Producers who know the ins and outs of securing coverage for an art collection, expensive wine cellar or million-dollar foreign sports car may find that this expertise gets their foot in the door with some highly desirable clients.
“Agents and brokers may think the commission rate [on collector car policies] is not worth developing the expertise—but they need to think more broadly,” says Paul Morrissette, president of Chubb Insurance Solutions Agency and an expert in the collector-automobile coverage.
Related article: Growing Art Market Offers Untapped Opportunities, Access To Wealthy Clients
|Consider this: Morrissette shares that he was at a car auction and struck up a conversation with a gentleman who admitted to having a $10 million collection. Morrissette quickly revealed he worked for Chubb and had an agent send a proposal.
Turns out, the man Morrissette was speaking with is president of a garment company—for which Chubb now writes the commercial insurance.
Producers looking to get smart about this possibly ideal entrée to high-net-worth individuals have a number of places to turn.
“With literature and continuing education courses, we make sure the brokers stay current,” says Katja Zigerlig, vice president of art, wine and jewelry for Chartis' Private Client Group. “The product is complex, and producers need to stay up to speed as the landscape changes.”
Zigerlig adds that, in addition to its efforts with traditional sources of business, Chartis also hosts luncheons with non-insurance players, such as wealth managers and art advisors, in an attempt to get them to explain the virtue of insurance to their clients. “You need to engage in outreach to get your message across.”
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