By now, the case for cyber is clear on the commercial side. But high net-worth insureds have unique exposures that have driven many carriers to address cyber as a personal lines risk as well.
Heavy catastrophe seasons in recent years have hit the high net-worth personal lines market particularly hard. Here’s what you need to know to deliver the right insurance solutions to your affluent clients.
In December 2017, the value of bitcoin hit an all-time high of $20,000, making it the type of commodity owners need insured. But just a few months later, Tokyo-based exchange Coincheck reported a loss of around $534 million worth of coins to hackers.
Warren Buffet says, “Price is what you pay, value is what you get”—and according to independent agent Christopher Cay, nowhere is that adage more pertinent than high net-worth personal lines.
A carrier learns that an insured grows marijuana for personal use, which is legal in their state. Is this a valid reason for non-renewal or initial denial of coverage?
The more satisfied independent agents are with a carrier, the more business they will write with that carrier. But according to the J.D. Power 2019 U.S. Independent Insurance Agent Satisfaction Study℠, carriers are leaving a lot of money on the table.
For no additional premium, Midland National Life Insurance Company expanded the scope of its Premier Term life insurance product by adding accelerated death benefit endorsements for critical, chronic and terminal illness.
Traditionally, standalone long-term care insurance has targeted the affluent. But New York Life saw a need to provide this valuable coverage to middle-market consumers at a price point that suits more peoples’ budgets.
Consumer satisfaction with the personal auto insurance purchase experience hit an all-time low in 2018—and the decline is partially attributable to inadequate explanations of the tools and resources required to understand insurance premiums.
An insured has a dwelling fire policy written on special form. As the weather gets colder, the furnace activates, igniting a nest built by a squirrel that has taken up residence in the crawlspace where the furnace is located.
