Review: Covéa Executive Plus

Product: Executive Plus

Underwriter: Covéa Insurance

Commission Paid: Variable

Coverage: HNW household

Minimum Premium: £1,750 + IPT

Excess: £500

Contact: Alison Colver, senior national HNW underwriting manager.
alison.colver@coveainsurance.co.uk   07917 207 169

Key benefits

▶ Comprehensive worldwide, all risks

▶ Unlimited alternative accommodation cover

▶ Extended replacement cost at 150% against contents, fine art
and jewellery

▶ Property owners, occupiers, personal and employers’ liability up to £10m

▶ Up to £5,000 contribution towards flood or leak prevention following high value loss

▶ Suite of valuation and appraisal services

▶ Family protection and assistance covers including trauma cover and counselling fees; home emergency cover up to £2,000; comprehensive legal protection £250,000; home cyber cover and assistance up to £100,000

Verdict

Marcus Rennick, head of James Hallam estates and private clients, comments: “In keeping with the desire of high net worth insurers to refresh their wordings at increasingly frequent intervals, Covéa have just released the latest version of their Executive Plus policy with some useful enhancements. It has all of the extras one has come to expect. This, most importantly, includes home cyber protection at a time when some of their competitors have been slow to include this cover. The policy protection itself is where it needs to be and although the unspecified single article limit of £25,000 for art and antiques is not the highest (£50,000 is available elsewhere), Covéa are prepared to consider increasing this. There are some nice touches around allowances for preventative measures and water leak detection as well as flood defence following loss.

“Executive Plus is backed up by flexible and empowered underwriters and, for the right risk, pricing is competitive. Covéa are more accepting than some of risks that have suffered water leakage issues, especially when leak detection and prevention systems have been incorporated. Of vital importance is Covéa’s reassuring approach towards claims where, as a part of a licensed loss adjuster initiative, they appoint an individual loss adjuster rather than a firm on larger losses. They recognise that speed is key and clearly understand the expectations of their clients.”

Overall rating ***** (5/5)