Do your clients own multiple properties and ever-changing assets across the country?
Blanket property insurance is a traditional commercial program more and more often being adopted for families. It provides a broad solution for risk management challenges commonly faced by ultra-high-net-worth families.
Families and family offices often deal with family members who use different insurance agents and carriers for different properties across state lines. Their assets change constantly. They don’t consult each other about policies. That can create coverage gaps and policy cancellations.
A key advantage to blanket programs — and where they get their name — is the ability to set one coverage limit that “blankets” all properties to be insured. Individuals and families with multiple homes in multiple states with an aggregate replacement cost of $25 million (dwelling value) or more benefit the most from blanket property programs, according to Chubb.
Why pull the driver out on a Par 3, if you only need a 9-iron?
Unlike standard policies, blanket property programs aren’t limited to “off-the-shelf” coverages, deductibles and services. Policy language and services can be customized specifically for the needs of the family.
That flexibility means the pricing and terms of a blanket program can be based on the family’s unique risk profile. It is often more cost-effective because it eliminates overlapping coverages on multiple policies.
In a nutshell, blanket policies offer families (on a per-event basis):
Mike Rosser leads the Private Client practice at CCIG.Back to Resources