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What is High Net Worth Insurance?

2015-05-13
By: Denise Koslowsky

By Denise Koslowsky, Founding Member, PRMA and Principal, Advocate Brokerage Corp.

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From the beginning, Advocate Brokerage has specialized in providing insurance for the High Net Worth Market.  It is a niche that we felt needed specialized attention and we were delighted to step in and fill the gap.  I thought it would be nice to take a moment to define what exactly High Net Worth insurance is and some of the ways we are getting involved to help provide the absolute best possible service to our customers.

What is High Net Worth Insurance?
The culture of the high valued market is to deliver quality products while also providing highly personalized attention.  High Net Worth clients are looking for a hassle free insurance and claims experience.  When it comes to their dwelling limits, guaranteed replacement cost policies are invaluable when compared to middle market products that cap coverage.Clients expect to see multiple options at the point of sale, and want to be educated about coverage differences so they can make a well informed decision.  More than ever, clients demand that their auto, home, personal umbrella, and collections are packaged with one responsive, highly rated insurance carrier.

Which Carriers provide this type of Insurance?
The High Valued companies include Chubb, PURE, Ace and AIG.  They understand that their clients have luxury homes with high end furnishings.  Companies like PURE Insurance have gone the extra mile to add a member advocate to the client’s team, enhancing the claims experience.

What matters most.
The opportunity in this niche is tremendous, but expertise is important.  That is why I felt it was important to get on board with PRMA as a Founding Member.  PRMA or The Private Risk Management Association is a member-owned, not-for-profit association committed to the advancement and growth of the high net worth (HNW) risk management & insurance niche. PRMA provides specialized education and practice management resources, while raising awareness of and advocacy for the niche. Members include many insurance agents and brokers, carriers, and other specialists who serve the wealthy.  You can visit privateriskmanagement.org to learn more.

I was honored to have been quoted in the Insurance Journal in regard to the High Value homeowners and PRMA, in case you missed it, you can read the article here.

#highnetworthinsurance #experteseisimporatant

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