Private Risk Management
Private Property & Casualty insurance is an important, often overlooked and mishandled, component of financial planning. At Baldwin Connelly, we take a unique approach to Private Risk Management.
The “one-size-fits-all” theory rarely applies, especially when it comes to personal insurance for the affluent. In the past, consumers chose from a limited list of coverages, limits, and deductibles. In today’s world, there are more choices, more complex issues, and a spectrum of unique coverages. Purchasing the proper peace of mind can require a healthy dose of research... unless one hires the right broker to work on one’s behalf.
Finding the right broker is just as, if not more, important as choosing the right insurer. For those with considerable assets, it is even more imperative to find a broker who has the expertise, creativity, and inquisitive nature to provide peace of mind. These unique financial circumstances and challenges demand customized solutions that meet precise requirements. Baldwin Connelly goes well beyond the functions of a traditional broker to explore the financial, social, and human dimensions of families of substantial means.
Our approach to managing private risk
We specialize in the design, placement, and ongoing service of integrated property & casualty insurance programs for families with considerable assets and complex needs. We employ a thorough and unique risk management approach in which we combine commercial risk management tactics, cutting edge technology, and our personal insurance acumen and discretion. In this fast-paced area of insurance, where highly specialized knowledge is critical, our goal is to become a leader in innovation and experience. In our view, risk can be managed through four approaches:
1. Risk Reduction
2. Loss Mitigation
3. Self-Retention
4. Insurance Placement
Strategic Risk Assessment to Program Implementation
Our risk management process begins with gaining an understanding of your needs and goals. We then create the path to achieve those goals and a long term risk management strategy.
- Determine both physical and intangible assets
- Quantify the financial loss potential, determine risk tolerance, and identify gaps and inconsistencies
- Review ownership structure and current insurance policies to ensure liability protection for all entities involved
- Evaluate potential loss prevention measures and review loss history
- Craft coverage recommendations (coverage options, deductibles, limits, exclusions, and costs)
- Compare a selection of insurers with financial strength and liberal claims philosophy
- Implement program structure and limits of coverage, often in conjunction with other trusted advisors, such as a family office, accountant, or lawyers
On-going Program Maintenance
Our exclusive focus allows us to better manage the unique issues facing the affluent client and streamline our processes to give our clients the best coverage at the most competitive price. With pro-active program maintenance and impartial consultation, we perform industry-leading risk management stewardship.
Our highly personalized service spans over a broad range of areas, including the non-financial aspects of our clients’ lives. Together with the insurer, we offer a vast array of services to complement our insurance product offerings. These services include:
- Financial and life management technology
- Extended claim advocacy and monitoring
- Online account access for your entire insurance program
- Art Collection management
- Outlined stewardship schedules
- Severe weather plans in our Marine & Aviation Practice
- Eco-system partners / pre-arranged referral discounts
Products
We offer a vast array of personal risk management products, including:
- Homeowners – including historic, custom, coastal, secondary, foreign, co-operatives, condominiums, investment, and rentals
- Vehicles – including high-value, sports, specialty, antiques, collections, motorcycles, recreational, and golf-carts
- Collections – including art, jewelry, wine, and furs
- Liability – up to $100M limits available, Policies with broad coverage and high limits to protect against catastrophic financial losses
- Equine and Farms – horse mortality, horse farms and liability
- Aviation - jets, helicopters, and other privately owned aircraft, as well as hangers and private runways
- Watercraft – all types of vessels ranging from sailboats to mega-yachts
- Family Office Coverages
- Domestic Staff - Workers' Compensation, Employee Practice Liability Insurance (EPLI)
- Kidnap, Ransom & Extortion - Services to control risks before, during, and after a kidnapping
- Directors & Officers Liability
- Disability Income Protection, Accidental Death & Dismemberment (AD&D)
- Life Insurance
- Long-Term Care
- Individual Heath Insurance and Medicare Supplements
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