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Connect your clients with experts who have in-depth property and casualty experience to give them the most complete, detailed and customized advice.
This property and casualty agent and trust and estate attorney consistently work with the same clients. Watch their story to see how and why.
Over a third of financially successful clients expect their advisors to be proactive.1 Your efforts can go a long way to help identify their problem areas.
1 “The Value of Premium Wealth Management” CFA Institute, 2017Get a quick understanding of important key facts to help you and your clients put property and casualty risk into real-world perspective.
of individuals with investible assets of $5M or more served on volunteer boards and 5% lacked directors & officers insurance.1
of financially successful households have
less than $5M in
umbrella liability coverage.2
of homes in the U.S. are undervalued
for insurance.3
annual estimated underinsured
property loss.4
of kids between 12-17 have been cyberbullied and 12% have admitted to cyberbullying others.5
drivers are uninsured.6
• 1 Chubb Survey, 2011 • 2 Ace Private Risk Services (2012) • 3 Marshall & Swift/Boeckh (2013) • 4 Swiss RE (2015) • 5 Cyberbulling Research Center (2016) • 6 Insurance Information Institute (2012)
*Whether and to what extent a particular loss is covered depends on the facts and circumstances of the loss and the actual coverage of the policy as issued.
Get more perspective on today’s risks from articles in Think Advisor.
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Help your clients identify their specific risk problem areas with an assessment tool and a full range of checklists across property and casualty insurance.
One of the best ways for you and your clients to understand their situation with property and casualty coverage is to begin to get a profile of their exposure to risk. Help them assess with this easy discovery tool.
If you’re an agent or broker and would like to co-brand the PDF of the Protection Outlook Tool, click here for instructions.
Give your clients something to take home so they can evaluate their risk on their own time.
Help isolate the gaps in property and casualty insurance with our easy-to-use checklists
As your client's situations in life change, so do their insurance needs. This comprehensive checklist can help them fine-tune their needs with an annual review.
Perhaps your clients only need to review information for specific areas; we have you covered. Review with them or share to let them assess.
If you’re an agent or broker and would like to co-brand the PDF of the checklists, click here for instructions.
Collapse to hide checklistsThe intersection of trusts, LLCs and insurance can be a no-man's land. Learn more.
Property and casualty insurance policies are not created equal. Here are a host of key questions most insurers are not going to ask across homeowner, valuable articles, replacement cost, auto, personal liability and other important risk areas. Get educated. Help your clients today.
Your client’s home may be insured for loss based on the market value of the home, but is that the actual cost to replace the home if they need to rebuild? What if the home’s market value is less than the rebuild costs? It happens. Also, there are a few insurers who offer replacement cost without a cap.
Collapse to hide answerValuation goes hand-in-hand with replacement cost coverage because the insurer won’t offer replacement cost unless the home is insured to value. Look for an insurer that conducts a complete, interior or exterior appraisal of a home, instead of using a formula. This delivers the best, most precise estimate of replacement cost. Since most companies have capped replacement cost, if the formula has too low a number this will mean out of pocket costs.
Collapse to hide answerReplacement cost is the full cost to replace a covered item at today’s prices and without depreciation. An actual cash value settlement basis means that the insurer calculates depreciation and reimburses the policyholder only for the depreciated value of the items. So if the policyholder’s home has a power surge and their 100” projection television is fried, they could be paid the full cost to replace the TV—or could be given the amount that the TV would go for on the market. Many companies will pay actual cash value, but only after the personal property is replaced or repaired—which means the upfront costs are out of pocket for your clients.
Collapse to hide answerAdditional living expenses, or as it’s called in the industry, Loss of Use, comes into play when a home incurs a covered loss that makes the home uninhabitable while it is being repaired. The coverage provides lodging, meals and reimbursement for any other applicable daily living expenses beyond what the client pays normally. Additional living expenses can add up quickly, particularly in a situation where a home is being rebuilt after a significant covered loss. Look for coverage that allows policyholders to stay comfortable and maintain their standard of living such as in a comparable home in the same school district.
Another big-ticket item is a coverage called rebuilding to code, or Law and Ordinance coverage, which pays for the cost of complying with new or changing building codes following a covered loss. For example: When rebuilding a 75-year-old home that suffered substantial loss due to fire, contractors find that the cost of rebuilding the home to code will be an additional $100,000. Look to see if the law and ordinance coverage limit is adequate. If the law and ordinance coverage limit is adequate in the insurance policy, that cost would be covered.
