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The Importance of Westchester County Private Client Services

The Importance of Westchester County Private Client ServicesThe Importance of Westchester County Private Client Services

Lets suppose your net worth is $50 million. You have a luxurious lifestyle that includes spending summers in your Hamptons vacation home and the rest of the year traveling between your Manhattan and Westchester home. A major hurricane destroys much of the state, including your Manhattan and Hampton home. The replacement cost of both of homes is an estimated $4 million, but you only have $1.5 million coverage– what would you do?

It may be obvious to many that it’s necessary for affluent individuals and families to purchase additional insurance coverage. However, this is not the reality. High net worth individuals are underestimating their risks and the cost of a liability claim.

As an affluent individual, it’s essential to purchase additional insurance coverage that standard policies can’t provide. This often comes in the form of the following policies (includes but not limited to) excess liability, high-value umbrella, employee practices liability insurance (EPLI), errors & omissions, workers comp, high value homeowners, yacht/watercraft, classic/antique/collector auto, trustee liability, and more.

Why?

Higher income individuals and families are different from standard income individuals. Aside from the fact that they earn a significant amount of money greater than the average person, they are exposed to risks that are uncommon to most. But to affluent individuals, these risks can cause irreparable damage to his/her finances and reputation.

Common risks include:

  • Heavy reliance on staff and advisors
  • Communication (libel and slander
  • Directors  & Officers
  • More assets to protect (jewelry, collector cars, yachts, art collections, etc)

Moreover, wealthy individuals and families attract lawsuits from individuals with unwarranted intentions of claiming a surplus of money from a wealthy defendant. Co-chairman of a New York’s Cozen O’Connor law firm, John J. McDonough, was inclined to say wealthy individuals are “perceived as having ‘deep pockets,’ and become a target.” In addition to his observation, the economic recession indirectly brought in an increasing number of bodily injury and workers compensation claims.

Custom insurance and concierge service that focuses on high net worth individuals and their families.

We invite you to give us a call at your convenience at (888) 639-4560, or if you prefer email us or return the form on this page, and we’ll call you to set up an appointment to review your insurance program in detail and discuss how Private Client Services can address your specific needs.

Since 1964, A.J. Benet has been serving residents in New York City, Pelham Manor, Pelham, New Rochelle, Larchmont, Mamaroneck, Harrison, Rye, Port Chester, Rye Brook, South Salem, Purchase, White Plains, Scarsdale, Eastchester, Bronxville, Armonk, Chappaqua, Briarcliff, Pound Ridge, Bedford, Mt. Kisco, and Katonah, New York; as well as in the Connecticut communities of Greenwich, Cos Cob, Riverside, Stamford, Darien, Rowayton, Fairfield, Westport, Southport, and New Canaan.

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