Property Casualty Insurance

Private Wealth—Management of Property and Casualty Insurance (P&C)

At Private Wealth, nearly every client we serve needs property and casualty insurance. We can also say, without a doubt, that nearly every client dislikes dealing with both insurance and the companies that provide property and casualty coverage. Our clients do not like the mountains of paperwork generated when buying the insurance or at the annual renewals. People become frustrated trying to understand what is and what is not insured, what the policy exclusions are, and whether this is the best price and value they can get.

You might be asking—Isn't this what the insurance broker is for?

All of us at Private Wealth have been helping families like yours simplify P&C insurance for a very long time. We can help avoid a major loss by checking the fine print. We can ensure all current assets are covered. We can save money by removing coverage for assets you no longer own.

We help our clients manage their insurance through the largest property and casualty insurers. We actively meet with the brokers and make sure that everything that is on each client’s current balance sheet of assets is covered. We ask the difficult questions about who the broker specifically bid the insurance coverage with to be sure our clients are getting the best value for the money spent. We review the deductibles and make recommendations as to whether they should be increased or decreased to lower the cost or increase the benefit. We require the brokers to review every policy exclusion and then invest time with our clients to evaluate these exclusions.

One of our founding partners recently shared a story of an unfortunate loss that could have been avoided. “One of our client’s neighbors had an elaborate dock with multiple watercrafts stored in that dock on a lake in Iowa. A large storm hit, and all was destroyed. The neighbor later found out that his loss was not insured because the policy had an exclusion for damage caused by wind. For most anyone that knows Iowa, a leader in wind generation, this policy exclusion should have been rejected. However, the neighbor had not read the fine print and didn't have a business consulting firm like Private Wealth managing the broker to make sure that all the policy exclusions were reviewed. The net result was a complete loss for the neighbor.” We are here to make sure our clients don’t sustain a loss due to this type of oversight.


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