What is Private Client Insurance? (And Why Might You Need It?)
For many individuals, mass-market insurance is fine. Whether it’s being promoted by a sassy lizard, a quirky woman in a white apron or a winning NFL quarterback, the products are largely the same. Shop around, find the lowest price, done. It’s a bit more complicated for individuals with more or uncommon assets. Most mass-market insurers restrict the amount of insurance a person can buy. For example, the maximum amount they will typically cover for auto liability is $500,000. The problem is, if you are in a car accident, there is no limit to what you could be sued for. And while you may be able to buy an umbrella policy that will cover up to $1 or $2 million more, what if the total value of your assets is higher than that? Enter private client insurance.
Specifically designed for individuals who have more to protect—either in quantity, value or both—private client insurance is only offered by select carriers that specialize in serving the high-end market. Coverage is comprehensive and limits are higher because they understand the risk environment so well. How well? Compare these amounts to those offered by mass-market insurers: Chubb offers up to $10 million in auto liability, and you can purchase up to $55 million in personal excess liability from PURE. In addition to higher limits, one of the pluses of private client insurance is that pricing is packaged. You pay one premium to one insurer that covers your auto, home, collectibles and personal liability. This means if you max out your auto policy, your personal liability policy from the same company will kick in immediately, creating seamless coverage and far less hassle than if you had those policies at two different companies.
How Private Client Policies Work Together
Kelly Klee only works with high-end insurers and specializes in finding the best rate for your situation. Our insurance partners include:
- Chubb Chubb was recently acquired by ACE, another private client insurance provider, however the new company will operate under the Chubb name.
- Nationwide Private Client
In addition, Kelly Klee works to find the insurer that is best suited for your unique situation. For instance, if you live in an area that is affected by hurricanes, we may recommend Nationwide Private Client because they offer pre-catastrophe advising to help mitigate losses during a natural disaster. If you have a vacation home, Encompass offers one homeowners policy that covers multiple dwellings. Yacht owners may appreciate working with the marine experts at AIG, which even insures mega-yachts with worldwide navigational capabilities.
Once you are insured by one of these carriers, you can be confident that they—and we—will work hard to retain your business. You will find superior customer service and attention to detail all along the way. Not sure if you are a good candidate for private client insurance? A quick call to Kelly Klee can tell you. If so, we would be happy to do a thorough risk assessment and give you a no-obligation quote and recommendation. Call us at 1-844-885-1600 or send us an email to start the process.