Keep posted, keep informed.
High-Net Worth Insurance > Specialized Coverage
In a previous post, we examined some of the insurance needs of high net-worth individuals. As these people typically require higher coverage limits and specialized protections, their insurance policies need to be tailored to their specific needs. Having a professional insurance expert assess coverages is the first step in securing a comprehensive High-Value Home Insurance program. In this article, we’ll discuss common specialized insurance needs for affluent individuals.
Unfortunately, affluence can often put a target on someone’s back. According to Insurance.com, high-net-worth individuals may face more complicated employment practices with liability exposures that come with holding senior executive positions. They also may have increased risk for child abduction, home invasion, stalking and carjacking, particularly in an era where information is readily available online. Most homeowners insurance policies do not cover the financial expenses related to these incidents, which can include lost wages and costs for medical and psychiatric services, professional security consultants, and temporary relocation, among others, according to Chubb’s white paper, “Managing the Emerging Property and Liability Risks of the Affluent.”
Traditional home insurance policies don’t offer the extensive coverage that high net-worth individuals require. For this reason, a specialized policy has to be crafted. Some of the features that these customized policies include are:
- Excess flood coverage
- Employee liability
- Hurricane disaster relief
- Kidnap and ransom coverage
Other initiatives are available, your clients should speak with a trusted insurance advisor to ensure they are getting the coverage and limits they require.
About Mavon Insurance
At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (877) 426-2866.