured against it.
