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When working with high-net-worth clients, being able to provide specialized services for loss control and enhanced coverage for what, in many cases, can be a catastrophic claim are value-added benefits agents can offer if they know what services are available.
Frequently, larger personal lines accounts present unique challenges in terms of providing adequate coverage. These larger accounts generally include custom-built homes that are sometimes located in catastrophe-prone areas, as well as high-end autos, collections of jewelry and fine arts, or higher profile individuals who may be more susceptible to identity theft, fraud and embezzlement.
Most, if not all, of these account scenarios have a need for loss mitigation programs specifically designed for the high-end consumer. In many instances, insureds just need to enroll in one or more of the programs, which often are included at no extra charge.
By being knowledgeable of these specialized services and coverages, agents can offer their clients valuable protection and the added piece of mind for what frequently are their largest investments. Numerous coverage enhancements and loss mitigation services exist, but here are a few:
• Wildfire Protection, which helps to mitigate losses well before a wildfire begins. In most situations, this service includes wildfire protection specialists who will assess the insured’s property for vulnerability against a wildfire and put preventative measures in place to help protect the home.
• Hurricane Protection, which helps the insured prepare for an approaching storm and helps minimize wind and water damage afterward.
• Enhanced Auto Coverage, a specialized package of coverages that includes agreed value loss settlement or new vehicle replacement for qualifying cars, expanded transportation, trip interruption and emergency living expenses.
Additional coverage for personal property when in a vehicle and protection for a family pet, if it is injured in an auto accident, also can be added.
• Specialized Protection for Valuable Articles, which starts with consultations that are available with specialists, who provide recommendations on how best to protect collections from burglary and fire. They also give general advice on collection preservation and assistance after losses occur.
• Identity Resolution Services, which helps insureds recover quickly should they become victims of identity theft.
Usually, this service also helps to replace financial documents and personal identification that are lost during a flood, fire or natural disaster.
• Hidden Hazard Detection, which helps identify potential fire hazards and moisture problems in a home. This type of service can even detect problems that could be behind walls or ceilings.
A good retail agent also will work with their clients to make sure their personal lines coverage is the best fit for their individual needs.
Questions agents should consider when determining coverage:
• Is the insured’s home in a fire- or hurricane-prone area of the country?
Many high-net-worth insureds have multiple homes in very different regions of the country where exposure to hurricanes and wildfires are more prevalent.
• Is the home historic?
Historic homes present another unique aspect of coverage.
• Are all autos protected to the extent that there are no surprises when a loss occurs?
If losses do occur, specialized programs will provide for repairs with only original manufacturers parts, choice of repair shop and increased coverage for loss of use, so clients can rent vehicles of comparable value while their cars are being repaired or replaced.
• Is there a need for special coverage to protect a client’s unique and extensive art or jewelry collections?
• Are all necessary actions being taken to protect against identity theft? If a loss occurs, are your clients protected from long-term consequences?
Working with a managing general agent that has access to A.M. Best “A”-rated or better admitted and nonadmitted markets and that can offer these benefits will help you provide value-added services for your clients to assure they have the broadest protection possible.
James Griffith is director of personal lines for Burns & Wilcox, a managing general agency headquartered in Farmington Hills, Mich. He can be contacted at jmgriffith@burns-wilcox.com.