For those who have few or commonly held assets, shopping around for mass-market insurance and finding the lowest price for good coverage is all that is needed. But for those with more or unique assets, it’s more complicated.
Mass-market insurers usually limit the amount of coverage you can carry on your policy. If your assets exceed your coverage, you could lose the assets above your coverage amount if you are sued or experience a catastrophic loss.
What is Private Client Insurance?
Private client insurance is designed for those who have more assets – either in quantity or higher valued ones – that exceed the maximum coverage limit of standard insurance carriers. Private client insurance offers comprehensive coverage with higher liability limits, to protect those in the higher-end market.
Private client insurance is also packaged differently. Your different assets are insured together, meaning that just one insurer and one premium covers your home, auto, personal liability, boat, collectibles, etc. This creates seamless coverage. For example, if you max out your auto policy, then your personal liability can immediately kick in, since your coverage is all offered via the same company.
Higher coverage limits and additional coverages aren’t the only benefits of private client insurance. Much like most specialized, high-end offerings, opting for private client insurance means you’ll receive personalized service from a highly experienced agent who has in-depth knowledge of the risk market. That translates into a lot more control over the financial outcomes of your insurance decisions than if you had chosen a mass-market carrier.
Private Client insurance can also offer you some important guarantees, even in the face of a natural disaster or a lawsuit. Higher coverage limits help you preserve your way of life if you’re faced with such an event, and the agreed-value and replacement-cost features of your plan means that in the event of a claim, you know exactly what you’ll get.
Private client insurance policies can include:
- High-End Homeowner Protection
- Multiple Homes Protection
- Aircraft, Yacht, and Motorboat Protection
- Fine Art Protection
- Antiques and Collectibles Protection
- Jewelry and Watches Protection
- Private Medical Insurance
- Catastrophe Protection for Hurricane, Flood, Earthquake and Wildfire
- Umbrella and Excess Liability Protection with limits up to $100 million
- Not for Profit Board of Directors and Fiduciary Liability
- Domestic Staff Worker’s Compensation
- Employment Practice Liability Protection
- Kidnap, Ransom and Extortion Protection
- Overseas Travel Protection
As your wealth builds, your financial risks become more complex. A private client insurance agent will provide you with concierge-level attention, service, and privacy. They will do a comprehensive risk analysis to understand your unique needs. With that information, they will build a customized personal property and liability insurance program specifically tailored to your lifestyle and monitor it over time to help ensure it keeps pace with your changing financial status.
Well-respected insurance companies who provide private client insurance coverage include AIG Private Client, Chubb Prestige, Pure High-Value, Cincinnati Insurance and NatGen Premi