Is your social life putting you at risk? Hosting frequent events and fundraisers can pose liability concerns for homeowners

Situation: Frank Crystal & Company was called upon by a prominent wealth management firm to asses the personal insurance program for a high-profile client. Frank Crystal is a primary resource for the firms personal risk management needs; a service the firm provides to its clients.

Within one day, Frank Crystal executives presented a thorough verbal critique to the advisors allowing them to confidently explain gaps in coverage to their client. After a successful meeting, Frank Crystal was asked to compile a comprehensive review and market comparison on behalf of the wealth management firm’s client.

Concerns:

• Extensive entertaining – concerns were raised regarding the clients risk management due to frequent fundraisers and events hosted at the client’s home.  The client hosts over 20 events each year.
• Liability coverage was insufficient

What We Did:

Frank Crystal addressed each concern in a thorough Risk Management plan. Clearly outlined how Frank Crystal executives would work with the wealth management firm, and the events coordinators, to properly manage the risk associated with each event and request certificated of insurance from party vendors.

Frank Crystal was also able to provide significant savings by offering Liability Coverage under the wealth management firm’s Group Excess program, replacing the individual policy.

Result:

The wealth management firm was able to effectively present their client with a cohesive risk management program at a reduced premium, portraying themselves as valuable advisors in the eyes of their client.