There are individuals who have unique assets that are not usually covered by the limited coverage services usually provided by mass-market insurers. If there is an incident with one of these assets, the coverage limits could be well below the value of asset replacement, but there could also be problems with losing the assets in the event of a lawsuit or catastrophic loss.
Combined Coverage with Higher Limits
In these situations, the experts at H&A Inc. recommend working with private client insurance services to make sure coverage terms are specific to the higher-end market. Private insurance is able to extend coverage for those that either have a larger quantity of assets or simply own higher valued ones. These policies merge the coverage that would typically be offered for the different assets insured separately, such as policies for
- Personal liability
- Boats or recreational vehicles
- Auto insurance
- Collectibles or expensive hobby items
In addition to making claims processing more seamless, private client policies also have higher coverage limits. Brokers in this field have more in-depth knowledge about the risk market. This gives you a greater insight in setting appropriate limits, as the financial outcomes of insurance claims will be enough to address the loss. The high limits also help preserve the financial stability associated with higher-end lifestyles, as the agreed-value and replacement-cost features can help individuals plan for moving past or resolving claims.