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Our History of Specialist Jewellery and Luxury Watch Insurance
When Stanhope launched in October 2019 as a trading name of Stanhope Cooper Insurance Brokers Limited, we aimed to provide stand-alone insurance options for clients looking to insure high-value items.
During 2020, Will Cooper and I visited London frequently, cap in hand, humbly asking underwriters and insurers to back us. For our first 18 months of trading, it was hand-to-mouth since we could only agree on short-term trading arrangements. But the landscape changed when we met Rupert from SCOR Syndicate.
In 2021, SCOR Syndicate, then the Channel Syndicate, backed us with greater fervour than others. This gave us the impetus to invest in a back-end jewellery quote and buy platform, allowing clients to bind insurance instantly on the telephone. With one eye on the horizon, we built the back-end system with full functionality to support a panel of insurance products, hoping that one day, like today, we could offer clients instant options.
From my first conversation It was immediately clear that the Team at Stanhope had a strong grasp of the personal nature of insuring emotive valuables such as jewellery and art. The ownership of jewellery and art is so much more than the financial value; therefore the customer is so much more sensitive to the insurance purchasing process…Stanhope get it.
Lord Onslow, Underwriter, SCOR Syndicate
Three is the magic number, right?
It’s often said that three is the magic number, and with insurance only looking at one product or quote may not give you enough information, while more than three can lead to confusion and decision fatigue. However, if you haven’t found a company that you feel confident in after getting three (or more or even less) quotes, then keep searching.
Regarding stand-alone insurance, no insurance broker has yet offered clients at least three instant jewellery or luxury watch insurance options on the telephone. This means the prospect must search and obtain three separate quotes from three brokers. Fun, right? This is about to change.
Stanhope now offers clients three instant solutions over the phone—a first (we believe) for the stand-alone UK jewellery and luxury watch insurance market. One call to Stanhope today will satisfy the cultural expectation of getting three solutions before purchasing.
The benefits of three quotes in one place
- Shop around instantly: You can obtain solutions from multiple products instantly. Doing your ‘shopping around’ instantly allows you to return to your active life.
- Cover options: You can choose between different coverage levels. For example, you can take a lower-cost product, excluding accidental loss cover.
- Positive competition: Having a range of insurance products on the same panel provides healthy competition, helping to keep premiums competitive and terms sharp.
- Underwriting flexibility: Each product has a nuanced client appetite. With three insurers and four products to choose from, you may be able to obtain terms when previously not possible.
- Consistent claims process: Each provider has committed to an online claims journey. Stanhope will help with claims regardless of the product purchased, ensuring a quick resolution.
Stanhope’s Stand-Alone Insurance Options
As featured in two Telegraph articles, The best watch insurance providers in 2024 and How to find the best UK engagement ring insurance, we have assembled three providers, including insurance A-listers, to provide four product options. Namely:
SCOR Syndicate
Created in 1970, SCOR Syndicate is a leading global reinsurer that offers its clients a diversified and innovative range of reinsurance and insurance solutions. With 35 offices worldwide, SCOR Syndicate underwrites 19.4 billion in gross written premiums in euros.
Chubb European Group SE
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides insurance for diverse clients. Chubb has been a market leader in the global high and ultra-high net worth market for many years.
ANT Insurance
ANT delivers innovative insurance underpinned by an established and respected underwriting team. Ant offers a unique insurance proposition backed by capital providers, with a minimum “A” rating from A.M. Best Co and Standard and Poors.
“It has been a pleasure to work with Stanhope. Their professional team are courteous, friendly and provide an excellent service. Above all we welcome, and are pleased to endorse, the values of the organisation and team culture.”
Richard Spurrier ACII, Chartered Insurer, ANT Insurance
Coverage Comparison Chart
The panel has been assessed to cater to the £5,000 ring up to the £100,000,000 jewellery and watch collection—and everything in between. Here we compare the policy offerings from all four providers available to Stanhope.
| ANT | SCOR | CHUBB Select | CHUBB Premier | |
|---|---|---|---|---|
| Accidental Loss | Yes | Yes | No | Yes |
| Accidental Damage | Yes | Yes | Yes | Yes |
| Theft | Yes | Yes | Yes | Yes |
| Fire | Yes | Yes | No | No |
| Loss, damage or theft in Gym Lockers | No | No | No | No |
| Loss, damage or theft in Hotel Room Safe | No | No | No | No |
| Worldwide Cover | Yes | Yes (UK resident only) | Yes (UK resident only) | Yes (UK resident only) |
| Loss, damage or theft at Jewellers | No | Yes | No | No |
| New Purchases | Yes* | Yes** | No | No |
| Replacement of Security | No | Yes | No | No |
| Mysterious Disappearance | No | No | Yes | Yes |
| Standard Excess | £0 | £0 | £0 | £0 |
*ANT: The total sum insured may be increased by up to 10% to cover new items you have purchased, provided underwriters are notified within 60 days and an additional premium is paid.
** SCOR: The total sum may be increased up to 10% of the amount insured for new items you have bought but have not told us about within 14 days of purchase.
All are subject to terms and conditions.
We’re just beginning …
Moving to a panel of insurance products is a significant step for Stanhope and the UK stand-alone insurance market, but we’re only beginning. We believe this is a launchpad for realising some of our greatest ambitions. Follow us online and stay in touch with our story.
From the very beginning, it became evident that both Stanhope Cooper and Chubb are aligned in our commitment to addressing the currently underserved luxury goods insurance market in the UK. We eagerly anticipate our partnership with Stanhope Cooper, as it will allow us to deliver exceptional client focus – a shared value between our companies.”
Will O’Donnell, Key Account Manager, Chubb