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Glacier Asset Protection launches an exclusive short-term personal product for the high net worth market

08 August 2013 Glacier by Sanlam

Glacier Asset Protection has launched a new personal insurance solution on an assets basis, designed specifically for the high net worth market. The product is underwritten by MUA, a provider with an impeccable and long-standing track record in the high

Glacier recognised that this market has specific insurance needs, in keeping with their financial and lifestyle goals. In addition to valuing certain assets more than others, their leisure activities are often diverse and extreme, demanding specialised cover.

Often, clients find themselves under-insured, resulting in only a portion of the claim being paid out in the event of a loss. For example, if the household contents are valued at R1 million, but insured at only R500000, this translates into the client being under-insured by 50% which reduces the amount claimable to 50% of the loss. Our solution via MUA is the Watermark Product. This policy deletes the under-insurance condition on the policy in that MUA appoints a professional valuator to assess the client’s risk on site with a view to establishing the sum insured. This means that there is no risk of being under-insured.

High net worth individuals have distinct cover requirements. We have taken these requirements into account in creating a solution which is set apart from other personal short-term insurance policies.

Some of the other key features include:

  • Items such as cellular phones, laptops, CDs and iPods, no longer have to be specified. They are automatically included in the R250000 All Risk Cover. They will, however, attract an excess of R1000 if unspecified.
  • Home offices can be included in the insurance, together with the liability attached to running a home office.
  • Public liability cover can be extended to R30 million.
  • There is no excess for claims over R100000.
  • The solution offers extended 4x4 cover.

A typical client would be over the age of 35 and wanting to insure a home to the value of R3 million, or household contents to the value of R750000.

Glacier Asset Protection offers access to a number of blue-chip short-term insurers, offering a variety of niche insurance options.

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