High net worth programs also cover a wide range of other personal property. Valuable collections including jewelry, fine art, wine and antiques can all be covered, either as scheduled items or with a blanket policy. Although these types of policies can be provided elsewhere, there are normally limits on how high the value of these items can be on other policies. High net worth programs can handle $500,000 of coverage or more for valuable items and collections. In addition, coverage is extended worldwide for those who travel internationally, which is not always the case.

Other coverages available include yachts, airplanes and aviation, kidnap and ransom, employment practices and workers compensation for private staff. Policies are extremely comprehensive for such yacht policies, including fine art coverage for items kept or transported on the yacht and additional living expenses, to name a few. Worldwide navigational limits, pollution protection and crew coverage are also standard for many high net worth yacht policies. The aviation policies cover jets, helicopters and other privately owned aircraft, along with hangars and private runways. Kidnap, ransom and extortion coverage can go as high as $50 million and includes consultation and training.

Obviously, virtually unlimited coverages exist for high net worth individuals. However, it is uncommon for most agencies to come across private jets and runways, enormous yachts, or customers seeking kidnap and ransom policies. But it may not be unusual to find a client with a home worth as much as $10 million, with a few vacation homes here and there and some high-valued cars and valuable items.

In most cases, the place to start with a client in this economic range is with the primary home. Creating a niche in this market can be very lucrative. While companies such as Chartis and Chubb cater to any range of high net worth individuals, there are several other companies who are more focused on this $1 million to $10 million range, creating greater competition.

The advantage of going with a specialty market for high net worth homes is the many perks and additional coverages included in the homeowners' policy. Some of these include landscaping coverage, lock replacement, back-up of water and sewers up to the policy limits, and true guaranteed replacement cost. This includes unique and historic residences with no limit above the stated Coverage A amount. These programs also include higher standard coverage amounts for fraud and identity theft protection, equipment breakdown, valuable items, loss assessment and ordinance and law requirements, with additional enhancements available in these areas.

Along with increased coverages, high net worth insurance programs also help with managing the client's risks and loss prevention. On-site inspections go beyond simply evaluating the replacement cost of the home, but also make recommendations to help protect the insured's assets and prevent possible losses. Chartis even goes so far as to provide a wildfire protection unit and a hurricane protection unit. These are mobile units that will respond before a claim has even been filed to protect their insured's homes in the even of such a catastrophe.

In the event of a claim, the claims service of specialty high net worth insurance programs are second to none. They will immediately address damages and take measures to prevent further losses to the insured.

Although having the right coverages and insurers available for potential high net worth clients is important, a high level of customer service is also critical to writing this kind of account. Individuals with so much to lose want to know that they can count on their agent, not only to find the best policies at the best prices, but to be there to make sure their assets and families are properly protected. The competition is definitely more about service than simply about the best price, although price is always a factor. Just because you own a $5 million home does not mean you will pay anything for insurance; having options can be important as well.

As an agent, getting to know these clients and creating a strong relationship is imperative to writing and retaining business. Annual reviews go a long way toward keeping these accounts up to date and giving the client peace of mind. The companies can help with this as well, such as Chartis' detailed risk management reports or PURE's annual membership reports their policyholders. Chartis, Chubb, PURE and others featuring such programs also make it a point to develop strong relationships with the agencies that represent them. In a marketplace like this, where relationships are critical, strong partners such as these will help keep your high net worth clients coming back year after year.