The High-net-worth segment for private client insurance is booming. Policies in this market, however, have a wide variety of what is expected. You have celebrities, trust fund heirs, and professional athletes, but you also should keep in mind the younger individuals who may not categorize as affluent individuals quite yet, but the high-net-worth category is well in their sight.
When wealth is accumulated over a period of time, the transition from a standard market to a specialty market is easily bypassed. It is reported that 70% of high-net-worth clients are covered in standard markets instead of specialty markets. Based on that statistic alone, it’s critical to keep in mind that there is a wide variety of factors that would qualify an individual for a specialty market.
AnalyzingÂ
While reportedly 70% of clients are being under-served, it’s safe to say that most of this rapidly growing market is improperly covered. This exhibits why it is critical to analyze your current policy and determine if, you too, are covered improperly. If you aren’t sure, or want to double check your policy, ask a Surmount Agent to break down a list of your current exposures and help counsel you on whether a high-net-worth insurance policy is the right transition for you.
Schedule annual risk assessments with The Surmount Private Client Group. This is crucial for that up and coming business owner and those pre-affluent individuals where the Surmount Agent may find there is more coverage in the standard markets than there should be. During this assessment, a Surmount Agent will analyze the individual’s net worth, any potential collection items, or any new vacation homes that were acquired.
The Bond with Surmount Private Client
When it comes to specialty carriers, relationships and connections are everything for appropriate coverage. Gaining access and ease of approval for clients can be very complex for brokers and agents that don’t interact daily with these carriers and have the in-house talent to underwrite appropriate policies. Based on years of experience and well rooted connections, Surmount promises to seamlessly implement quick, dependable coverage in which you can be confident.
The Ever-changing High-net-worth Market
It’s no secret that the high-net-worth market is buzzing. And with the buzz comes new knowledge as well as lack thereof. Surmount has the knowledge and connections for a seamless process and we are committed to serving you. We recognize that gaining new clients and successfully managing our current high-net-worth clientele, is strictly dependent on concrete relationships and trust, despite the ever-changing market.
We see plenty of customers insured that are being under-served for the number of assets they have. Once you are aware of your exposures, and determine a high-net-worth policy is the right transition for you, a well-connected Surmount Agent will provide you with the expertise, promise of privacy and attention to detail that will put you at ease.
