Back in 2016, we were pleased to add Zurich Insurance Group to our closely vetted panel of insurers with this including the Zurich Private Clients section catering for high net worth clients wishing to cover the likes of their luxury homes and expensive motor vehicles.
Well, we are pleased to inform our discerning clients that Zurich Private Clients cover has recently been enhanced. Below we provide details of some of the improvements that have been made: –
Home Insurance Enhancements
Home Emergency Cover totaling £1,500 has been added to the policy as standard with this covering emergencies such as water leakage requiring an approved repairer to attend 24/7.
New Acquisitions notification period has gone up from 60 days to 90 days.
Jewellery limit has gone up from £15,000 to £25,000 per item.
Sums insured for specified antiques, fine art and valuables is now index-linked on an annual basis.
Cyber Assistance cover has been added including damage to home systems due to a cyber event up to £100,000.
Antiques and fine arts limit has risen from £25,000 to £50,000 for each item.
Extended cover now includes contract works for up to the lesser of 20% of the sum insured or £1 million.
Motor Insurance Enhancements
Alternative transportation costs limit has risen from £3,000 to £5,000.
Breakdown cover is for named individuals on the motor insurance certificate as opposed to specified vehicles.
Any new customer taking out a Zurich Private Clients policy will benefit from these enhancements immediately. Existing customers with a Zurich Private Clients policy will benefit from the above enhancements immediately with the exception of cyber and home emergency cover that will be incorporated at renewal from around December 2019 onwards.
The above improvements in cover can only be of potential benefit to our high net worth clients so they are most welcome. We are pleased to inform you that, since adding Zurich Insurance Group to our panel, we have been most impressed with the service that they have provided.
Airsports Insurance Bureau is thrilled to announce strengthening our Eastleigh team further with the appointment of experienced insurance professional, Chris Moon.
Chris joins our busy team as one of our specialist Niche & High Net Worth Insurance Consultants adding his many years’ experience within the insurance broking industry. His previous position was at Savage and Holdsworth in Romsey where he joined after 3 successful years at Aston Scott in Alton. Prior to that he worked for over 12 years at Apex Insurance in Eastleigh (which during his tenure was purchased by Swinton Insurance).
He joins the team where he will deal with every aspect of an expanding, predominantly high net worth personal lines insurance broker, including motor, travel, home and commercial insurance.
A delighted Chris said:” This is a perfect opportunity for me to develop my career further in a fast-paced expanding broker. I’m really looking forward to getting my teeth into and growing the high net worth motor and home book.
At AIB we pride ourselves on the quality of our staff and the professional relationships we are able to build with clients and insurer partners alike. We encourage our team to reach their full potential and give them the tools and resources for a rewarding career in a satisfying but demanding environment. If you are interested in a position with us please send your CV and accompanying letter to firstname.lastname@example.org
Chris lives locally in Eastleigh with his partner of 19 years and 3 children. Most of his spare time is taken up with the family and his claim to fame is he got to meet Rodd Hull and Emu as a child!
If you are in the financial position to rent or buy a Ferrari, Porsche, Lamborghini, Aston Martin or another make of high performance car, you will need to decide which is the best option and you will also need a super car insurance quote. As with most things, there are for and against both options so let’s have a look at some of them. As a result, you may be better able to decide the best way forward.
Renting – For
Depreciation – as you will never own the vehicle you are not going to be bothered if the value of the super car you are driving drops in value.
Servicing/Mechanical Repairs – you are unlikely to be responsible for paying for the regular servicing of the vehicle or if it breaks down and needs a mechanical repair. The only thing that you may need to pay for are replacement tyres should one or more be punctured.
Poor Credit Rating – you will need to check with the rental company but you may find that you only need to put down a deposit and that no credit reference search will be required which means that it would not matter if you have a poor credit score.
Change the Car – if you decide say a couple of months into renting the Ferrari that you fancy driving around in say a Lamborghini, Aston Martin or Porsche then, subject to the terms of the rental agreement, you may be able to change it without any financial penalty enabling you to try out different super cars.
Possibly Less Expensive – when you take into account things like car loan repayments, servicing, possible depreciation and repair costs that you would have if you bought the car then you may discover that the monthly rental cost is lower than the overall monthly cost involved in buying the vehicle.
Selling the Car – this is something you will not have to worry about as you can just return it to the car rental company when no longer required.
Renting – Against
Repairs to Bodywork and Alloys – if you have a dent or scratch on the bodywork or alloy wheels then, depending upon the size of it, you will be responsible for the cost of having it repaired/possibly claiming on your high performance car insurance policy with these repairs either having to be done before you return the vehicle at the end of the rental period or completed once the vehicle has been returned to the rental company and then charged to you.
