Why working with an expert broker is crucial for tailored insurance and adequate protection

When it comes to insurance, one size rarely fits all. Whether it's home, business, or specialist coverage such as high-value jewellery, ensuring a policy is fit for purpose means having a clear understanding of your risks and the precise protection you need. One of the most effective ways to achieve this is by working with an experienced insurance broker.

Insurance brokers serve as intermediaries between clients and insurers, offering independent advice and tailored solutions. With access to a wide range of policies across the market, can tailor a coverage package that reflects the client’s specific needs, risk profile, and lifestyle.

A stark example of the consequences of unclear or inadequate protection is the notorious jewellery heist involving Tamara Ecclestone, daughter of former Formula One boss Bernie Ecclestone. In December 2019, Ecclestone’s London mansion was burgled while she was away on holiday. The thieves made off with jewellery reportedly worth £25 million, making it one of the largest domestic burglaries in UK history.

While exact details of the insurance arrangements remain private, the case raised serious questions about whether the assets were fully insured and whether adequate security measures were in place. Such high-value items demand not only appropriate coverage but also stringent policy conditions, often requiring specific types of safes, security systems, and sometimes even restrictions on social media use to prevent criminals from tracking homeowners' whereabouts.

This is where a broker becomes essential. For high-net-worth individuals (or anyone with unique or high-value assets) brokers ensure that policies account for specific risks and avoid common pitfalls.

For example, our Private Clients team will help clients answer critical questions, such as:

• Is the full replacement value of my assets covered?
• Are there limitations or exclusions I may have overlooked?
• What are the security requirements or warranties needed to validate a claim?

Had there been a clear understanding of the lifestyle risks and asset value, a policy could have been arranged with precise terms: accurate valuations, custom conditions, and coverage structured to match the nature of the items and their exposure to theft.

Moreover, brokers provide clarity and advocacy during a claim. If an incident occurs, they can navigate complex terms and ensure clients receive the payout they are entitled to without having to battle the insurer alone.

In an age where risks are becoming more complex - from cybercrime to sophisticated thefts like the Ecclestone burglary - understanding what protection you need is more important than ever. Working with a broker is not just about buying insurance; it’s about buying peace of mind.

A fit-for-purpose policy means knowing exactly what’s covered, under what conditions, and for how much. A professional broker brings expertise, market insight, and a duty of care to help ensure you are not underinsured - or worse, uninsured - when it matters most.