Archive December 2009

New high value home policy launched

17/12/2009 in Fine Art and Antiques, High Value Homes

Ecclesiastical Insurance have recently launched their Heritage Residential product which has been designed for clients with high value properties and/or fine art collections. Ecclesiastical estimate that as many as 72% of listed properties are either under or over insured.

One of the main benefits of the new contract is the expert building valuation service using a dedicated in house team. Ecclesiastical have a wealth of experience insuring listed properties and are committed to sympathetic restoration in the event of a claim.

If you would like more details of the Ecclesiastical policy or would like to discus listed property insurance further, please contact Paul Macbeth ACII (Managing Director) on 0118 9452 944 or paul.macbeth@macbeths.co.uk or visit www.macbeths.co.uk
Macbeth are Chartered Insurance Brokers based in Reading with a premier client division dedicated to providing advice and insurance solutions to wealthy individuals. Our area’s of expertise include high value homes, fine art and antiques, valuables, second homes and overseas homes and high value cars.

5 Question poll on internet security

17/12/2009 in Cyber Liability Insurance

We are interested on your views on internet security. Internet/cyber liability insurance is a relevantly new class of insurance, we are gathering information on how risk is perceived for companies with an online presence.

To complete the short poll please follow this link

To find out more about cyber liability insurance contact Tony Gibbs on 0118 9452944

It’s a recession, so it must be a Rembrant sale

08/12/2009 in Fine Art and Antiques

Ahead of Christie’s forthcoming Old Master sale tonight (8 December) in London, Robert Read, fine art expert at specialist art insurer Hiscox, comments:

“If ever there was a painting to test the recessionary times it’s Rembrandt’s ‘Portrait of a man with arms akimbo’ which was last sold in 1974 during the oil crisis, and prior to that was sold in the Great Depression of the 1930s.

“That it’s up for sale again at the tail end of what many have labelled as the deepest recession since the 1930’s may be a coincidence but a world record price would be no surprise, given its quality, rarity and strong provenance.

“Both the Rembrandt and Raphael’s ‘Head of a Muse’ which is also included in tonight’s sale would, if they sell well, reinforce the pronounced shift in collectors’ appetite over the last year for more established, traditional and painterly works. Richard Wright’s Turner prize winning fresco, though temporary in existence, also proves that it’s not just the Old Masters reinforcing today’s demand for more ‘traditional’ art whether new or old, rooted as it is in the skills of the Renaissance fresco makers.”

If you would like to discuss your fine art insurance insurance further, please contact Paul Macbeth ACII (Managing Director) on 0118 9452 944 or paul.macbeth@macbeths.co.uk or visit www.macbeths.co.uk
Macbeth are Chartered Insurance Brokers based in Reading with a premier client division dedicated to providing advice and insurance solutions to wealthy individuals. Our area’s of expertise include high value homes, fine art and antiques, valuables, second homes and overseas homes and high value cars.

Rich in cash, poor in psyche

07/12/2009 in Insurance Industry News

The recession has knocked the confidence – but not the cash reserves – of Britain’s Working Wealthy, according to a study released today by specialist insurer Hiscox.

The recession has left its mark on the psyche of the Working Wealthy with a lack of confidence impacting their perceptions of wealth and appetite for risk. Whilst two in five (41%) say the recession has not had an impact on the amount of money they have to spend, almost an equal number (44%) say they are fearful of the future and have been steadily stockpiling cash.

Three in ten (30%) are taking less risks financially compared to pre-recession and a similar number (26%) admit they are actually taking less risks in all areas of their lives.
As a result, the Working Wealthy have made cutbacks across the board – spending on socialising and restaurants has been slashed by 49% of them, as well as holidays (41%), weekend breaks (43%) and home décor (38%). In fact, one in three (30%) are spending more in discount stores.
Nearly a quarter (24%) have not been directly affected by the recession but feel they need to behave differently anyway. Furthermore, when they are spending, over a quarter (28%) say they are less conspicuous because they know people that are struggling financially.

Rich redefined

Despite owning valuable art (10%) and jewellery (11%), having savings of more than £25,000 (26%) and going on two or more overseas holidays a year (25%), the Working Wealthy believe that to feel truly rich in 2009, they would require an average household income of £152,865****, as well as:
• Owning more than one property (35%), or a holiday home (27%)
• More than £20,000 per year disposable income (48%)
• Being mortgage free (31%)
• Driving a luxury car such as a Ferrari (26%)
• Owning original pieces of art (13%)

Looking after what’s important

While they may not consider themselves to be rich, the majority (68%) of the Working Wealthy believe it is very important to be happy with what they do have, with many citing family (85%), health and well being (80%) and new life experiences (22%) as top priorities. For those questioned, 60% class their home and 11% class their possessions as very important, which comes as no surprise considering the amount of investment made – according to Hiscox data, the average Working Wealthy household says they own over £88,000 worth of household goods and £11,000 worth of valuables such as jewellery and watches*****.

Steve Langan, managing director, Hiscox UK, says: “The report shows that whilst the economic downturn may have left the wallets of many of the Working Wealthy intact, they have suffered a crisis of confidence and have scaled back their spending and exposure to risk.

“However, it’s more important than ever for the Working Wealthy to keep stock of what they do have and understand their affluence. Because they don’t feel well-off, it is all too easy to underestimate the value of what they do have. This means there is a real danger of them not making enough provision to protect themselves and their possessions which they hold dear – an interesting paradox given that many feel that they are taking less risk generally.”
The Hiscox Wealth Review 2009 also reveals:
• Over half (56%) think they will have to work past retirement age because of the recession
• More than one in five (22%) say the reduction in interest rates means their household now has more disposable income
The Working Wealthy Regional ‘Rich’ List:
Region Average annual household income needed to feel ‘rich’
North East £178,238
London £177,704
Northern Ireland £172,781
South East £163,296
East Midlands £155,297
Wales £152,677
West Midlands £151,341
East of England £146,322
Scotland £144,873
North West £136,047
Yorkshire & Humberside £131,409
South West £128,912