Ownership – you will never own the vehicle. So, as a limited number of supercars may actually go up in value due to them being so rare, you will not benefit financially if that were to happen.
Buying – For
Value – whilst most cars reduce in value as soon as they leave the forecourt, there are certain rare super cars that may actually increase in value meaning that when you come to sell the vehicle you may get more for it than you paid for it.
Self-esteem – let’s be honest, most car lovers would want to own the likes of an Aston Martin, Ferrari, Lamborghini or Porsche and to do so must make them feel very good about themselves.
Buying outright – if you are able to pay cash for the super car then you will not have to worry about monthly rental payments or finance repayments.
Buying – Against
Maintenance – you will be responsible for having the car serviced and for having any mechanical repairs undertaken. You may initially have a period of time/miles where your warranty covers you for such things but at some point, that will no doubt come to an end and you will have to meet the maintenance costs.
Adverse credit score- if you have a bad credit file then you may find it difficult to arrange finance towards buying the car or the lender may charge you a very high interest rate.
Sale of super car – if you wish to change the vehicle for another one then you will be responsible for selling your existing vehicle or putting your car in part-exchange and may not achieve the sale price you would have hoped for.
As you can see, there are pros and cons of renting and buying a super car. Ultimately, the decision is yours but we hope that we have provided you with food for thought.
Here at AIB Insurance, we have many years experience in arranging high performance car insurance. We have a bespoke, vetted panel of quality insurers who will provide a competitive quote to insure your super car without any obligation. So, if you are looking for outstanding Lamborghini car insurance, wish to buy Ferrari car insurance, need an Aston Martin insurance quote or want to buy Porsche insurance then why not give us a call on 02380 268 351 and we will be pleased to assist.
Airsports Insurance Bureau are delighted to announce expanding our Private Client Insurance team with the addition of Relationship manager, Byron Cuff.
Byron’s technical knowledge and experience of the finance sector will assist in managing, developing and growing the private client division. He will also be working with the established team of Client Advisors to develop and further strengthen relationships with our leading insurer panel.
Byron comes to AIB with over a decade of experience in financial services. In his previous position, Byron was with Simply Health as a corporate client Relationship Manager and prior to that spent 7 years with BeWiser Insurance as Training Manager and latterly, Brand Manager.
AIB spokesperson Megan Greer said: ‘We are delighted to welcome Byron to the Private Client Team in Eastleigh. The appointment is a reflection of our significant growth within the high net worth personal lines arena and our desire to ensure that we continue to offer our clients the best customer service on the market. Byron is a strong addition to the team and his expertise and experience will help continue to take our business forward.’
Byron added: ”I’ve known the management at AIB for many years and watched the company expand and grow so am delighted to be joining such an ambitious business where I can really add value and hit the ground running. I’m really excited developing new business and taking current business to new heights.”
Byron lives locally in Andover with his partner Klara, has a third nipple, typically supports Manchester United Football Club and is allergic to bees. Some years ago he once saved two people’s lives in the space of a week. He noticed a 12 year old boy drowning in a swimming pool and jumped in and saved him and then the following day returned to his car whilst shopping to find a man on the ground having a heart attack.
A number of our high net worth clients will be aware that Hiscox has been a member of AIB Insurance’s panel of insurers for quite some time having benefitted from their excellent range of bespoke products such as motor and home insurance. Our decision to include them on our panel has proved to be an excellent one with this being borne out by them winning a number of awards.
The latest accolade to come their way was to win the HNW (High Net Worth) Personal Lines Team of the Year award at the Insurance Post event known as Underwriting Service Awards 2017 at the Royal Garden Hotel, Kensington, London on the 16th November 2017. This was the 7th year that this event has taken place.
Awards are made for excellent underwriting as well as providing outstanding service with nominations being put forward by many brokers. The event is extremely popular with in excess of 250 of the top underwriters being in attendance. The evening started with a drinks reception followed by a wonderful dinner after which the awards were presented with plenty of opportunity also being available for networking. The evening was compared by the comedian Tom Ward who has also won a number of awards. A good evening was had by all.
The high net worth sector of the personal lines insurance industry is very competitive so for Hiscox to win such a prestigious award is admirable and they are to be congratulated. Here at AIB Insurance, we have to say that our dealings with the underwriting team at Hiscox as well as their other departments has been nothing short of outstanding and it does not surprise us that they have won this award to add to the many others that they already hold. We look forward to working with Hiscox for many years to come for the benefit of our highly valued clients.
Other winners on the night included Zurich winning Product Innovation of the Year and Allianz, who have recently announced merging with LV= scooping both Small Commercial & General Liability Team of the Year.
ARAG picked up the Legal Expenses Team of the Year award with Aviva scooping the Major Commercial Combined Team of the Year. The Cyber and Technolgy award went to CFC Underwriting, Chubb collected the Commercial Property award and the PI & D&O saw Tokio Marine take the silverware.
