February 9, 2018

Premier Clients Benefit From Multinational Services

When you own multiple properties and assets around the world, a multinational insurance policy can simplify your life. As the ultra-high-net-worth enjoy the world as their oyster, comprehensive risk management programs have blossomed to meet the need. Affluent individuals desire a strong insurance policy that meets their mobile lifestyle.  

With 43 percent of premier clients having residences in multiple countries, they want an insurance policy that holds no bounds. One that is tailored to their luxurious lifestyle, allowing them to travel and live their lives without a second thought to their property and possessions, regardless of where they are. When it comes to homes, cars, fine art and jewelry located around the world, it is challenging to find insurance that offers the same protection in different countries. But new multinational insurance policies are changing that.

What to look for in a multinational insurance policy and provider:

One Insurance Provider – This simplifies paperwork, provides streamlined billing, and offers unparalleled convenience while allowing more time for the activities clients enjoy. Having one point of contact for all insurance policies allows for standardized coverage, uniform billing, avoidance of coverage gaps, and comprehensive coverage. The client isn’t bombarded with questions from several agents, nor needs to “look up” a particular agent in a specific destination.

Unified Coverage – When one has large personal financial holdings, it’s important to have uniform coverage offering broad and flexible protection. Every detail of each home and its contents, from special wallpaper and antiques, to art, jewelry and collectibles, should be taken into account when determining limits. Whether assets are in the French Riviera or the Swiss Alps, a multinational insurance policy can provide unified coverage.

Single Point of Contact – One person handling questions, inquiries and renewals, means excellent client service. This should be someone trustworthy, who has excellent communications skills and is proactive, responsive, detailed and accurate. Look for someone who is detailed and will work through an issue until it is completely solved. Obviously, they should be available by phone, email and in person. You should also find out if they provide any extra services which could be beneficial, such as representing clients at risk assessments or inspections or working with business managers to collect pertinent policy information. We often work with a house manager in each residence, a wealth manger to ensure liability is sorted properly, and clients often call from the car or plane to tell me what they’ve purchased or are considering.

Expertise – Make sure your contact has experience providing world-wide insurance to global citizens. Your cover should be with one to two carriers maximum, depending on the risk. Look for a person who understands the nuances of the local market and who has proven their commitment to helping their client protect the lifestyle they’ve worked so hard to build.

Those with extensive multinational assets have exposures relating to home security, family safety and natural disasters. Proactively addressing these risks reduce the likelihood of claims and lead to savings. By taking these tips into consideration, you are protecting your assets, aligning coverage and simplifying your life.  

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