One of the glaring weaknesses we’ve found in the personal property & casualty brokerage community is lack of proactive risk management.
We believe in taking proactive measures to ensure our clients are properly cared for. We dive deeper into those areas which peak your interests. At your annual reviews we revisit any areas you opted not to pursue, as well as explore new strategies and technologies as they emerge.
Alcohol and Drug Addiction
Background Checks for Personal Staff
Driver Education and Safety Devices
Family Risk Management Education
Hurricane, Flood and Fire Mitigation
Kidnap and Ransom
Video Inventory and Appraisals
Preemptive actions can reduce your premiums; avoid the hassles of reconstruction, including being displaced for many months; and help reduce the emotional loss of irreplaceable items and memorabilia.
Alcohol and drug addiction
One strategy is to increase the amount of coverage you carry under your personal umbrella/excess liability insurance policy. Last year an Indianapolis jury awarded $35,000,000 in a DUI case. We’re seeing astounding verdicts around the United States; wealthy people are targets for such lawsuits, whether or not they have insurance, thanks to the prevalence of the internet.
To try to deal with addiction BEFORE a tragic accident might threaten your assets and/or rip your family asunder, Concierge Insurance Solutions created a strategic alliance with Caron Foundation, one of the nation’s leading addiction treatment centers. If you’re concerned about possible addiction in your family, you can enroll in our complimentary “Caron Concierge Program,” which provides two important services:
First, a dedicated Caron professional will provide free educational sessions, at your home or business. We’ve found that when someone becomes concerned there may be an addiction problem in the family, the first thing they need is to learn as much as they can, as quickly as they can, about the disease of addiction.
Second, your “Caron Concierge” will help you-again on a complimentary basis-explore various early intervention strategies. (If you subsequently conclude that residential treatment is required, whether at Caron or some other facility, the cost for that service would then be your responsibility.) Proactive addiction outreach could potentially save you untold emotional and financial harm.
Automatic water shut off and other devices
Non-catastrophic water losses (damage from toilet leaks and the like) can produce extreme inconvenience (as well as expense) to you and your family. Such losses account for over 45% of all filed claims for AIG, CHUBB and PURE.
There are several strategies to prevent or reduce potential disruptions, while at the same time reducing your insurance premium.
Advancements in technology can now detect abnormalities and automatically shut off the main water supply, turning a potential several hundred gallon burst pipe leak to just a few drops. After a power outage, backup generators allow you to run appliances like heaters/air conditioners, sump pumps and security systems to ensure your home remains safe and protected. New technologies are even available to alert you to when your generator fails or needs fuel.
Background checks for personal staff
Full-time private staff can add tremendous value to maintaining a family’s lifestyle. However, it’s imperative to confirm that those with access to your loved ones and your property are both qualified and credible.
The top insurance companies maintain relationships with various investigative services and security consulting firms, and usually offer complimentary background checks to clients. We encourage you to use these resources to screen nannies, housekeepers, drivers, gardeners, chefs, home health workers, tenants, financial advisors, contractors and yacht crew members.
Cyber/online crime is a significant exposure and is on the rise like never before. Global cybercrime is projected to top $6 trillion by 2021. The top US carriers recently entered this market with coverage limits currently available up to $250,000 at AIG and CHUBB, and $1,000,000 at PURE.
The more proactive approach is to try to prevent or mitigate cyber exposures. We can recommend vendors who specialize in defense against such threats . Some vendors offer complimentary assessments as well as fee-based services to put security measures in place for your devices, home networks, wireless access points and online accounts, as well as provide best practices and training to family members. Concierge has also created a strategic alliance with BLACKCLOAK, a firm we consider one of the leaders in this emerging field.
Driver education and safety devices
One of the most exciting experiences for a teenager–and often the scariest moment for a parent–is when their teen gets their driver’s license. Speeding, texting, talking on a cell phone and operating a automobiles while under the influence are obstacles we all face behind the wheel, even if we are not the transgressor. It’s important to enroll in defensive driver courses .
Automobile manufacturers continue to take huge strides in automobiles safety. Cars are now equipped with standard features such as backup cameras, side airbags and traction control. Almost every automobiles has the option (if not already standard) to add blind spot monitoring, automatic breaking, heads up display and a variety of other semi-autonomous safety features. When purchasing your next automobiles, be sure to review the available safety technology.
Insurers often reward clients who take proactive measures by reducing premiums. They also rank automobiles by safety, which data you can access online.
Family risk management education
Concierge was founded on a philosophy of intergenerational transmission of values. Our team is available to meet with the next gen members of your family, individually and/or collectively, as you deem appropriate.
Discussions can range from the more generic “What should we know about insuring our assets and liabilities,” to the more strategic “What should we know about risk mitigation,” to the more mundane “Are my personal policies structured properly and priced competitively?”
Damage to one of your homes during a major renovation can result in unexpected out-of-pocket expenses . Some insurers include contract language that can significantly increase your homeowners deductible (up to 5% of the dwelling limit) – or even result in denial of a claim – if the insurer is not made aware of the renovation in advance. If you’re planning a renovation, it’s imperative to discuss with us the insurance implications and the proactive risk management considerations.
In addition, prior to construction you should confirm that your general contractor has proof of liability and workers’ compensation insurance, which will be required by your insurer.
Hurricane, flood and fire mitigation
Last year was one of the most dreadful in history for catastrophic claims in the US due to wildfires, hurricanes, floods, winter storms and earthquakes. There were 355 fatalities and approximately $82 billion in losses, of which an estimated $52 billion was covered by insurance.
AIG, CHUBB and PURE have complimentary services – as long as you sign up for them – to try to proactively protect your family, homes and property from these catastrophic events. These services include at-home inspections to identify areas of vulnerability, recommendations such as to apply fire suppressants and/or temporary sprinklers, evacuation planning for families and valuables, and when necessary helping to arrange temporary living accommodations.
Kidnap and ransom
Kidnap and Ransom (K&R) coverage has gained a wider audience in recent years. Spain is now on the top 10 list of kidnapping venues. We can offer limits up to $50 million in protection . Many clients acquire small policies just to have a number to call, since the first 24 to 48 hours can be a matter of life or death . Annual premiums are approximately $1,500 to $2,000 per million, depending on carrier and limits.
Video inventory and appraisals
A simple homemade video of your valuable articles, stored on a thumb drive off premises and/or in “the cloud,” can be very helpful if you have to submit on insurance claim.
We can recommend professionals who will provide this service to you, which may be particularly relevant if you want to maintain first class copies of irreplaceable memorabilia. (You might also use this occasion to record a “living will.”) We suggest updating appraisals of your valuable articles every 3 to 5 years, both to ensure the accuracy of your insured values and to help us negotiate lower rates.
Call Concierge Insurance Solutions
Please email lnfo@ConciergelnsuranceSolutions.com or call 484-413-2770 to get a free comprehensive analysis. Concierge Insurance Solutions is a boutique P&C brokerage firm exclusively focused on personal insurance. We are proactive and service oriented. You can also inquire about our fee-based consulting service, CIS Analytics (www.CIS-Analytics.com).