High Net Worth Insurance
Not a standard personal policy with the limits raised. A different contract, with terms a standard policy does not contain.
Households whose exposures have outgrown the contract, not just the limits.
The test is not a number. It is whether a standard policy contains terms that would actually work for the assets in question.
- Owners of more than one home, where liability has to follow the family to the secondary property.
- Owners of vehicles they would not want settled at market value after a total loss.
- Households that employ people, such as nannies or landscaping crews.
- Anyone who travels outside the country often enough that auto liability abroad and medical evacuation are real questions.
Raising the limits on an ordinary policy does not address what is different about a large set of assets.
The premise is that people with substantial assets have needs a standard personal policy was never written for. It answers that by bringing several areas of coverage together into one program built around the specific assets and lifestyle, rather than stacking off-the-shelf policy terms and conditions.
Where an ordinary policy stops being the right instrument.
- Market value settlement on something with no market price. On a vehicle that is rare or restored, the figure a standard policy produces after a total loss and the figure it would take to replace the vehicle are not the same number. Which shop does the work and whether the parts are factory-original are also terms of the contract rather than your choice.
- Liability that does not travel. A second home is a second place where someone can be injured, and liability coverage does not automatically extend there.
- Employing people at home is an employer exposure. Household help, from nannies to landscaping crews, brings exposures a personal policy was not designed to handle.
- Coverage that thins out at the border. Not every carrier extends coverage to people who frequently travel outside the country, so the travel coverages have to be present in the policy to be available.
The decisions that shape the program.
These are the terms worth specifying, because they are the terms a standard policy would have decided for you.
- Agree the value, and the repair terms, up front. Agreeing a vehicle's payout amount at the start of the policy removes the total loss argument entirely, and the repair shop and factory-original parts can be named in the policy rather than hoped for at claim time.
- Extend liability to every property, then go above it. If you own more than one home, the policy has to carry liability at the secondary home, and excess liability can then be added on top for higher limits across the program.
- Treat travel as its own set of coverages. Auto liability outside the country, kidnap and ransom, medical evacuation and identity theft are separate options, and they are the first ones to confirm if international travel is routine.
High net worth questions we hear most
How is this different from just raising the limits on my current policies?
Limits are only one dimension. This coverage is built on different terms: agreed value settlement, the repair shop and parts you choose, liability extended across multiple homes, and travel coverages many standard policies do not offer at any limit.
I own a second home. Does my liability coverage follow me there?
Not automatically. A second home is a second place where someone can be injured, and the policy has to carry liability at that property for it to respond. Once liability is in place at every property, excess liability can be added on top to raise the limit across the whole program.
We employ a nanny and a landscaping crew. Is that covered by our homeowners policy?
Employing people at home is an employer exposure, and a personal policy was not designed to handle it. Household staff, from nannies to landscaping crews, is one of the specific reasons a program is assembled rather than assumed.
What should we confirm in the policy before travelling abroad regularly?
Auto liability outside the country, kidnap and ransom, medical evacuation and identity theft are separate options rather than standard inclusions. They have to be present in the policy to be available, so they are the first things to confirm if international travel is routine.
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Let's put the right policy in place.
Oxford Risk LLC is an independent agency. We represent you rather than a single carrier, which means we can place your coverage with the company whose appetite actually fits your risk. Tell us what you need to protect and an advisor will take it from there.
- Call (330) 315-3081
- Hours Monday - Friday: 8:00 AM - 4:00 PM
- Offices Fairlawn, OH, Cranberry Township, PA, Columbus, OH, Livonia, MI