For many solicitors, having a good relationship with a reliable and experienced broker can be a brilliant asset when dealing with property purchases for High-Net-Worth clients. Insurance can be left to the bottom of the list when purchasing a property, but for HNW clients the property is often complex.
Many HNW clients need insurance for their primary residence, but may also have a second property (weekend/holiday home, UK or overseas) or property to let. If properties are overseas or require additional vehicles, the client might end up with multiple policies, time-consuming to source and manage.
A conveyancing solicitor is responsible for the legal purchase of a new property — insurance is always required before exchange of contracts. This is a legal requirement if the property is mortgaged, but a HNW client will also need to insure their contents (art, jewellery, furniture, personal belongings) once the purchase completes.
Sometimes HNW clients don't move straight into the property at completion, particularly if planning a renovation project — this is crucial to know, as some circumstances might prevent certain insurance firms from covering the property due to the level of risk.