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Digital Subscriptions > Family Office Investor > Issue 4 > ARE YOU BEING COVERED?

ARE YOU BEING COVERED?

Tom Montgomery takes a light-hearted but insightful look at insurance, the pitfalls to avoid and how a family and its family office can navigate the complexities and options they have when choosing and maintaining their insurance coverage.

Now let’s be honest about this; insurance is possibly the dullest subject out there. Everyone hates paying for insurance, and insurance brokers are as popular as estate agents or the tax man! However, everyone needs insurance and everything is insurable. In the Lloyds of London market we have insured everything from Pamela Andersons’ breast implants and Jennifer Lopez’s bottom, to Elon Musk’s recent space rocket launch, to the most mundane such as warehouses in Northamptonshire and fleets of white vans.

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Family Office Insurance Underinsured

As a family and family office you all need to work out your risk appetite and how you’re going to structure your insurance and risk management. This will save you money on your insurance premium and give you reassurance that you are covered if a disaster happens.

There’s one thing that most UHNW families have in common, and that is they’re underinsured. This is increasingly true as asset values and personal liability risks increase. Industry stats in Europe estimate that seven of ten luxury homes are underinsured. Furthermore, many UHNWI don’t adjust their coverage limits in accordance with changes in the value of their assets or risks.

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