High net worth individuals (HNWI) typically require specialized insurance coverage due to their unique risk exposures and valuable assets. These policies are designed to offer more comprehensive coverage than standard policies.
The types of coverage needed can vary greatly; every high-net-worth insurance plan must be customized to meet the specific needs of the individual or family. We work with our high-net-worth clients to put an insurance plan in place that will protect against any eventuality and the potential financial losses that could occur.
Common types of high-net-worth insurance coverage:
High-Value Home Insurance
- Coverage for luxury homes: Includes protection for high-value properties, often with specialized coverage for custom architecture, high-end finishes, and rare materials.
- Extended replacement cost: Ensures the home is rebuilt to its original specifications even if costs exceed the policy limits.
- Coverage for additional properties: Covers second homes, vacation properties, or investment real estate.
Valuable Personal Property Insurance
- Jewelry, art, and collectibles: Specialized policies for high-value items like jewelry, fine art, antiques, wine collections, and other unique valuables.
- Worldwide coverage: Protection for valuable items whether they are in your home, traveling with you, or on loan to exhibitions.
Umbrella/Excess Liability Insurance
- Extended liability protection: Provides additional coverage beyond standard home or auto insurance limits, protecting against lawsuits, personal injury claims, and other significant liabilities.
- Coverage for high-risk activities: Includes protection for personal liability exposures that are more common among high net worth individuals, such as owning multiple homes, hiring staff, or hosting large events.
Luxury Auto Insurance
- High-value vehicles: Covers high-end cars, including exotic, antique, and collector vehicles.
- Agreed value policies: Instead of standard market value, policies are based on an agreed value between the insured and the insurer, ensuring proper reimbursement.
Private Aircraft Insurance
- Private jet and aircraft coverage: Offers coverage for personal aircraft, including liability, hull damage, and physical damage protection.
Liability for pilots and passengers: Includes coverage for injuries or damages resulting from the operation of the aircraft.
Yacht and Watercraft Insurance
- Protection for yachts and other watercraft: Covers damages, liability, and other risks associated with owning and operating luxury boats and yachts.
- Worldwide navigation: Coverage for vessels that may be used internationally.
Private Collections Insurance
- Fine art, wine, and memorabilia: Tailored coverage for large, valuable collections that require specialized policies due to their rarity and fluctuating market values.
- Customized appraisals and valuation services: Ensures accurate insurance values for collections.
Personal Cyber Insurance
- Cyber extortion and fraud: Provides coverage for financial losses due to cyber attacks, fraud, and identity theft.
- Breach response: Offers support for managing data breaches, including legal costs, forensic investigation, and public relations support.
Kidnap and Ransom Insurance
- Ransom coverage: Protection in the event of kidnapping, extortion, or ransom demands.
- Specialist services: Provides access to security consultants, negotiators, and crisis management services.
Private Staff Insurance
- Employment practices liability: Protects against claims from domestic staff, including wrongful termination, harassment, or discrimination.
- Workers’ compensation: Covers injuries to domestic employees such as nannies, chauffeurs, and security personnel while working.
High-Limit Life Insurance
- Custom life insurance policies: High-value policies that provide substantial death benefits, often used as part of estate planning.
- Private health insurance plans: Provides access to top-tier medical services, including concierge medical services and access to exclusive healthcare facilities.
These specialized insurance policies address the complex needs of high net worth individuals by offering broader coverage limits, enhanced services, and a higher degree of customization than standard insurance products. Talk to us about how to protect all your assets with an insurance plan that makes sense for you and your family. Yew Street Insurance provides concierge-style service to each of our high-net-worth insurance clients.
