Over the past few months individuals the world over have been taking unprecedented steps to keep themselves, their family and their community safe. Never before, in our lifetime, have we been forced to look at our life choices and to make such radical changes to our daily routines. With the new reality of home working, home schooling and social distancing, our homes have also become our sanctuaries. But how many people have taken steps to ensure that their homes are also safeguarded?
The pandemic will have caused many people to reassess their lifestyles and their personal circumstances. No doubt health issues will have been foremost in their minds as they followed news reports of healthcare systems under pressure and this may have led them to consider their own private healthcare, or life insurance cover, as well as better protection for their property and assets.
The Portuguese National Health system has done a wonderful job during the pandemic and deserves high praise. But what would have happened if the Covid-19 infection rates had reached the levels of neighbouring Spain? In any event, many foreign residents are reluctant to use national hospitals due to waiting times and language barriers, preferring to opt for private health insurance that gives them more peace of mind, more choice and more flexibility.
Sovereign Insurance Services (SIS) offers access to high quality, bespoke private medical insurance plans around the world that can be tailored specifically to meet the individual needs of our expat clients.
They can also be tailored to suit people who are considering taking up residency or citizenship in Portugal though the Golden Visa scheme.
Homes are generally people’s most valuable assets and increasingly are also seen as a form of secure investment, which makes it all the more surprising that so many owners fail to ensure that their investments are properly protected. If your assets are spread across different countries, it can be complicated and time-consuming to arrange separate insurance cover in each country, grappling with the different schemes, policies and regulations.
As a result, many insurance policies are outdated or inappropriate to a client’s current situation with new acquisitions being omitted from their existing policies. Equally, collections, artworks, jewellery and other household contents are often underinsured because individuals fail to estimate the replacement costs correctly. This can lead to emotional distress and financial loss if the worst happens.
In the current pandemic, many property owners have been unable to return to the Algarve and have been forced to leave their beautiful and often isolated villas empty and vulnerable. The after-effects of a robbery, as with floods and fires, are traumatic enough without being exacerbated further by the discovery that your household insurance cover is not fit for purpose and does not cover anywhere near the loss experienced.
Personal possessions like furnishings, household items, clothing and technical equipment can easily be replaced. But what about more personal items – heirlooms handed down through the generations, a musician’s guitar collection, fine art or the Steiff teddy bear that used to belong to grandma! These are not so easily replaceable, if at all, and should be specifically covered in an insurance policy.
SIS specialises in providing leading products across a range of markets worldwide, and can guide and support clients in developing insurance portfolios that will protect their assets whilst providing liquidity as part of their wealth management. Sovereign’s role is to “work for our clients not for the insurer, and to provide the most suitable insurance products for clients’ needs at the most competitive pricing levels”.
SIS offers a wide range of insurance products for private clients that enable them to insure homes, contents, collections and cars with the one insurer. Designed to offer multi-asset and multi-jurisdiction cover, it means that private clients can benefit from extensive international insurance coverage – but with just one policy renewal date and one premium payable.
Whether you require a bespoke international insurance programme for high value homes and collections of valuables, life assurance and inheritance tax planning, private healthcare insurance or marine insurance services, SIS can create a policy especially for you.
We do not know what the future holds, but Sovereign clients can have peace of mind knowing that their personal assets and wealth are properly protected for future generations. To arrange a private consultation, quotation or for further information about SIS, please email firstname.lastname@example.org
Sovereign Insurance Services (SIS) Limited is authorised by the Gibraltar Financial Services Commission (GFSC Authorisation No. 7333) to act as an insurance intermediary for general insurance business in Gibraltar and the UK.
SIS also offers a full range of professional insurance brokerage services to both private and corporate clients throughout the European Union through its Sovereign Insurance Services (Europe) Cell in Malta. SIS products and services cover all classes of general insurance, but particular specialisms include bespoke personal insurance solutions for high net worth individuals.
The information provided in this article does not constitute advice and no responsibility will be accepted for any loss occasioned directly or indirectly as a result of persons acting, or refraining from acting, wholly or partially in reliance upon it. © Sovereign Media (IOM) Limited 2020