An organized family office often focuses on protecting the wealth and assets for the next generation. Multi-generational family wealth and successful family-owned businesses naturally create unique risk management needs and family office insurance coverage needs. A family’s office insurance exposure includes the family’s office insurance risk, the family’s business insurance coverage and the family’s personal insurance exposure. They all inevitably become entangled. This vast amount of exposure and risk takes expertise and understanding to help the family create the best balance of exposure and insurance coverage for the family, business and staff.
The challenge most family offices find is that most large national insurance brokers might have some experience handling family offices, but they are either too expensive, too unresponsive, or might offer great premiums at the commercial insurance level but are ineffective for the personal insurance. They are typically not designed to handle both. Direct insurance agents are less capable of helping with the family office’s insurance because they do not underwrite certain exposures. They traditionally do not have access to markets to underwrite the breadth of insurance coverages like Independent Directorship Liability, Kidnap & Ransom Insurance, Family Office Fiduciary Liability Insurance, International Risk, Family Oil & Gas Risks, Family Umbrella limits (easily up to $100,000,000) and Programs, or Employee Dishonesty Insurance, to name just a few. Most independent insurance agents might be able to access the markets needed to cover the insurance risks for the family office, but they have no experience helping with family office insurance & risk management programs. Swingle Collins has scalable services and has the markets to underwrite the most complex of family risks. We also have the commercial and personal insurance knowledge and the experience to help with all of your unique family office insurance & risk management needs.
In addition to our family office insurance experience and expertise we offer other invaluable services to make sure your family office is well protected. For example:
- Wildfire defense coverage of secondary unprotected homes
- How to best protect family entities such as FLP, family LLCs, Trusts, and various other entities
- Background checks for family employees.
- Insurance contract and insurance indemnity review.
- Pre-Construction Services to help make sure all assets are properly protected during and after a home is constructed.
- Assistance with appraisals: fine arts, collectibles, minerals, or any other rare or precious personal belonging.
- Referral to the best of class service providers to help protect both your family and it’s assets.
- Home inventory for all personal property to assist with claim settlement.
- Online portal to organize your insurance information
With all of the many things a family office has to contend with, our goal is to offer you piece of mind by working with an insurance agency who is able to assist you with all of your families’ insurance needs. No matter what your risk, Swingle Collins has the answer for all of your families’ unique business and personal exposures. It is our pleasure to assist you with any and all of your family office and risk management needs.