Research from Ecclesiastical has found that more than a third (35%) of high net worth clients cannot remember the last time they instructed a valuation for their art and/or collections of jewellery, watches, wines or books. The insurer urged brokers to remind clients about the importance of accurate sums insured.

Dr James Lindow, underwriting director for art and private clients at Ecclesiastical, said: “Underinsurance has always been an issue in the high net worth sector. It is concerning to see over a third of high net worth individuals can’t remember the last time they had their art or collections valued.

“It is vital that brokers are speaking to their clients about the importance of having regular valuations. Clients should review their sums insured annually to ensure their possessions are insured correctly. Brokers play a vital role in ensuring their clients have the correct cover in place.”