Accessibility to private wealth information will help you recognise the complexities of your private asset insurance and your life’s priceless assets. It is with time and sentiments invested conscientiously into your valuable assets over the year. Seeking to ensure that your private assets are equally protected is important.
It is without a doubt, as High Net Worth Individuals (HNWIs), there is a sheer range of assets you have to insure and protect. Primary residences ranging from jewellery, art collectibles to expensive vehicles, as well as any further properties come along with substantial concerns, which is why they require extensive research and solutions to cater to each individual.
The utmost reason why HWNIs require special insurance is to save a huge amount of time and hassle, which many regular banks have failed to understand each of its own individuals’ deep-rooted lifestyle and needs. Unlike having a private wealth provider, customised solutions will be catered to each valuable asset.
There are specialists who understand fine home and luxury assets, dedicated to handle your claims. They are the ones providing superior support and assistance with minimal disruption to your lifestyle.
Valuable article policy covers loss or damage due to fire, theft or breakage of covered valuable items, anywhere in the world, with no deductibles.
Scheduled Valuable Article
Insure each of your valuables for its actual value. In the event of a total loss, we will pay the agreed sum insured.
Unscheduled Valuable Article
Hassle-free. Insure your valuable articles on an unscheduled basis with a per-articleper-article limit basis. In the event of a covered loss, we will pay the replacement cost of each item up to the per article limit.
Coverage for Loss in Market Value
In the event of a partial loss, we will pay you the full restoration or repair cost. Should the value diminish after the repair or restoration, we will pay the difference of up to 25% of the scheduled sum insured. This coverage is typically not provided in most standard home insurance policies, which may leave you under-protected.
Travel insurance is a plan you purchase that protects you from certain financial risks and losses that can occur while traveling. These losses can be minor, like a delayed suitcase, or significant, like a last-minute trip cancellation or a medical emergency overseas. Although there is no perfect travel insurance plan in the world, but there’s always the right insurance for you. It is crucial to consider your insurance needs and match it against the coverage in your travel insurance. This can greatly help to protect you during your trip. We would highly recommend you to pick up the comprehensive travel plan if you are hoping to secure yourself complete during your trip.
The most common types of travel insurance services provided by trusted insurers are:
Single trip – A short-term plan that covers a specific trip usually commencing from, and returning to, Singapore. It refers to a policy that covers a traveller for a single return trip. This is ideal for those who are not planning to travel frequently in a year.
Annual cover – This plan covers you or whomever you have insured on the plan for a year. It covers trips starting and ending in Singapore. This means you can travel within a region for up to 90 days per trip. However, you might want to check offers with your insurer because price depends on destination. In some cases, insurance coverage for trips in two or more Asian countries is cheaper with single trips compared to annual cover packages.
Individual plan – It covers just you or just one other person. This applies if you are buying the plan for someone else!
Family plan – Travel is more fun with family! This plan covers you, your husband or wife, and your kids. Some providers limit the amount of family members who can be on this plan.
Group Plan – If you are traveling in a group of five people or more, you can consider buying a group travel insurance plan. This provides almost the same benefits as offered in individual plans yet at lower cost.
For most travellers, choosing the type of insurance plan might be a difficult one but knowing your destination and activities that go with the trip can help a lot in deciding.
Yes. Most travel insurance plans do cover for trip cancellation. In such cases, travellers can make claims on their trip cancellation under the trip cancellation coverage in the travel insurance policy. However, most insurers will provide a list of covered reasons for trip cancellation for your reference. Therefore, if your reason does not fall under the list of reasons, you might need to proceed with an appeal.
Here’s a sample list of reasons:
The reasons are not limited to this list. This list is for illustration purposes.
Different travellers might require different coverage for their trips, therefore do make it a point to take into consideration the purpose of your travel before getting your insurance. Here are some common types of travellers:
Making a claim is not as complex as it sounds. Insurers have set clear guidelines for claiming refunds on charges and fees incurred during your travel that are covered by the policy. Remember, a claim is supposed to lighten the burden from baggage loss or cancelled holiday trip. Getting it acknowledged and approved is as helpful as reading the easy steps in claiming your travel insurance company refund below – to ensure you can cancel for any reason:
1) Who has the best boat insurance in Singapore?
That depends on what you really want at the end of the day and it usually depends on the values the policy offered or the premium you’re prepared to pay. Your real needs, source for better coverage/ quotes should be identified to help you make a good informed decision.
2) How much is boat insurance?
It could cost a few hundred dollars for a $25,000 sum insured third party liability coverage which is a requirement by the regulator, MPA (Maritime and Port Authority of Singapore). For comprehensive coverage, different factors might swing the premium from less than 1 percent to as much as a few percent of the actual market value of your vessel.
3) Do I need boaters insurance?
It’s a requirement to get your boat covered by a minimum $25,000 sum insured third party liability coverage which is a requirement by the regulator, MPA (Maritime and Port Authority of Singapore). If you hired crew from foreign land to operate your boat, you are required to purchase Work injury compensation insurance and Foreign Workers Medical Insurance, a requirement by the Ministry of Manpower.
4) What does insurance cover on a boat?
It covers damages to your boat, motor, trailer, and personal items in the boat. The aim is to protect the boat owners against any liability lawsuits and medical payments. Boat insurance protects most water crafts with engines including pontoons, yachts, powerboats, houseboats and even small fishing boats.
To sum up, it is important to get the right insurance for your dream boat. Buy it with a reasonable amount of understanding. Buy it through a trusted insurance consultant to ensure your dream stays “well protected”.
Some may say that buying boat/yacht insurance is quite similar to buying motor car insurance but the truth is it is beyond that. When the car stops working, you can easily get someone to tow it back to the car workshop. When you are out at sea, there are also many factors like wind speed, sea current, and the unpredictable sea weathers, especially with the recent terrible climate changes.
Just recently, a less than 1-year-old, nice looking yacht, sank in Singapore water. The yacht owner, having the penny wise and pound foolish mentality, chose not to insure his own expensive yacht to save money. If this can happen in Singapore water which is relatively safe and sheltered, what about our neighbour who has had over 300 of their boats sunk in their water territory. Water territory is not like land territory, where you can be 100% sure that you are in Singapore or out of Singapore.
Also, we are in an infamous water piracy place, known as the Piracy in the Strait of Malacca. Many boat/ yacht owners probably didn’t know that this is not only the world’s top water piracy places – it’s also an ultra long 900km sea lane.
Another factor many boat/ yacht owners only realise when they start sending their boat/ yacht for repair work is that in Singapore, we don’t have many professional engineers or technicians to service or repair your broken down boat/ yacht, unlike the Europe, USA and Australia. This means that the repair cost will not be as low as what most of us are expecting. The most valuable advice is to talk to the experienced before choosing your next boat/ yacht. Be sure you are covering your crew with the compulsory insurance required under the workers injury compensation act, cover your passengers, as well as your own personal liability.