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Specialist insurance for high net worth individuals

Tim Mackenzie and Jim Redmond are part of a team of seven who arrange both private and commercial insurance at Edinburgh based insurance brokers, TL Dallas & Co Ltd (TL Dallas).

The team has a wealth of industry experience, and from its base on Castle Street, acts as trusted insurance and risk management advisers to high net worth individuals in Edinburgh, the Lothians and further afield, as well as companies of all sizes and the not- for-profit sector across Scotland.

Jim said: “TL Dallas is a fourth-generation family business that expanded into Scotland in 1993 when we opened an office in Shetland to draw on our experience in the shipping and textile industries. In 2000, we opened a second office in Falkirk, before expanding into both Glasgow and Edinburgh in 2011.

Crucially, Edinburgh is also the city where our founder, Thomas Lessels Dallas OBE (great-grandfather of our managing director, Polly Staveley) started his business career in commercial shipping insurance, before founding TL Dallas in Bradford in 1919.

For our typical private clients, we arrange home insurance, as well as covering any holiday homes, art, jewellery, property portfolios and high value cars. It’s essential that all eventualities have been thought through and we work carefully with clients to minimise risk and deliver a bespoke package of cover.”

According to insurance company Ecclesiastical, one in five crimes experienced by high net worth clients occur at unoccupied second homes. Jim added: “Making sure the right cover is in place for all properties – not just a main residence – is vital, and having one renewal date for all properties helps make things seamless. It’s essential that clients are aware of the extent of their cover and any obligations they may have, such as ensuring that second homes are inspected regularly, heating is maintained over the winter months, and any high value cars have the correct trackers fitted – with their subscriptions maintained. This is all part of the service we provide.

Rising values of collectables including wine, art, jewellery and classic cars make up-to-date valuations essential, so we ensure the right questions are asked. For example, people may be unaware that with some insurance, their valuables are not covered when they are away from their main residence or – not appreciate that certain household policies actually include travel cover up to the age of 75 (or even 80) and that it can also be tailored to include the client’s cars, subject to certain criteria. Alternatively, an accompanying policy can be arranged to cater for these.

Another problem could be that homes are not insured for the correct re-build value in today’s market. Material and labour costs have all risen recently and where listed buildings are involved, repair bills can be significantly higher – plus clients often want to chose which contractors or craftsmen are used to work on their home after an unfortunate event such as a fire or flood. That’s why a full and thorough review of all assets must be carried out, risk management advice provided, and a portfolio of cover offered that’s right for the individual client.

Clients may also need worldwide cover for their belongings, and protection from events such as identity fraud, loss of money, legal expenses, and cybercrime. We can arrange policies that involve none, or very few restrictive conditions or warranties. In addition, these policies usually provide generous benefits and limits of cover well in excess of the ‘standard’ market.

Finally, should the worst happen, our clients can rely on our in-house claims team. We do not divert claims to third party call centres as we know what a frustrating experience this can be. When this process is outsourced, the claimant can be treated as just a name and number, and not a much-valued policy holder. Having our own claims team in-house means a better all-round experience for our clients.”

Contact Jim Redmond on 0131 322 2638 or email to arrange a free review
and discuss any insurance requirements. TL Dallas: 11 Castle St, Edinburgh EH2 3AH