Law Union takes insurance to wealthy individuals
Law Union and Rock Insurance Plc has said it has designed a combined insurance product for wealthy and ultra-wealthy members of society.
It said this in a statement on Friday entitled ‘Law Union & Rock Insurance introduces product for high net worth individuals.’
The product, named ‘High Net-Worth Individual’ and branded as LUR Hynet, took into consideration the unique needs of these clients such as exclusivity, confidentiality, and flexibility, it stated.
According to the company, many times, this category of people who have more than one houses usually do not remember to insure the one they do not live in.
Commenting on the product, the Executive Director, Law Union and Rock, Mr Supo Sogelola, said, “What makes the product unique is that it is comprehensive and helps protect you from risks you previously were not covering or aware of.
“For example, many HNIs have more than one house, but they usually insure the one they live in.
“Should there be a fire in the other house they own and that house is uninsured, the client would suffer greatly from this event.”
He added, “The product covers all forms of general insurance risk a client may encounter or may be exposed to. This includes motor, home, personal accident and travel insurance.
“The product is designed to cater for not just the needs of the insured, but that of the family, domestic staff and physical assets.
“This means that the insured can cover his insurance needs and that of his family, his driver, cook, gateman, as well as cover other buildings he owns.”
He said the product could also take into consideration new projects being constructed by offering Construction All Risk policy as well as public liability cover.
The insurer noted that these were the many possibilities the client could enjoy, when they purchased the LUR Hynet product.
Sogeoloa said, “Another benefit of this product is the rate.
“Because of the many policies combined, the rate is very low and attractive to the client to insure all his assets at once.”
The product, he added, was 100 per cent customisable and no two clients could have exactly the same policy.