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  • Ensuring Those with Complex and Affluent Lifestyles Have the Right Insurance

    It’s no secret that financially successful individuals and families tend to have more complex lifestyles because these lifestyles come with a higher risk of insurable loss than what the average American deals with.

    There is no “one-size-fits-all” solution, and too often, these individuals and families have outgrown their existing coverage, leaving their wealth and lifestyle vulnerable should a major accident, lawsuit, or other form of loss occur.

    If this sounds like you, I encourage you to keep on reading to ensure you have what you need in place!

    What Is Complex Private Risk?

    What does “complex needs” mean? I’m talking about:

    • high-valued/custom residence
    • property in high-risk areas (costal, wildfire, etc.), which, let’s be honest, natural disasters are getting larger, more severe, and even more devastating
    • property in multiple states or abroad
    • high-valued collections (jewelry, art, luxury auto, etc.)
    • domestic staff
    • high public profiles
    • private aviation
    • global travel

    Here’s where the risk comes in — many who have these exposures are unaware of the inefficiencies their private risk program lacks, because they are insured by a standard, direct carrier that doesn’t have the ability to effectively provide an adequate solution. This may be because their insurance advisor doesn’t have access to — or worse, they simply do not know about — their complex risk profile.

    Understanding Personal Asset Exposures

    It’s imperative to identify and understand potential personal asset exposures beyond traditional insurance programs.

    If you find yourself in this position, ensure your insurance advisor has direct access to all the carriers that specialize in protecting the complex needs of families and individuals.

    On top of this, annual renewals are incredibly important. Your advisor should be able to leverage their expertise and offer you a detailed evaluation of your existing coverage and policies, with specific emphasis on adequacy of limits and potential gaps in your protection. Your advisor should also annually review your personal risk portfolio and make annual recommendations based on market trends, new products, and the changes within your continued financial growth. And who doesn’t appreciate, simplification? Making sure you have one common effective date for all policies will help simplify your life, simplify your renewal process, and make your program much easier to manage.

    Need more information on this or have questions? Our private risk experts at Holmes Murphy are happy to help! Just reach out to us. We have staff acutely aware of the challenges and risks that come with affluent lifestyles, and we’re well equipped to handle these unique needs.

    Additionally, if you have a little time, I encourage you to check out the treasure trove of information PURE Insurance offers. There are lots of great tips and best practices for different situations.

    Published on: 11.15.21

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Ensuring Those with Complex and Affluent Lifestyles Have the Right Insurance