Whether you’re a large single-family (SFO), or multi-family office (MFO), you also know that wealth preservation and growth are primary drivers. We’re keenly suited to advise you on protecting wealth, and managing risk, given our holistic approach to organizing family assets through robust custom insurance. Likewise, as a natural part of our private-client services, we offer Distinguished Risk Solutions for the ultra high net worth.
We partner with virtually all SFO and MFO professionals to provide full-service, outsourced, personal risk-management solutions. When possible, we can leverage a family-office client base, by consolidating multiple risks under a single carrier. This helps, say, MFOs maximize broad coverage terms at the best possible pricing for many clients. Because of this buying power, our carriers will deliver the highest limits they’re willing to offer.
How We Add Value
To help our family-office clients demystify the insurance world, we assess current insurance programs, and provide detailed policy reviews. To keep clients up to date, we conduct quarterly calls to make sure nothing has slipped through the cracks. We also provide an annual Stewardship Report, which summarizes the prior year’s events. The document explores coverages, premiums and limits, goals set, and met. We’ll also refine your risk-management program for the coming year. Finally, the Report recaps all claims activity, home inspections, appraisals, and risk assessment, while showing any changes in limits, terms, conditions year over year, so clients are clear at the time of renewal.
At MSGPLA, we also aggressively support risk transference through other methods in addition to insurance policies. As a critical first step, before we investigate insurance markets, and secure policy quotes for your clients, we spend a great deal of time reviewing key third-party contracts, policies, and agreements. These can include, say, construction agreements for new builds or renovations, yacht charters, and domestic staffing agreements. We consider existing contractual commitments so we can best analyze and transfer risk. We perform this due diligence to make sure your clients are fully informed as to their exposures.
- Policy review and critique of existing programs
- Quarterly calls
- Annual Stewardship Reports
- Renewal reviews
We’re aware that family-office clientele have unique financial needs relative to other affluent individuals. Consider our additional coverages and services:
- Not-for-profit director-and-officer liability
- Employment-practices liability
- Background checks on domestic staff
- Kidnap and ransom
- Travel insurance
- Cyber crime