High Net Worth Interior Designer suffers substantial fire
Fire damage is a nightmare, especially if you are underinsured, as one of our High Net Worth clients found out to their cost. Luckily, Turner Rawlinson was able to save the day.
Our client, a High Net Worth Interior Designer, with substantial property interests in the UK and overseas, including an extensive portfolio of investment and development properties, asked Turner Rawlinson to step in and help after suffering a substantial fire at their UK home.
The UK home, worth some £1.5m, had suffered extensive damage and was found to be significantly underinsured. Moreover, as the client had not used the services of an insurance broker, their insurance company declined to process the claim.
Turner Rawlinson stepped in to help, obtaining approval from the insurers for repairs, which included fine art restoration. We also arranged a new policy covering the then vacant and dilapidated property, and worked with the insurance company and the client to ensure the property was brought back to its former glory.
As the client’s broker, we now arrange insurance for many of their properties, including long term projects, which involves working with architects and project managers, ensuring adequate cover is in place providing all risks insurance.This cautionary tale fortunately ended well, thanks to Turner Rawinlinson’s intervention, but highlights the potential hazards of underinsurance and also arranging cover without the help of a specialist insurer, with indepth knowledge and experience of the property market, and access to appropriate insurers.