How is private client insurance different from others?

March 10, 2024

Summit Cover recognizes that protecting your assets and lifestyle requires an exceptional approach to insurance. While standard products cater to the general public, they may fail to address the specific needs of those with significant wealth and complex risk profiles - which is where our Private Client Insurance Summit solution comes into play, providing comprehensive yet personalized protection of precious possessions as well as financial stability. But How is private client insurance different from others?

Tailored Coverage Solutions for High Net Worth Individuals

Private client insurance is a specialized offering designed for high-net-worth individuals and their families that goes beyond standard homeowners, auto, and life policies to provide holistic risk management that addresses specific coverages tailored to affluent individuals' specific needs. Compared with mass-market policies, however, HNWI insurance goes further in providing holistic risk solutions tailored specifically for them and their needs.

Read more: What is Private Client Insurance?

Here's what makes Private Client Insurance Summit unique among standard policies:

1. Higher Coverage Limits

Regular insurance policies tend to feature limits on coverage amounts that might not cover high-value assets like your dream home, luxury car, or prized art collection in full if they were destroyed in an incident. Luckily, private client policies typically come equipped with significantly increased limits that ensure all their possessions are fully covered if anything goes amiss.

2. Expansive Coverage Options

Private client insurance extends beyond traditional policies in terms of its coverage options, providing extra security to protect unique assets such as:

  • Fine Art and Collectibles: Securing fine art, antiques and collectibles requires customized insurance that considers factors like market fluctuations and restoration expenses.
  • Watercraft and aircraft: Owning yachts, private planes or other high-value assets comes with their own set of risks; private client insurance offers comprehensive hull and liability protection to safeguard these investments.
  • Excess Liability Insurance: This added layer of liability protection safeguards personal assets beyond what your standard policies can protect, offering financial safety in case of lawsuits or unexpected occurrences.
  • Employment practices liability: When employing domestic staff, private client insurance protects from potential claims alleging wrongful termination, discrimination, or any other employment-related matters that might arise.

3. Agreed Value and Replacement Cost Coverage

Standard insurance often offers Actual Cash Value (ACV), which takes depreciation into account when settling claims. In contrast, private client insurance offers Agreed Value or Replacement Cost Coverage which ensures you will get back the full value of the asset insured even in cases of total loss - making sure they receive its true worth as opposed to age-related depreciation or age-related degradation.

4. Customized Service and Claims Management

When dealing with valuable assets or complex situations, personalized attention is of utmost importance. At Private Client Insurance Summit we employ dedicated claims advocates and risk managers who recognize the unique requirements of HNWIs to ensure an effortless claims experience.

5. Loss Prevention and Risk Management

Going above and beyond financial protection, Private Client Insurance Summit provides extensive risk management services aimed at loss prevention guidance, security assessments, and accessing experts who can identify potential threats to assets and security.

The Private Client Advantage: Unparalleled Benefits and Peace of Mind

After knowing how is private client insurance different from others - the Private Client Insurance Summit goes far beyond offering increased coverage limits and more options; it gives its members an added edge through an array of additional benefits designed to make insurance less of a chore and improve your experience as a whole.

Exclusive Partnerships and Benefits

Through its network of partners, Private Client Insurance Summit offers exclusive access to an array of benefits beyond traditional insurance coverage, which may include:

  • Preferred Pricing and Discounts: By taking part in our private client program, we could provide discounts on premiums.
  • Experiences tailored specifically for wealthy individuals: Take advantage of unique events, seminars, and workshops specifically catered towards meeting the interests and requirements of wealthy people.
  • Concierge Services: Make use of having access to a dedicated concierge team who are on-call for various personal tasks such as travel arrangements and home maintenance coordination, making reservations at exclusive establishments, or making repairs as required.

Global Coverage and Support

Private Client Insurance Summit provides global coverage and support to individuals who hold assets worldwide, our team can guide them through international regulations while safeguarding all their assets wherever they may reside.

Claims Advocacy and Dispute Resolution

In the unfortunate event that an unfortunate claim does arise, our experienced claims advocates will work on your behalf toward quickly reaching an equitable resolution as efficiently as possible. We understand the complexities of claims concerning high-value assets and will act as your trusted guide throughout this process.

Proactive Risk Management and Security Solutions

Recognizing that mitigating risks is key to protecting assets, Private Client Insurance Summit offers comprehensive risk management services including risk evaluation; compliance planning services and asset protection plans; cyber risk services including intrusion detection/mitigation solutions and many others.

  • Security assessments: With help from experienced security professionals, identify any weaknesses in your home, estate, or security protocols to identify vulnerabilities within them.
  • Receive expert cybersecurity guidance: Receive professional advice to safeguard yourself against cyber threats and data breaches to safeguard sensitive information as well as financial assets.
  • Travel Security Assistance: Stay safe when traveling internationally by accessing real-time security advice and assistance that guarantees both safety and peace of mind.

Final Thoughts

How is private client insurance different from others? - Private Client Insurance Summit goes far beyond offering just an insurance policy: it provides individuals and their families with comprehensive risk management solutions designed to offer maximum protection, personalized service, and peace of mind.

Reach out to Summit Cover today, so they can arrange a consultation session and show how Private Client Insurance Summit could protect your valuable assets for long-term financial security!

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