The Cut & Dry: Breaking Down Private Client Insurance

What is Private Client Insurance?

A private client insurance package is a tailored insurance plan for clients who have complex insurance requirements, valuable personal assets, extensive wealth, or simply desire personalized solutions to a unique situation. Private client insurance breaks from the standard insurance policy mold by underwriting unique protective requirements specific to a client’s financial or personal situation.

Private client insurance was created to support a niche group of clientele that require a higher level of continuous attention and an extra touch to protect assets of greater magnitude.

While this type of insurance coverage is not necessary for everyone, it’s extremely useful and important for many individuals.

What to Know About Private Client Insurance

Private client insurance programs are present at almost every insurance agency. Therefore, when selecting an agency to represent you it’s important to make sure they offer the most extensive private client services.

First and foremost, a private client insurance plan should be tailored to meet the client’s specific needs considering personal risk, wealth, assets, individual or multiple businesses, and personal/professional goals.

Standard insurance policies consider all of these aspects to a lesser degree. It’s generally up to the client to make sure that the plan fits their needs. With a private client insurance policy, it’s up to the representing agent, a Private Client Advisor and/or an Account Service Manager, to make sure that the plan meets the clients needs.

  • Personal Risk Assessment

Personal risk assessment involves the evaluation of the client’s lifestyle. Usually the assessment considers four areas: personal, liability, business, and property. Once a client’s risks have been identified, the agency and the client work together to determine minimizing, transferring, eliminating, or covering the identified risks.

  • Long-Term Goal Representation

One of the most important and often overlooked aspects of private client insurance is the incorporation and review of long-term goals.

Per Financial Engines, “long-term goals usually take more than five years to accomplish and require a disciplined saving and investing strategy over a long time period. The most important long-term financial goal for everyone is to save for retirement.”

When it comes to insurance, the ability to meet long-term goals is linked directly to the level of protection and the personalization needed. Long-term goals are also an indicator of the level of management that an individual client portfolio will require. This piece of information offers your Account Service Manager an outline of how to provide the best possible service over.

  • Underwriting Representation

Researching your prospective insurance agency is incredibly important when it comes to private client insurance. While standard insurance policies are similar across the board, private client insurance has small and large nuances that could affect your level of protection. One of these aspects includes the insurance underwriter either on staff or outsourced via your insurance agency.

Per Investopedia, “Insurance underwriters, much like mortgage underwriters, review applications for coverage and accept or reject an applicant based on risk analysis. Insurance brokers and other entities submit insurance applications on behalf of clients, and insurance underwriters review the application and decide whether or not to offer insurance coverage. Additionally, insurance underwriters advise on risk management issues, determine available coverage for specific individuals, and review existing clients for continued coverage analysis.”

An underwriter has a great amount of power when it comes to the ability for a client to be covered. Therefore, it’s important to pose the question to your insurance agency before signing up.

  • Supportive Management

Life is punctuated by constant upheaval. New situations arise and circumstances change. Therefore, it’s important to consider an insurance plan that is not only flexible, but one that is also expertly managed via an individual Account Service Manager.

Account Service Managers work for various types of companies offering one-on-one account management, especially for complicated or large accounts. For insurance agencies, their primary goal is to nurture the relationship between the client and their insurance provider, while keeping to their client’s best interests. Account Service Managers should be skilled administrators and have a real-world personal flare.

With that said, the most important aspect of an ASM is their ability to manage their client’s portfolios, from the initial risk assessment, to goal alignment, and even in wealth management.


Surmount Insurance Services (SIS) offers guidance and advice backed by the expertise of their executive team. For more information or to speak with a representative directly, feel free to contact us.


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