With great wealth comes great responsibility…andpotential liability.

A recent survey conducted by Chubb Personal Risk Servicesconcluded that many ultra-high-net-worth (UHNW)individuals overpay for protection that still leaves themvulnerable to significant financial loss.

Any asset that can be damaged or destroyed needs to be insured,and when it comes to this affluent demographic, many areas ofpotential liability are lurking out of plain sight. UHNW familiesare especially susceptible to having excess assets than aren'tfully covered by a standard insurance strategy.

As UHNW individuals continue to accumulate wealth, it's crucialto have the proper insurance policies in place to avoid significantfinancial loss.

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There are three policies your UHNW clients should consider inparticular: aircraft insurance, domestic employee insurance andwine collection insurance. Here is why each is valuable and paysfor itself in peace of mind year-over-year:

(Photo: iStock)

Aircraft insurance

While your clients are globetrotting for both business andpleasure, they are sure to protect themselves and their belongings.However, for the ultra-wealthy who have fractional ownership of aprivate fleet or who regularly charter flights, there is excessrisk, which is where aircraft insurance comes into play.

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Also known as aviation insurance, the coverage extends todamages to the aircraft itself, as well as the liabilitiesassociated with operating in flight. These policies can save yourclient's assets in the event of many unexpected scenarios.

Most personal umbrella insurance policies exclude liabilityarising from aircraft-related incidents. If your client owns afractional share of an aircraft or charters regularly, anaircraft-specific policy is an absolute must. In addition toproviding an individual limit of liability, this policy offersdefense coverage that could save the client millions ofdollars.

(Photo: iStock)

Domestic employee insurance

Many UHNW clients may hire domestic workers to support theirfamily, primary residence and vacation properties. The idea ofdomestic employees can sometimes be confusing, but the IRS definesthem as babysitters, caretakers, housekeepers, drivers, healthaides, private nurses and landscapers.

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Hiring private workers creates unique areas of potentialliability and your client is liable for anything that may occur onsite, even if the injury was a complete accident or the fault ofthe employee.

Every state is different when it comes to domestic employeeinsurance laws, but should an employee be injured on the job, apolicy will come in handy in several ways. First, the policy willhelp cover medical expenses and guarantee the employee receivesincome while unable to perform his or her duties.

Second, if a domestic employee collects benefits after becominginjured, that worker can no longer take legal action against yourclient for damages in most cases. This feature is called “exclusiveremedy,” and policyholders will qualify for it by paying what isnormally a modest premium for the policy. For a domestic employeeearning $34,000 annually, a domestic employee insurance policyusually only costs the client between $800 and $900 per year.

(Photo: iStock)

Wine collection insurance

People tend to assume that their homeowners insurance policywill cover any damages to their highly-valuable collectibles in theevent of a fire, flood or other disaster. But the truth of thematter is that homeowner policies alone may not provide adequatecoverage for an extensive wine collection. This is where astandalone wine collection policy can be useful.

Related: Do you collect wine? Here are some tips for keepingyour bottles safe

There are two main types of policies: scheduled and blanketcoverage. A scheduled wine collection insurance policy willindividually cover each item within the collection, which isespecially important when collections include extremely high-valuedbottles.

Additionally, agents can also set up their clients with blanketcoverages which provide an overall value to the collection with aper-item limit. As a whole, wine collection insurance policies arerelatively inexpensive to the policyholder. The average cost ofcoverage is 40 cents per $100 in wine value.

For affluent clients with more insurable assets, it's importantfor agents to make these unique and specialized policies known.Some of your clients may believe they are adequately coveredthrough their existing policies, but in many instances this simplyisn't the case. Implementing a sophisticated coverage strategy thatutilizes specialized insurance policies can make a significantdifference in providing truly comprehensive coverage for UNHWfamilies.

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Brett Woodward is the managing director at NFP Property &Casualty.