February 16, 2010

Six Insurance Questions to Ask Your Clients

Insuring Wealthy Clients

Before your wealthy clients sit down with their risk advisor to renew their personal insurance for 2010, here are a few questions worth asking them:

  1. When did your agent or broker last do a comprehensive review of your personal insurance?
  2. How do you and your agent approach the annual policy renewal? Do you have a face-to-face dialogue to discuss your risk exposure, or does the agent merely mail you a summary or the renewal bill?
  3. How much time do you spend going over renewal terms and conditions? Do you understand what you're signing?
  4. Does your agent or broker sell the insurance of just one insurance company? Is this the best fit for you?
  5. What high-value assets have you sold over the past year (or since your last renewal review) that may no longer need to be insured?
  6. Have you considered the replacement cost or shifting market value of certain property that may have risen or fallen since you purchased it?

Andrew McElwee is EVP of Chubb & Son and COO of Chubb Personal Insurance.

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