Whether it’s a Picasso, Porsche, or Guarneri violin that needs protecting, the right insurance takes the stress out of collecting. Specialized coverage carriers don’t operate from the corner strip mall offices or use the television ads that make them easy to find. Indeed, it takes some digging and possibly multiple carriers to bring you reliable coverage at a reasonable price.
A full-service insurance brokerage has explored dozens of carriers and learned from experience which provide the best value for fine art, vintage autos, racehorses, and more. This guide will help you determine what you are looking for in an insurance broker.
The right insurance broker finds creative solutions for your needs and stays on top of changing trends. It has a strong network and can leverage its relationships to get unusual requirements met.
Start with Your Unique Circumstances
The insurance concerns of high net worth individuals go beyond the bounds of the standard insurance company. You may have lots of different property types located in different places around the world, all needing insurance coverage. Maybe you have vehicles that are only used seasonally, or personal watercraft kept in storage for much of the year. Many people have collections that travel with them, such as designer clothing, jewelry, a beloved guitar, or a favorite pair of skis. The high-value insurance options designed for your lifestyle ensures your travel activities remain low-stress.
Types of Insurance to Ask Your Broker About
Vehicle Insurance, High-Value Cars, Classic Cars
The right insurance broker can coordinate all your vehicle auto policies to find the best combination of coverages and deductibles. If you have autos located throughout the world, a US-based master program can coordinate all policies. Depending on how many vehicles are insured, your broker might look for a fleet policy. Even for high-net-worth individuals, bundling auto with homeowners’ policies results in discounts.
Auto coverage can be tricky because each state in the US has different regulations, as does each country outside the US. In most states and many foreign countries, proving financial responsibility is compulsory. Auto insurance fulfills this mandate, and so it is integral that your insurance broker knows your needs and has local contacts to find a placement.
Umbrella insurance acts as an additional layer of protection. This excess policy provides for compensation over and above your homeowners’ existing liability limits or auto policy. For instance, if you are sued, having an umbrella policy can cover expenses so that you don’t need to sell assets. Once the lawsuit exhausts basic policy limits, the umbrella kicks in to provide the next layer. Those owning assets in today’s litigious society are prime targets for lawsuits.
Personal Watercraft & Yacht Insurance
Personal watercraft and yacht policies can go beyond protecting your craft from accidental damage and loss. Yacht policies can offer marina coverage, medical payments coverage, longshore and harbor workers’ compensation coverage, and marine environmental damage coverage. Hazards related to watercraft include injuries incurred by guests. The right insurance broker can protect your investment.
Aviation cover could be necessary for private planes, helicopters, and corporate jets, as well as drones. You might need property insurance for your hangar, and depending on your aircrew, workers’ compensation could become important. Whether you are into rotor wing or fixed-wing, you need customized aviation solutions from a broker who understands aviation.
While it may be new to you, cyber liability insurance has saved many high-net-worth individuals their businesses and assets. Cyber liability insurance covers financial losses following a cyberattack and helps with investigations and ransomware incidents. The National Association of Insurance Commissioners (NAIC) notes ransomware attacks are on the rise – and while most of these attacks are on small businesses – high-net-worth individuals and families are also vulnerable. Your broker should understand the rising number of cyber-attacks and phishing schemes and how cyber coverage can protect against technology risks.
People collect many valuable things, like books, coins, stamps, old maps, or antiques, to name a few. Standard insurance often does not cover collections at their full value. Having your collection appraised, documented, and insured will help in the event of a loss.
Life insurance can act as an investment vehicle for high-net-worth individuals. For example, some permanent life insurance policies accumulate a tax-deferred cash value, which can be an efficient tax strategy for growing wealth. The right broker can help identify the best types of policies and coverage limits to meet your investment needs.
Which Are the Best Elite Insurance Carriers?
Several insurance carriers in the US specialize in high-net-worth and ultra-high-net-worth individuals. AXA, Chubb, and Berkshire Hathaway all provide reliable coverage and service . . . but each has better offers depending on the asset class. Meslee Insurance partners with these carriers and many others to find the right combination of customized insurance solutions. The expert agents at Meslee Insurance can write the most effective blend of policies to protect your valuable assets. Our clients share that our guidance is invaluable.
Let a Top High Net-Worth Insurance Broker Help Protect Your Assets and Your Time
Getting all of your assets fully covered does not need to be difficult. Specialized insurance products can fill the gaps in traditional insurance and help ensure you have no risk exposure. The experts at Meslee Insurance understand your lifestyle and are here to help. You can be confident you have the right coverage for your needs with a full-service insurance brokerage like Meslee Insurance.
Contact the experts at Meslee Insurance Services at 213-488-1000. Our licensed professionals will be happy to answer any questions you have.