Posts Tagged ‘high net worth’

A client who had been insured by a well known carrier recently asked if there wasn’t “any other carrier out there” that could also offer broad coverage for his large home “that didn’t charge an arm and a leg”. I explained that his carrier’s rates reflected their overall loss experience, and reminded him of a claim that he had many years ago and how happy he was with the outcome. Pressing his point, he asked if there were any carriers that had “better loss experience” so that they were able to price their coverage at a lower cost.  Enter a new carrier I’ve written about frequently here – Pure High Net Worth.

This excerpt is form a recent professional journal assessing the marketplace for high valued home insurance summarizes the opportunity: “However, there is some competition out there for these big players. For instance, a relatively new company from Florida called Privilege Underwriters Reciprocal Exchange (PURE) is making a big splash on the East Coast right now.  PURE offers similar features to Chartis and Chubb, and is very open to coastal properties where others are more restrictive in coastal areas.”

When my client reviewed the terms of Pure’s offer, he asked how the costs could be appreciably lower given the very similar coverage. I explained that because Pure was just beginning to add new risks, they had not yet experienced many losses, adding that Pure’s risk selection process relies heavily on credit scoring, which they believe will help attract policyholders who better manage their finances and their homes. The client shared that he regards this as a de-facto “sale” on home insurance, and told me I should explain it in such terms to others.

Well —– although insurance carriers do not have “sales”, it is fair to observe that new carriers entering the marketplace without the burden of prior losses and who also carefully select the risks they insure are able to price their policies at rates that can give the impression they are on “sale”.  For those who find the idea of a “sale on insurance” appealing, please contact me to examine an offer from Pure.  Meanwhile, as an independent risk advisor, my advice on “who the best carrier is” remains unchanged:  it is whichever carrier best meets that particular client’s specific protection needs.

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 I’m often surprised by the number of wealthy families I meet who buy only “best in class” services and products, yet accept far less than this standard from the organizations that are responsible to manage their family’s healthcare experience.  While it often seems that we have little real control over the quality of our family’s healthcare experience, several new organizations are helping their members to receive far greater control than most would have imagined possible. 

PinnacleCare is one of a new breed of “private patient advocacy” service providers that empower their members to take back control of the entire healthcare experience.  PinnacleCare members receive efficient access to the finest healthcare experiences, expert guidance through the complex healthcare system and the assurance of leading the healthiest lives possible, whether at home or while traveling or living abroad. 

I’ve had the opportunity to meet with representatives of this fine organization, and urge all professional advisors serving HNW families to learn how this firm can help you and your clients.  Click this linkto access a video about PinnacleCare’s services, or this link to be directed to the section on their website that details the many membership options available.  

As always, feel welcome to contact me for a personal introduction to this firm, or a short list of other organizations with similar services, and a great article from the Wall Street Journal summarizing this topic.  

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No More Clutter !

No More Clutter !

 I am fortunate to have been asked to contribute an article by Private Asset Management, a publication of Institutional Investor that is focused exclusively on investment management, financial and advisory services to the high-net-worth arena, and especially on delivering breaking news before it appears anywhere else.   

While property and casualty related topics are not often covered by this fine publication, the editors have found that subscribers do have an interest in P&C topics that are both newsworthy and relevant to protecting the assets of high-net-worth clients. This brief article that I have authored explains how a simplified, effective and cost efficient coverage solution has been developed to replace the clutter, confusion and expense associated with the multiple insurance policies purchased by families who own valuable residences and personal possessions often located in several states.  Please contact me for more information about this innovative solution.

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ex pointIn this great article, Paul Sullivan, the Wealth Matters columnist for The New York Times, examines the many issues posed by the title: How Do I Know You’re Not Bernie Madoff?

With a close understanding of the heightened desire among affluent and high net worth insurance consumers to better vet who they are doing business with, Ace Private Risk Services has introduced an outsourced background screening service for financial advisors and contractors (in addition to domestic staff). While I have not yet “vetted” the firm they will be using to perform the “vetting”, the firm’s web site includes a reference from a former U.S. President. Click here to read a press release  offering details of this new service, or contact me for more information.

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bright-ideaThis Wall Street Journal article from Jan 29, 2009 actually offers good news: a newly formed insurance carrier is interested in providing coverage for owners of well built homes near the coast has been approved to issue policies in NY and NJ.   

PURE High Net Worth has a business model that is well worth reviewing.  From their website, the recap below highlights why they are deserving of the above slogan. Cook, Hall & Hyde is among a select group of Partner Agencies representing PURE in NY. Contact me to learn more about the solutions PURE has to offer


We’re highly selective.  We know a great deal about insuring successful families and we use that insight to carefully select a distinguished membership. By doing so, we reduce the cost for all members. (Click to learn about our home construction eligibility requirements.)

We’re new AND we’re secure.  PURE is led by a team of professionalswidely recognized as the most experienced and accomplished in this niche.  For all of the advantages of our experience, we benefit from our fresh start. A.M. Best has recognized our strengths with a financial strength rating of A- (Excellent).

Our coverage is designed with your input to fit your needs.  Many people don’t buy enough insurance to rebuild their home or replace their contents. Others (particularly vacation homeowners) buy far more than is needed. We empower our members to buy the right amount – not more, not less.

Our policyholders are members. And the members own PURE. Stock insurance companies exist to maximize the wealth of their shareholders. Our mission is simple: Through innovative products and expert advice & service, we are committed to helping our membership lower the price of their insurance today and reduce their overall cost of risk for the long term.

We’re creating a new standard of service.  We believe that the opportunity exists to exceed all expectations of our membership.




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From this month’s edition of the fine publication “Financial Planning”:

“Whether your client is high-net-worth or working to become so, it is incumbent upon financial planning professionals—often the most trusted advisors—to position insurance as a critical protection for the assets they have worked so hard to build. Working with an independent insurance broker is particularly important for high-net-worth clients who may have very sophisticated needs, but an independent broker can provide all of your clients with a broad choice of coverage and carriers. Many insurance carriers will be happy to give you a list of referenced brokers.

Your relationship with your clients is based on trust and good advice. Sound advice on protecting your clients’ assets is just as important as your advice on growing them.”  

Click here to read the article

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