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By Robert Kerdasha ASSUREDPARTNERS
Your assets are important to you. And the way you insure them matters;
especially when they represent all of your investments, hard work, and energy.
Whether trying to protect property in multiple states, complicated
risks, or multiple prized collections, there has been an underlying approach
that consumers tend to take to protect their investments that has been
reinforced for years by lazy insurance providers and speculative Internet blog
posts.
Instincts may prompt you to try this standard but outdated approach—calling
five or six insurance brokers, asking them to quote with various carriers,
doing some additional online comparison and maybe even checking out rates for
online insurance options.
With all this information, you then try to determine which program
offers the best protection for the cost. This idea that the more carriers,
brokers, and companies you compare—the more options you uncover, the better the
result—has permeated the insurance marketplace seemingly forever.
However, this approach actually creates more work for you, the
consumer.
Why?
All of those brokers you originally contacted likely reached out to the
same carriers for quotes, especially if they are established in the high-net
worth personal lines space. They all have access to the same markets, offering
Chubb, Pure, AIG, Berkeley One, Vault, and Cincinnati. You then are left with
the unwelcome task of trying to determine a program based on prices and plans
alone, without an experienced agent on your side to talk you through the ins
and outs of what you are looking at.
With everyone having the same markets, you may ask, “What can I do to
prevent myself from being in this situation?”
Instead of asking for quotes upfront, interview your potential agent. While
all companies might have access to the same companies, that does not mean their
experience in putting together customized solutions is identical as well.
To ensure you are with the right insurance advisor, be sure to ask your
broker the following questions:
- What does the business operation look like?
Who will be handling your program details on a day-to-day basis? Who will
be the person answering your phone calls whenever you need something?
- Is the company able to handle all your
specific coverage needs, whether they be on a national or international
property?
- How is client communication handled by the
company? How often will you hear from your insurance advisor? What are
your communication expectations, and can the advisor meet them?
- Does your advisor have an in-house claims
department? Or do they rely on the carrier’s claim center?
- Does your advisor have any advanced
certifications showing they specialize in the areas of risk that matter
the most to you?
- Wherever your properties are located, is your
advisor experienced on the different risk factors in those specific
regions, whether they be flood, tornadoes, wildfires, hurricanes, etc.?
- What level of experience does your advisor
have in insuring collections, such as fine arts, jewelry, cars, etc.?
- Is the relationship between your advisor and
the insurance carrier close enough to work in your favor? When your agent
knows executive management, you can rely on them working on behalf of
their clients to make the impossible possible.
In the end,
all insurance advisors will get access to the similar pricing and options from
the carrier partners. You will pay close to the same amount, especially in the
high-end space, regardless of the insurance advisor you pick.
The decision
to make is determining which advisor will work for you and your assets,
ensuring you are getting more than just a policy, but an entire team committed
to keeping you and your assets safe. Take time to hire your insurance advisor
with care, and the comfort and security you will feel will be worth taking this
alternate approach.
Robert Kerdasha is Director, Personal Risk Services, and a 29
year veteran, CAPI (Certified Advisor of Personal Insurance) to the High Net
Worth personal insurance marketplace. AssuredPartners writes coverage in all 50
US states