UK-based travel insurer P J Hayman and Company has announced the launch of a new travel insurance scheme that provides travel cancellation coverage of up to £500,000 for high net worth and ultra-high net worth individuals. The scheme has been designed as a top-up to add on to existing cover, although if requested it can be provided as a standalone product.
“There is a huge market for expensive and specialist travel programmes,” commented Peter Hayman, Director of the company. “With over 890,000 high net worth individuals and in excess of 9,000 ultra-high net worth UK nationals, we believe there is a considerable demand for this unique scheme.”
The scheme is available to brokers, travel agencies and specialist tour operators, and is primarily targeting the types of experiential trips that are organised on behalf of wealthy individuals by such agencies. These trips take in remote and exclusive areas, luxury accommodation, private air travel, private yacht hire and other such treats for the great and good.
“We have already seen a wide range of applications ranging from £35k to £400k,” said Hayman. “Each are individually assessed, with the premium being based on the total cost but also destination, duration and age.”
While statistics suggest that high levels of wealth are increasingly concentrated among a smaller, select group of individuals, within that group levels of capital continue to rise exponentially – focusing on this group will no doubt pay dividends for service providers.