Would you ever let someone who didn’t go to law school be your attorney?  Do you want an accountant that doesn’t have their CPA?  We are guessing the answer is no.  The scary fact is, over 70% of high net worth individuals trust the protection of their assets to insurance companies and agents that are not well equipped to handle the unique needs of high net worth individuals.  Townley Kenton solves this problem by providing the education, knowledge and company partnerships that are required to handle the needs of affluent families.

What are some of the primary reasons you need specialized coverage and advice?

Strategy and Advocacy– Constructing a personal risk management program for an affluent family goes far beyond simply issuing a standard insurance policy and forgetting about it.  The exposures faced by affluent families can be extremely complex including issues such as,

  • Trusts
  • Household Staff
  • Board of Directors Exposure
  • Rare vehicles and custom homes
  • Kidnap and Ransom exposures

Your personal risk advisor needs to account for all of your individual risks to properly construct a plan that does not leave your extensive assets exposed.

An insurance company tailored to your needs– Does it make sense for the same insurance company who insures a $100,000 home to insure your home as well?  Insurance contracts can vary dramatically and these differences can literally mean hundreds of thousands of dollars at the time of a loss.  Just a few of the areas that separate companies include,

  • Guaranteed Replacement Cost on your home.  Many contracts cap your rebuilding cost which could leave you vastly underinsured.
  • Total Loss Cash Out options- If you decide not to rebuild on your current lot after a loss, you will be paid your policy limits as opposed to a lesser amount.
  • Backup of Sewer and Drain Coverage- Most insurance companies cap this coverage at a very low amount.  High Net Worth Insurance companies provide you the full policy limits should a disaster strike in your finished basement.
  • Agreed Value Auto Coverage- Have you ever experienced a total loss only to be offered thousands less than your car is worth?  With agreed value coverage, you will know exactly what the insurance company will pay you up front and many times they will waive the deductible!

Liability Capacity- Unfortunately, in today’s litigious society there is always a target on your back.  When a plaintiff attorney discovers you live in a $3 Million home the incentive for bringing a large lawsuit just increased exponentially.  Many circumstances that lead to these suits may be out of your control but you will still be on the hook for defending or settling if necessary.  Some of the exposures that could create a large lawsuit include,

  • Your teenage driver gets in an accident that causes significant harm to someone.
  • The family dog severely bites a guest during a dinner party.
  • A contractor is injured on your property and claims your negligence was the cause.

With the capacity to write liability limits up to $100 Million, Townley Kenton will make sure you are able to rest easy knowing your assets are covered.

Adjusters and Appraisers accustomed to your lifestyle- In many cases after a loss, who your adjuster is can be the difference between the ultimate nightmare and actually being a fan of an insurance company.  Many insurance company adjusters have large caseloads and are used to dealing with people trying to take advantage of them all day.  With our High Net Worth company partners, you will be dealing with adjusters and appraisers who have a deep understanding of your lifestyle and will do whatever they can to minimize disruption during the unfortunate time of a claim.  Do you need special wood brought in from a specific area to rebuild your exposed beams?  Not a problem.  How about alternative living arrangements that actually compare to your existing home?  No worries.  We assure you, the phrase “the devil is in the details” is never more true than with an insurance claim.  Townley Kenton wants to make sure those details are a good thing and not the cause of more stress.

You worked too hard to accumulate your assets only to have them exposed with improper coverage or advice.  We look forward to putting our over seven decades of experience to work for you and your family.