Private client insurance is designed to better protect high-net-worth (HNW) individuals and their families, lifestyles, and valuables. A private risk program provides tailored coverage for exposures such as real estate, including primary, secondary, seasonal, and rental properties, high-value collections like art and jewelry, classic cars, recreational vehicles, yachts, and aviation. Additional coverage solutions can protect against weather-related events like floods, earthquakes, and hurricanes, depending on the location of the property or risk. Legal entities, like estate planning Trusts and LLCs, are often incorporated into a private risk program, as well as excess liability coverage to broaden asset protection.

According to Christina Oakes, Executive Vice President of Private Client Services at Venbrook, private client insurance should be assessed and applied in three key phases. The first phase is arguably the most important, identifying each client’s unique set of risks,” says Oakes. “Insurance isn’t a one-size-fits-all solution. Taking the time to listen and learn what matters most to a client and their family, and understanding their lifestyle, forms the foundation of a well-designed private risk program.”

Oakes explains that once potential exposures are identified, the next step is to reduce risk through proactive measures. “We recommend strategies like proper fencing around swimming pools, additional driver education for teens, or installing automatic water shutoff devices,” she says. “Finally, we discuss a client’s risk tolerance. Once that threshold is established, we look to transfer the remaining risks to insurance carriers through customized coverage that protects the income and wealth of every client, enhances protection, controls costs, and helps ensure premium dollars are invested wisely.”