Approach
Personal Risk Management
Rare exposures and daily risk are normal for affluent lives. Why not protect your wealth differently? To meet diverse needs, we’ve broadened elite insurance coverage to include strategic risk management. We’re proud to work with some of the most prestigious insurance firms in the nation. This helps us manage your risk, and secure competitive rates, whether you live in the U.S. or abroad.
Buying a policy is but one option. When it comes to managing risk, we can help you avoid it, reduce it, or transfer it. Given our credential, we’re on a short list of firms who can target your particular risk profile and risk tolerance, and customize a policy. How’s it done? We delve deep from the start to create a “Risk Profile Assessment” (RPA). This document gives birth to a structured, four-stage process that helps us find exposures, close gaps, and offer you maximum, and premium, credits.
Stage One
Exploring Exposures
The RPA we create is detailed for a reason. We can only address underlying exposures through the right questions. For instance, correct personal information like birthdays and social-security numbers can insure your proposal is rated correctly, and you secure the best premiums. We also do a gap analysis—meaning we look at strengths, weaknesses, duplications, and omissions in your current coverage.
Stage One
Exploring Exposures
Claims Analysis. Keep in mind that insurance carriers look at your history, i.e., how many claims have been made? Have past losses been severe? Have similar losses repeated? Our involvement helps address these problem areas. We make sure polices get written, future claims get approved, and help prevent a need for future claims.
Stage Two
Creating a Strategy
Using the findings from Stage One, we’ll discuss exposure and risk. We’ll also review existing policies to make sure they adequately cover current exposures. Likewise, not all potential losses are insurable. If, say, “risk vs. reward” doesn’t add up, you may choose to ignore a certain exposure. In general, deductibles can range from $100 to $100,000, depending on how much risk you want to absorb.
MSGPLA has a wider knowledge of insurance markets and carrier partners than most firms. As a result, our clients can take advantage of quality policy options with different deductible from multiple insurers. To keep it easy and transparent, we present detailed “proposal comparisons.” Our clients then choose competitive overage that best suits their needs and lifestyles.
An Open Mind. While consolidating your exposures with a single carrier is one way to lock in superior coverage and pricing, given your particular wealth circumstances, this might not be ideal. To find the right path, we’ll have a thorough give and take. And consolidate with one carrier only when it makes the most sense.
Stage Three
Protecting Your Assets
Paying Close attention. At MSGPLA, we make sure clients use multiple techniques to manage risk. “Contractual risk transference,” is a vital, and often-overlooked, avenue. Before we explore insurance markets, and negotiate coverage terms, we make sure to review a client’s key third-party contracts, policies, and agreements. These can include yacht charters, construction agreements for new builds or renovations, or maybe the paperwork on a vacation rental. In a word, we don’t overlook your existing contractual commitments. It’s a baseline for analyzing and transferring risk, and helps us best perform due diligence regarding your personal risk profile so we’re fully informed as to your exposures.
Stage Three
Protecting Your Assets
Once you choose a program, we’ll execute the order and issue interim binders, until such time as the carrier issues a complete policy. We’ll then review, and correct any errors or inconsistencies.
Risk-Management Services. Once a policy is in place, through our carrier partners, we help conduct things like background checks for domestic staff, and personal-security assessments.
Our partners can also help evaluate your fire, flood, hurricane, and earthquake preparedness, along with reviewing evacuation plans. To prevent greater loss and maximize policy credits, you’ll get advice on things like shutters and wildfire mitigation strategies.
Stage Three
Protecting Your Assets
Claims Counseling and Advocacy. Should you need to file a claim, we’re here every step of the way. You can call us to first report an incident. We’ll then pass the information to the appropriate insurer(s), and advocate on your behalf with adjusters. This is where MSGPLA adds real value. For instance, there may be a case where submitting a small claim could have a negative, long-term impact on the cost of, and ability to obtain, future insurance and risk-management programs. We’ll counsel you on all your options before you submit so you’ll have a complete understanding of the ramifications. We also have relationships with white-glove, damage-restoration services firms, high-end residential contractors, and damage quantification/valuation specialists. In this way we can help you best assess when to engage your insurance, and when, perhaps, to handle an issue out of pocket.
Stage Four
Staying In Touch
During your policy term, changes in exposure are common. Whether it’s a new car or yacht, new properties, the sale of artwork or jewelry, international travel, or home renovation, these are just a few of the events that affect your overall insurance needs and potential risk.
Stewardship Report. When your coverage needs to be renewed, we’ll present a Stewardship Report, which will summarize and recap the previous year’s events.
Stage Four
Staying In Touch
We’ll explore coverages, premiums and limits, along with goals set, and met. We’ll also refine your risk-management program for the coming year. The report will also recap all claims activity, home inspections, appraisals, risk assessment, and more.
Life happens.
Give us a call to learn about coverage terms and limits, competitive premiums, and more.