Guest article submitted by
Sullivan Curtis

Most professionals who work with trusts have plenty of “nightmare stories” about trustees chosen by clients for their irrevocable trusts. No doubt this is because trustees are often chosen without careful consideration of the qualifications required.

Your clients enjoy a lifestyle that is unique and complex. As an advisor, you play an important role in ensuring that their success is protected. The following questions can help you identify circumstances that may put your clients at risk.

1. Are your clients protected with enough personal excess liability insurance? Does their net worth exceed their liability coverage limits? If a lawsuit puts assets at risk, the last thing anyone wants to worry about is running out of insurance. Chartis can offer $100 million on a single policy to address claims of property damage and personal injury–including lawsuits filed by private staff, auto accidents with uninsured drivers and more.

2. Is their insurance program messy? Successful individuals acquire assets over time, so it’s not uncommon to insure them in different ways. A summer residence, for example, may be with a different agent and carrier than the home in the suburbs. Fine art may be insured independently from cars. Whatever the combination, the end result is fragmented, making insurance more difficult and expensive to manage. Don’t allow your clients to wait until claim time to find out what is–and is not–protected. A high net worth insurance provider is more likely to address the special circumstances that can come with success, or simply offer coverages that traditionally have been ignored in the mainstream marketplace.

3. Does the family travel frequently? Freedom to travel is one of the luxuries that come with success. Our worldwide travel protection plan provides year-long coverage, allowing your clients to plan vacations and other trips without worry. The  plan responds to circumstances beyond the policyholder’s control that cause a canceled trip, an early  return home or an emergency medical treatment while abroad.

4. Do they employ private staff? It’s not uncommon for nannies, housekeepers, private assistants, gardeners and others to take their employers to court. Our Employment Practices Liability Insurance (EPLI) option responds to allegations of sexual harassment, wrongful termination, discrimination and more. In addition, we offer complimentary background checks on private staff–helping ensure that only the most qualified and credible individuals are taking care of your clients’ loved ones and property.

5. Are your clients involved with charities or foundations? Not-for-profit organizations typically operate on tight budgets and carry a minimal amount of liability insurance. If your clients or their spouses sit on the board of a not-for-profit organization,1 they can add up to $1 million of protection on top of existing board coverage.

6. What sort of activities or hobbies do they enjoy? Whether it’s collecting cars, buying art or building a wine collection, we offer coverage to protect whatever passion your clients might have. As a complement to our Private Collections coverage, our art collection management experts are available to ensure that each collection is properly valued, adequately insured and protected in the event of a disaster–or even an everyday mishap.

7. What is the makeup of the family? Family members may increase exposure to unidentified risks. For example, having a youthful driver may increase the need for higher liability limits. Or, young children in the family may encourage your clients to consider kidnap and ransom coverage.  Your client may need an emergency preparedness plan for members of the family who are elderly or have special needs. Our specialists can assist in preparing a plan.

8. Are your clients’ insurance policies in sync with their estate plans? Many wealthy people structure their property ownership using LLC’s, LLP’s and trusts. Not all insurance providers enable policies to reflect these alternate structures, which can result in diminished protection or complications at claim time.

9. Is the home properly insured and protected? If your clients had to rebuild their homes in today’s market, would they have enough homeowners’ insurance to sufficiently cover the expense? Many properties are insured based on values that are vastly underestimated–especially those that have undergone extensive home improvements and renovations. For those living in wildfire- or hurricane-prone areas, we provide complimentary consultations to understand preventive measures that can help prepare your clients for a catastrophe.2

10. Are any of your clients public figures? Media exposure and public awareness increase the need for comprehensive protection.  We offer high limits of excess liability coverage to ensure that your clients’ assets are safeguarded against claims of personal injury or property damage, including libel and slander. Additionally, our emergency preparedness specialists can help assess whether proper security measures are in place.

Chartis is a leading property-casualty and general insurance organization serving more than 70 million clients around the world. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.

Our Private Client Group offers complete solutions for successful individuals and families. We provide the coverage necessary to preserve high-value assets and personal liability. Protection is augmented with services to minimize property damage and bolster safety–and all of this comes in one custom-tailored package. Look to us to safeguard homes, automobiles, excess liability, fine art, collectibles, yachts and more.

Guest article submitted by
Sullivan Curtis
Direct: (949) 852-4820

Suzette Mann manages the personal insurance needs for high net worth individuals, applying over 18 years of experience across a wide variety of insurance services.  During her career, Suzette has advised clients including large Fortune 500 companies, middle market businesses and non-profit organizations.  As a result, she provides a sophisticated approach to risk management solutions for high net worth clients. 

Prior to joining SCM, Suzette wasan account executive for an independent agent also in Orange County, California.  Previously, she managed professional liability programs for non-profits in Washington D.C.  She began her insurance career at Marsh Inc. in Los Angeles in the casualty area, working with large energy accounts. 

Suzette is a licensed Property/Casualty broker in the state of California and holds the professional designation of Certified Insurance Counselor (CIC) and Associate in Personal Lines (API) designation.  Suzette is an active volunteer at Harbor Day School and Our Lady Queen of Angels Catholic Church, and is a member of the Junior League of Orange County.  She graduated from the University of Southern California (USC) with a B.A. in International Relations and a B.A. in Political Science. 

Information courtesy of the Private Client Group at Chartis. Reprinted with permission.

1. Qualifying organization is defined in the policy as any not-for-profit organization qualifying under Section 501(c) (3), (4) or (7) of the Internal Revenue Code, some exceptions apply.

2. Eligibility requirements apply; enrollment required.

Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. Private Client Group is a division of Chartis Inc. Insurance is underwritten by a member company of Chartis Inc. This is a summary only. It does not include all terms and conditions and exclusions of the policies described. All references to claim settlement information are based on the loss being covered by the policy and are subject to change without prior notice. Please refer to the actual policies for complete details of coverage and exclusions. Coverage and supplemental services may not be available in all jurisdictions and are subject to underwriting review and approval. Services provided by third parties are not part of the insurance policy, are not guaranteed by Private Client Group and may be discontinued at any time.