NMU were the overall night winners though. Initially picking up both Transport/Freight Team, Construction & Engineering Team of the Year and then winning Overall Underwriting Team of the Year.
AIB Insurance is extremely proud to announce that Oak Underwriting plc has recently been added to our ever growing, closely vetted panel of insurers. The company was established back in 2000 and specialises in providing home, motor, travel and marine insurance to high net worth individuals.
Oak Underwriting has grown rapidly since its formation and in less than 5 years it had written its 10,000 household policy. So highly thought of in the insurance industry, the company was acquired by the RSA Group in April 2011. The later employs about 13,500 staff and wrote net premiums of £6.8 billion in 2015.
The company is renowned for the outstanding service levels that it provides to its many high net worth clients and in November 2015, Oak Underwriting won the High Net Worth Personal Lines Team of the Year award in the 2015 Underwriting Service Awards.
The home insurance cover that it provides is tailor-made to meet the exacting needs of our high net worth clients providing them with complete peace of mind that their valuable property and possessions are covered in the most suitable way possible. Oak Underwriting’s Family Motor Fleet Collection policy enables a family to insure their prestigious vehicles with a number of cover and premium options. Worldwide family travel insurance is available as an optional extra for those arranging home insurance through the company. Marine insurance can be put in place to cover a variety of waterborne craft including the likes of speedboats, motorboats and sailing craft.
It is to be hoped that our clients do not need to claim on one or more of their policies but should this be necessary they can be assured that they will be well looked after during what is undoubtedly a difficult time.
If you would like to find out more about Oak Underwriting plc you may wish to visit their website at www.oak-underwriting.co.uk.
We are delighted to announce that Zurich Insurance Group has joined our panel of insurance companies that enables us to provide our valued customers with further options when it comes to meeting their insurance needs.
Zurich provides general insurance to personal customers for the likes of travel, motor vehicles and homes as well as meeting the specialist needs of our high net worth through the Zurich Private Clients section and commercial clients with the later including small, medium and large businesses as well as corporate and multi-national companies.
Zurich Insurance Group was first established way back in 1872 since which time it has grown to provide a global presence in over 170 countries and employs around 60,000 members of staff of whom in the region of 11,000 work here in the UK.
Zurich has an enviable reputation for its innovative product range that are priced competitively and for providing an outstanding level of service. The company’s claims departments are highly experienced in assisting us deal with customers’ claims at what is undoubtedly a stressful time for our clients.
Everyone here at AIB Insurance is pleased to welcome Zurich Insurance Group on board and we look forward to a long relationship that is mutually beneficial to Zurich, ourselves and of course our valued clientele.
If you would like to find out more about Zurich Insurance Group feel free to visit their website at www.zurch.co.uk.
If you have visited the city of Dubai in the United Arab Emirates you will no doubt be aware that it has a reputation for having a lot of high net worth individuals residing their. Over the years, a considerable number of people from the UK have also gone to work there for an extended period of time on extremely lucrative contracts.
Many live in up-market accommodation and also drive around in hugely expensive super-cars. These vehicles are often purchased with the assistance of some form of finance package with the repayments being comfortably affordable due to the large salary packages many of these expatriates are on.
However, with falling oil prices and the rising cost of living, a number of people have been unable to maintain their car repayments. Unfortunately for them, under the legal system in the UAE, if you are unable to keep up your repayments on the likes of a car loan, pay the minimum monthly payment on your credit card or if a cheque is returned unpaid that you have written out and there was insufficient funds in your bank account to cover the payment you could actually end up in prison because you are committing a criminal offence.
Apparently, rather than be faced with potentially having to spend a period of time behind bars, some expats are booking a flight out of Dubai airport with a view to never returning to the country. Upon arriving at the airport in their luxury car they just leave it in the car park gathering dust. After fifteen days, the abandoned vehicle is impounded by the police and, if the owner does not appear to claim it back, the car is sold for a knockdown price.
It is estimated that there are anything up to 3,000 executive cars impounded each year in Dubai that have been left to build up a light coating of sand of which there is plenty in the UAE.
The sorts of vehicles include your usual BMWs, Mercedes Benz and Audis but also the likes of Lamborghini, Maserati and Porsche plus a Ferrari Enzo valued at around a £1 million. Sad as the above situation is, it certainly presents an opportunity for those doing well in Dubai to get a luxury car for a fraction of its true value
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Airsports Insurance Bureau (AIB) is a trading style of Airsports Insurance Bureau Limited. Registered in England No. 2854801. Airsports Insurance Bureau Limited are Authorised and Regulated by the Financial Conduct Authority, firm reference 312153