Private Client
Private client insurance is a specialized insurance that is used for high-net-worth individuals and families. When you have high-value assets, many homes, or other monetary aspects you want to be protected, private client insurance is best for you. With the flexibility of this insurance, you will have more adequate coverage than those who purchase standard policies. This is the most customizable option available on the market, so finding a company that offers this might be difficult. Insurance Brokers can help find a private client insurance offer that is affordable.
Coverage Types
There are a range of coverage types inside private client insurance in order to protect high-value clients. No matter your lifestyle, living situation, or family situation, there are coverage options for you.
High-Value Home Insurance
Homes with a rebuild value of over $1 million are eligible for high-value coverage. They have enhanced protection like guaranteed rebuild and cash settlements. For fine homes, replacing the materials and rebuilding can be financially unsettling. High-value insurance will give you peace of mind if your home is ever at risk.
Luxury Autos and Collections
High-end vehicles need special coverage that isn’t offered in basic auto insurance. Higher coverage limits are available for foreign cars, sports, cars, and other rare vehicles. Coverage for these cars might be underwhelming with regular auto insurance, but private client insurance could cover the complete replacement cost of your car.
Boats, Yachts, and Watercraft
Tailored options for watercraft are another option under private clients. If you have multiple yachts, boats, or other watercraft, you may also be able to get a discount without skimping on reimbursement percentage.
Fine Art And Valuables
Paintings and sculptures are often collectibles for those who are financially blessed. High-value antiques, collectibles, jewelry, watches, and heirlooms are protected by your insurance company. Collecting these items can be more fun when you eliminate the stress of theft or damage.
Personal Liability Insurance
Extensive liability coverage can be essential if you feel that people could attack you to get some of your money. Those who are injured on your property, whose vehicle is damaged on your property, etc. could sue you for a large sum of money. Liability insurance will protect you from a wide range of legal issues.
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Risk Management
While insurance will help cover you in the event of an emergency, you also will need to know about how to mitigate risk in your day to day life. Being smart with your money and securing your high value items while also understanding your travel and susceptibility while going about your life is important for high-value clients. Some insurance companies can have a risk management consultation with private clients to prevent major loss.
Customizing Every Aspect Of Your Policy
Major clients like CEOs, CFOs, traveling businessmen, pilots, lawyers, and business owners will need customization options for their assets. Private client insurance allows clients the ability to tailor different parts of your coverage to fit your unique needs. Maybe you need more auto coverage, but less home insurance. Private client insurance gives you the freedom to do this without major financial penalties.
Tailored insurance can also come with a dedicated account managers that know all the details of your account. They will help you navigate anything that pops up and stay on top of any claim you need to file. Clear communication, timely response, and unique monetary coverage are only offered to private clients.
The Role Of Tower Insurance Brokers
If you are a high profile client or have expensive assets you want to ensure are covered, our insurance brokers can help find the best option for you. Tower Insurance Brokers look at many insurance companies or third-party coverage to meet even the most unique clients needs. Our brokers are dedicated to finding the best deal and long term solutions to your perceived risks. Reach out to us to get a consultation or to start getting quotes today.