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Westchester County Private Client Services: High Net Worth Insurance

Westchester County Private Client Services: High Net Worth Insurance Most individuals who own a business, home or car carries an accompanying insurance policy. Hours of rifling through Google’s endless page results, contacting prospective insurers; it’s a long, arduous process that typically ends in purchasing an “x” amount of coverage for a “y” amount in premiums that are feasible for you, your assets and your finances. So, this takes us to a couple questions; why are high net worth (HNW) individuals purchasing insurance policies conducive for average salary individuals with an average amount of assets? And why aren’t these policies being written by insurance companies that specialize in high net worth insurance? According to Accenture, North America’s HNW population has risen 8.6 percent in 2010, after rising 16.6 percent in 2009. With a continual increase of wealthy individuals, it’s presumed that HNW niche insurance companies are being flooded with elite clientele vying for their services. But according to Property Casualty 360, this is not the case. Moreover, over 80 percent of HNW individuals do not carry coverage written by these niche companies. This means that over 80 percent carry an inadequate amount of coverage. Investing in protecting your valuable assets is just as important as deciphering which fine art collection or antique car is worthwhile. Right now is a fitting time to educate the HNW population that niche companies have (1) unique solutions for their particular needs and (2) private client services in mitigating their specialized risks. AJ Benet Insurance Private Client Services serves HNW individuals in Manhattan & Westchester County, NY, Fairfield County, CT & New Jersey Along with your beautiful home and appointed furnishings, you most likely have high-valued items including fine art collections that require special insurance coverage. You may have paintings and sculptures – artwork you’ve collected over time – whose value goes well beyond what a homeowners policycan provide. At A.J. Benet, we offer our clients within our Private Client Services division, insurance to cover fine art collections as part of our suite of products. This coverage can be either an addition to your homeowners insurance or issued as a separate policy to cover items such as paintings, sculptures, antique furniture, collectibles and much more. Trust AJ Benet with your Fine Art Collections Insurance

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The Importance of Westchester County Private Client Services

The 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…
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