High-net-worth individuals and families often are not aware that their risk profiles have changed in ways that require them to reconsider their insurance coverage, according to Darryl Page, president of personal insurance at Fireman’s Fund Insurance Co.
One area is liability coverage for those who have become public figures or whose public profile has broadened significantly, Page (left) said in a recent telephone interview. The concern here is exposure to such things as libel suits, household employee issues and even the need for directors’ and officers’ coverage for service on a nonprofit’s board of directors. Insurance must also be adequate to protect a family’s fortune, say, against personal injury lawsuits.
Fireman’s Fund, as well as other niche insurers such as Ace, Chartis and Chubb, provides policies that are tailored to individuals’ specific style-of-life and property requirements. “No one size fits all,” Page said.
He said representatives of Fireman’s sit down with potential clients or their representatives to do an initial assessment of their overall needs in order to ensure there are no gaps in coverage. The insurer offers a broad policy contract that can be tailored around each client’s particular needs.