Personal Risk Managers structure insurance and risk management programs to protect the unique lifestyle of their high net worth clients.

Thoroughly protecting the lifestyle of the affluent and high net worth client by insurance and risk management is the focus of this course. Learn to evaluate the often specialized coverage needs and gather the necessary information used by insurance companies to insure and risk manage these lifestyle exposures.

Topics Included:

• Marine: Yachts, Seaworthiness, Captain and Crew, and more
• Aviation: Ownership and Usage Arrangements, Policy Warranties, Coverage Enhancements, Drones, and more
• Kidnap & Ransom/Travel: Exposures and Control Methods Specific to Kidnap and Ransom, Kidnap Expense Coverage Provided by a High Net WorthTotal value of all assets minus all liabilities. More Homeowners Policy, Expenses Covered and Services Provided by a Stand-Alone Kidnap and Ransom Policy, Risk ControlAny conscious action or inaction to minimize at the optimal cost, the probability, frequency, severity, or unpredictability of loss; a step of the Risk Management Process. More Methods Specific to Travel, Coverage and Services Provided by Travel Insurance, and more
• Employment of Domestic Employees: Employment Practices Exposures, Pre-Employment, Employment, and Post-Employment RiskUncertainty that may be either positive or negative arising from a given set of circumstances. Common definitions also include: 1) chance or probability of loss, 2) uncertainty concerning loss, 3) possibility of a variation of outcomes from a given set of circumstances, and 4) difference between expected losses and actual losses. More Control Methods, Comparison of High Net Worth Umbrella/Excess Policy EPL EndorsementUsed by an insurer to clarify or make revisions to particular provisions of a policy. Also called “riders.” More to a Stand-Alone EPL Policy, EPL Reporting Requirements, Workers Compensation Coverage Provided by a Homeowners Policy, Understand 3.A.and 3.C. in a Workers Compensation Policy, and more
• Farm, Ranch and Equine: Determine when an Activity is Incidental or a BusinessIncludes trade, profession, or occupation. More, Identify and Analyze Farm and Ranch Exposures, Equine Activities Including Riding/Training/Boarding/Breeding, Farm Property Covered Under Farm Personal PropertyAll tangible property not classified as real property. See Real property. More or Additional Farm Structures, Animal MortalityThe measure of the probability of dying at a certain age. Mortality rates usually reflect the actual experience of an insurer with its insureds, adjusted for expected future changes. More, Risk Control Methods, and more
• Business Exposures: Determine when a Business ExposureA situation, practice or condition that may lead to an adverse financial consequence; an activity or resource; people and assets More Should InsuredPerson(s) protected under an insurance contract. on a Commercial Policy, Identify and Analyze Uses of Homes and Premises By High Net Worth Clients That Create a Business Exposure, LimitationsHealth insurance plans that contain certain limitations that impose internal limits or “caps” on specific types of medical care. More in the Homeowners Policy for Business Property and LiabilityLegal responsibility or fault. More Exposure, Coverage Provided by Endorsements to a High Net Worth Homeowners Policy, Risk Control for the Business Exposure, and more

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Gain valuable knowledge of the high net worth market and how to better serve your affluent and high net worth clients as their Personal Risk Manager. 

Learn the steps of the risk management process for affluent and high net worth clients and the importance of incorporating risk management when structuring their insurance programs.

Topics Covered:

• • Introduction to the High Net WorthTotal value of all assets minus all liabilities. More and Affluent Market

Learn how the source of clients’ wealth, complex planning needs, and loss exposures created by family and lifestyle issues increase clients’ exposures to loss. This course teaches you the skills Personal RiskUncertainty that may be either positive or negative arising from a given set of circumstances. Common definitions also include: 1) chance or probability of loss, 2) uncertainty concerning loss, 3) possibility of a variation of outcomes from a given set of circumstances, and 4) difference between expected losses and actual losses. More Managers need and the benefits they provide to affluent and high net worth clients. You will also cement your understanding of the importance of confidentiality and communication, the benefits of Total Account Approach, and more.

