Superstorm Sandy may have provided the most persuasive argument yet for the benefits of insurance coverage designed specifically for the owners of high-value homes. Those who bought coverage from specialists in the high-net-worth niche—including ACE Private Risk Services, AIG Private Client Group, Chubb, Fireman's Fund and PURE—benefited from quicker service for tree removal, a broader interpretation of coverage for sewer and drain back-up, greater flexibility with flood and excess flood solutions and full replacement cost.
More more carriers and brokers specialize in this niche in the U.S., but the aggregate homeowners' market share of the five high-net-worth specialist carriers decreased for the fifth consecutive year in 2012.
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