Whether your prized possessions are rare wines, a Lego collection, a special bicycle or a precious family heirloom, it’s now possible to protect them with customised and comprehensive insurance coverage. Fiona Xu, Head of Personal Property at AIG Singapore, explains why “passion insurance” might be for you.
“Insurers understand that unique collections and the contents of a home can be prized possessions that have sentimental value to policyholders. That’s why we have created personalised policies that protect homes, people and their valuables,” says Fiona. “The passion insurance category is not an entirely new one, but rather it is an extension which serves to protect people as their precious assets outgrow traditional insurance schemes.
“For expats, one of the key issues is to have adequate and specific cover for exclusive and expensive items. Regular homeowner insurance policies may not be able to provide this,” adds Fiona.
AIG has responded to this need with a new policy called Premier Client Solutions (PCS). Not only does it protect high value homes and collections, but it also goes one step further to provide tailored solutions that minimise the disruption when mishaps occur. “The policy not only covers damage or loss after an incident, it also offers access to experts who can help to resolve any problems relating to the insured valuables,” she says.
Is it affordable? “PCS offers a variety of plans, from a minimum premium of $800, that are tailored to each client’s personal collections and preferences, with the option to set the limits of their individual policy,” says Fiona. Coupled with 24-hour claims assistance, and a team of experts on call, it’s an attractive option worth investigating.
AIG’s global network not only provides coverage for expats during their relocation to Singapore, but also for properties that they may own in other countries. “Our multinational approach aims to provide comprehensive, crossborder coverage and peace of mind for our clients with regard to their treasured home contents across the globe.”
Who can you turn to when things go awry?
- A burst pipe caused significant water damage to the ceiling, walls, carpet and furniture in a policyholder’s basement, which was to be the venue of her daughter’s 15th birthday party. She was faced with the prospect of having to cancel or postpone, until AIG’s insurance claims specialist solved the problem by finding an alternative location for the party and covered the additional venue costs.
- While on her boat, a policyholder’s diamond bracelet slipped off her wrist and fell into the water. The bracelet had sentimental value for the policyholder, and thus, AIG’s claims representative immediately hired a professional diver who successfully recovered the bracelet.
- Protection against property damage or loss, regardless of cause.
- Damaged personal property repaired or replaced with new items, and items reimbursed at cost value without depreciation.
- Worldwide coverage for home contents and valuables damaged or lost outside of the home.
- Personal liability section that covers the policyholder’s legal obligations globally.
- Higher level of protection and customised limits for treasured valuables.
- Assistance with insuring homes outside Singapore
Disclaimer: Premier Client Solutions is underwritten by AIG Asia Pacific Insurance Pte. Ltd. This material is published for general information only and is not a contract of insurance. The specific terms, exclusions and conditions applicable to this insurance are set out in the policy.
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