When a home incurs a loss from wind, fire, or another peril, there can be a significant amount of debris that needs to be removed, and it can cost thousands and thousands of dollars to clean up a property after a significant loss. Debris Removal is a coverage your clients should have on their policy, and they should know how much they have.
Collapse to hide answerA homeowner’s policy covers personal property. But all homeowner’s policies contain “special limits,” which are sub-limits for specific types of valuable items. For instance, the standard special limit in many policies is $1,000 to $5,000 depending on the state. That means the insurer will pay a maximum of $1,000 to $5,000 per item for jewelry, subject to the deductible—but the value of key pieces like engagement rings often exceeds the limit. Some insurers offer higher special limits to allow more coverage for valuable items in the homeowner contract subject to the deductible.
Even with higher special limits, a valuable articles policy is often appropriate, particularly for collectors. A valuable articles policy specifically insures valuable items and does so with itemized coverage and no deductible. These policies generally offer “itemized coverage,” which insures individual items, or “blanket coverage,” which protects collections under one blanket limit subject to a per item limit. A comprehensive insurer will offer both types of coverage and offer protection by increasing the values to keep pace with inflation.
Collapse to hide answerThere are three settlement basis options in the automobile insurance market: stated amount, actual cost value (ACV) and agreed value. Stated amount lets the insurance company pay the lesser of two amounts, the stated amount on the policy or the ACV. An ACV settlement basis pays the depreciated value of the vehicle, applying the deductible, leaving policyholders with a shortfall. The best option is a settlement basis Chubb calls agreed value, offered by only a few insurers. It states the value of the automobile on the insurance policy and at the time of a covered total loss, the insured receives the amount on the policy—no deductions for depreciations, no deductible applied.
Collapse to hide answerSuccessful clients have unique liability needs, due to frequent travel, vulnerability to lawsuits, and positions on boards. An excess policy should include worldwide coverage that covers the person no matter where they travel—whether a few miles down the road or to another country. Personal injury includes bodily injury but also extends to “pain and suffering” claims, including shock, mental anguish, libel and other categories of liability. A thorough liability coverage policy should include personal injury. Directors and Officers liability coverage applies to members of nonprofit, corporate or other boards, and protects the policyholder from liability of damages allegedly caused by their acts or omissions as a board member.
Collapse to hide answerThis is an individual decision based on a combination of factors. Essentially, the question is, “How much does the individual have to lose?” If a client is involved in a lawsuit, her or his entire net worth and even future earnings can be targeted. Specific considerations include:
A combination of these factors will help clients arrive at the right liability coverage for their situation.
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Assistant Vice President, Strategic Partnerships Manager for New York and Northeast Regions at Chubb Personal Risk Services
Send An EmailAaron Hertsgaard develops and cultivates connections with centers of influence—devoted advisors to successful families and individuals. His attention to strategic development, communications strategy, brand-building, alignment of regional marketing staff and regional event sponsorships have sparked engagement with agents and brokers. In his 12 years at Chubb, he has grown and retained $75 million in gross written premium at the Dallas branch and has served as a marketing specialist and sales support manager. Aaron has a CAPI designation from the Wharton School of Business.
Please reach out to one of our specialty experts if you would like to learn more about our capabilities or if you would simply like to ask them a question related to their area of expertise.
Collapse to hide these expertsVice President, Collections Manager at Chubb Personal Risk Services
Send An EmailLaura Doyle has over 10 years of experience creating tailored risk management solutions for private collectors. In addition to developing collections education for agents, brokers and wealth advisors nationwide, she underwrites collections of fine art, wine and collectibles, and consults on assessment, display, transit, storage, museum loans and disaster planning. She has a certificate in appraisal studies of fine and decorative arts from New York University and a CAPI designation from the Wharton School of Business.
Vice President, Family Office Practice Leader at Chubb Personal Risk Services
Send An EmailWith more than 18 years of industry experience, Kate focuses on personal insurance for successful clients—specifically, family office clients. She has developed an established track record working with family offices and is responsible for collaborating with independent agents and brokers to develop strategic opportunities that meet the unique needs of their valued family office clients.
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