Covering the risks for high-net-worth (HNW) clients requires an agent to be well-educated in what these customers need, says Lee Roth, president of the private-client group division of North America for Chartis. A limited number of agents specialize in dealing with these individuals, whose personal-insurance needs go beyond just insuring expensive homes, cars or boats.
There are insurance and risk-management considerations that need to be taken into account, such as the people who work for HNW individuals at their homes; collections of art, antiques or wine that need coverage from purchase to transport; and even D&O Liability coverage for the volunteer work they perform for boards.
To that end, Chartis has set up Private Client Group University, a formal two-week continuing-education course aimed at getting to know how to deal with the risks of HNW clients.
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