On Leading Risk Management Services
As Head of Risk Management Services, I set the vision and strategy to best protect our clients’ assets and to align with Private Client Select’s broader strategy and ensure that our clients’ homes are insured to value. Our Risk Management team builds strong client relationships and provides proactive consultation and loss prevention solutions for our high-networth clientele. We connect our clients with best in-class service partners to make their homes more resilient, protect their collections, and minimize claims activity. My role includes daily collaboration with our broker community and PCS’s underwriting, marketing, and claims teams. Additionally, I still service a select number of high-net-worth client accounts, serving as their point of contact for all risk management needs. It is a joy to still interact with clients and stay plugged into their needs. I know I am biased but I have the best risk management professionals in the business on my team!
Client Consideration for Collectible Assets
Clients are passionate and have a strong emotional attachment to their Collections, whether they collect art, handbags, automobiles, wine, sneakers or sports memorabilia. The categories are endless! Clients need to ensure that their collections are properly documented, appraised by qualified professionals, and properly stored. They also need to consider transit, security, and installation protocols, especially in areas prone to calamities or weather concerns. Do they have an evacuation plan in place, or is the collection better to be kept in place prone to hurricane or wildfire areas? There is a lot that goes into risk management for Collections. Our top-notch Art Services and Risk Management teams at Private Client Select assist clients with protecting what matters most to them.
Risk Management Evolving to Being Proactive from Reactive
In addition to providing national valuation services, my team and I also annually interview contractors across the country to keep abreast of trends, pricing.
I have been in the insurance business for 27 years, and I would say that in the past 10 years, I have seen the shift of clients being more proactive rather than reactive. This has been a result of more stringent underwriting guidelines and the frequency and severity of weather and climate events. Insurance carriers have also provided more education and communication regarding loss prevention solutions. One example is the advent of smart home technologies that can alert the homeowner to water leaking in the home and can even automatically turn off the water to the home, if an unusual flow is detected, which can prevent a major water damage loss. There are also many resources that clients can access to educate themselves on how to make their homes more resilient. Clients are rewarded by their carriers for proactively protecting their properties in the form of premium credits and consideration when an underwriter is pricing a policy.
Risks Reshaping Private Client Risk Management
Climate change will continue to be a factor as hurricanes and wildfires continue to increase in frequency and severity. Technological risks, mainly cyber security and data privacy, will continue to be issues as more of our lives are online. The future of private client risk management will rely on the industry’s ability to react and adapt to these risks.
Risk Management Advice for Clients
A recent issue that I have seen is under insurance, that is, inadequate insurance coverage to rebuild a home at the time of a total loss. In addition to providing national valuation services, my team and I also annually interview contractors across the country to keep abreast of trends, pricing, etc. Lately I have been increasingly seeing that clients are underinsured as they come to us. Clients should become familiar with construction costs in their areas by consulting with professionals, including trusted insurance advisors. I recommend partnering with a trusted insurance advisor to implement a holistic risk management plan to address your unique insurance needs.