• • The Risk ManagementProcess of managing uncertainty of exposures that affect an organization’s assets and financial statements using five steps: identification, analysis, control, financing and administration. More Process

Steps In The Risk Management Process, Various Tools And Methods Used To Identify Clients’ Exposures To LossA reduction in value. More, Analyze And Prioritize Identified Exposures Based On FrequencyThe number of losses occurring in a given time period. More And SeverityThe dollar amount of a given loss or the aggregate dollar amount of all losses for a given period. More, Risk ControlAny conscious action or inaction to minimize at the optimal cost, the probability, frequency, severity, or unpredictability of loss; a step of the Risk Management Process. More (Mitigation) Techniques, and more.

• • Risk Management – ApplicationThe statement of information given when a person applies for insurance. The insurer underwriter uses this information as a basis in determining whether the applicant qualifies for acceptance under the company’s guidelines. Applications are attached to and made a part of most contracts. More to Property and LiabilityLegal responsibility or fault. More

Identification, Analysis and Control of:

Property Exposures: Homes, Other Structures and Other Real PropertyLand and most things attached to the land, such as buildings and vegetation. More, Personal PropertyAll tangible property not classified as real property. See Real property. More, Collections, Automobiles, and more.

Liability Exposures: Premises, Automobile, Personal Injury, and more.

• • Risk Management – Application to Lifestyle

Identification, Analysis and Control of:

Reasons Clients Employ Domestic Staff, Security/Financial/EPL/Statutory Risks Associated with Employing Domestics, Risk Control Methods, and more.

Media Profile, Travel, Kidnap Ransom, Philanthropy, Passions Including Animals and Extreme Sporting, Children, and more.

• • Risk Management – Application to CAT Exposures

Identification, Analysis and Control of:

Flood, Hurricane, Tornado, Earthquake, Earth Movement and Wildfire; and Application of Residential Loss ControlSee Risk control. More.

• • Emergency Preparedness

Application to High Net Worth Clients, PlanningThe process a risk manager takes to predetermine a course of action; an element of the managerial process. More, Assessing Vulnerability of Threats, Insurance Company Role in Disaster Planning, and more.

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Learn how to develop and sustain a high net worth client division with effective relationship management.

This course will help you to understand the complexities of serving high net worth clients. Develop a first-class affluent and high net worth personal lines division within an agency and feel confident with the added value that knowledge and expertise provide for complex personal lines accounts.

Topics Included:

• Client Stewardship
• The Claims Process
• Effective Insurance Practice—Serving the High Net WorthTotal value of all assets minus all liabilities. More Client
• Managing Your Book of BusinessIncludes trade, profession, or occupation. More: Commitment and Confidentiality
• Mitigation and Managing the ClaimA demand or obligation for payment as a result of a loss. More Process
• Development of an Affluent and High Net Worth Division
• Admitted vs. Non Admitted (Standard vs. Surplus Lines)
• E&S and International Coverage
• Panel Discussion—Markets; Dealing with the Client

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Affluent and high net worth clients have complex needs and may not be aware of the risks and exposures they face.  Learn to apply risk management tools and diagnostic skills to create a comprehensive risk management and insurance programs for these clients with sophisticated lifestyles.

This course is an analysis of primary personal lines policies available for insuring the complex lifestyle of the affluent and high net worth client. You will learn to explain and apply the differences in key coverage areas between standard policies and various policies designed specifically for these clients.

Topics

• Property Coverage Differences – Residential
• Property Coverage Differences – Collections
• Property Coverage Differences – Automobiles
• LiabilityLegal responsibility or fault. More Coverage Differences – Primary Liability Residential
• Liability Coverage Differences – Automobile
• Liability Coverage Differences – Excess Liability Coverage
• Special Event Coverage for the Affluent or High Net WorthTotal value of all assets minus all liabilities. More Client

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Communicate with your high-profile clients—learn the process of selling and delivering sharp proposals that high net worth clients expect.

This workshop-style, hands-on session helps you to understand both the broker side and the company side of serving these clients. Successful role play is a part of the course and is a great way to polish your skills and test your knowledge.

Topics Included:

• Preparing To Win The BusinessIncludes trade, profession, or occupation. More
• The Client Buying Decision Process
• The Process of Selling: The Diagnostic AppointmentProviders are selected or appointed to represent the organization for all insurance coverage or for a specific purpose; an insurance procurement provider selection method. More
• Advanced Client CommunicationProcess of exchanging information using a shared set of symbols and a means of transmission; can range from very informal to very formal and from interpersonal to impersonal. More
• A Practical Approach – Presentation and Referrals

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