Founders Platinum Accounts Unit oversees our high net worth clients who demand an advanced level of expertise and individual attention for their insurance portfolios. We insure not only Connecticut and New York City properties, but our Platinum client's international properties as well. Whether you have a historic home, a Manhattan Co-op, a multi-million dollar country home, or a collection of rare fine arts or jewelry, our Platinum Accounts Unit is equipped to handle the most complex of personal insurance coverage needs.
The Platinum Client
Our Platinum Clients routinely have personal net worth in excess of 3 million dollars and are concerned about protecting their family, business and personal assets. Many of our Platinum clients are dual residents of New York and Connecticut - sharing their time between their New York City co-op or condo and their country home in Connecticut. Our clients typically have large fine art schedules, classic or high end performance cars, extensive jewelry collections and other priceless possessions that require the knowledge of a seasoned insurance risk manager to insure they are protected correctly.
Our Platinum Clients are often entrepreneurs, entertainers, C-Level business executives and understand the importance of having a professional risk advisor overseeing their insurance portfolio. Our Platinum Accounts Team at Founders Insurance Agency understands the unique risks of our clients and works with them to develop a program that works for them.
Click on the video on the right to see Owners & Managing Partners, Bill Willis and Chris Garlasco talk about Founders Insurance Agency's Platinum Accounts Unit.
The Platinum Advantage
Our Platinum Clients are serviced entirely out of our Lakeville Connecticut office. Our Platinum Account Managers develop long term relationships with our clients ensuring they know the client's unique risks and are up to date on any changes in their insurance portfolios.
Platinum Accounts Clients can expect an annual review of their portfolio which can be done in person, on the telephone or via Skype. During this review, we will assess any changes, deletions or additions to your assets and adjust your portfolio accordingly.
When you choose Founders Platinum to oversee your home and prized possessions, you are selecting a level of support and expertise that you won't find elsewhere.
Founders Platinum is dedicated to the insurance portfolio that requires an advanced level of expertise and individual attention.
For more information about our Platinum Accounts Unit contact:
The Platinum Homeowners policy will offer the following:
- Personal Property coverage that is rated at Replacement cost versus actual cash value so your property will be replaced at today's current value versus a depreciated value.
- Guaranteed or extended replacement cost - Coverage varies depending on the home value and the carrier but whenever possible we will offer Guaranteed Replacement Cost on your home or at minimum and extended 50% replacement cost. If the value of your home is $1,000,000 and a total loss claim turns out to be $1,750,000 - A Guaranteed Replacement Cost endorsement would cover the 1.75 million, a 50% extension would cover up to 1.5 million.
- Cash out Option - many high net worth carriers such as AIG, Chubb, Pure and Cincinnati will offer a Cash out Option in the event of a total loss on your home. In the above scenario if your home is insured for 1 million dollars - you would have the option of taking the 1 million dollars as a cash out versus rebuilding.
- Loss of Use - This is a very important coverage in the event of a partial or total loss on your home if you cannot live in the home during renovations you will be reimbursed for alternative living arrangements. Many high net worth carriers do not limit the loss of use reimbursement - again this depends on the value of your home and the carrier that best fits your needs.
- Ordinance or Law Coverage - Many of our Platinum Accounts Clients have historic Connecticut or New York homes. These homes are not up to current zoning regulations - such as width of stairs, proximity to road, height of windows etc. With the proper Ordinance or Law Coverage your Platinum Accounts Home would be rebuilt to code at no additional cost - this would include moving the entire home if required by law.
Condos and Co-ops
New York City Condos and Co-ops have many unique insurance needs that require the correct policy coverages. We often see these policies incorrectly written with the properties underinsured. The two main differences between a Condo or Co-op and a standard homeowners policy are:
- Loss Assessment is a critical coverage that is often over looked on Condo and Co-op insurance policies. If the co-op or condo building incurs a major loss - such as roof damage, boiler mishap, elevator issues then all the owners in the building must share in that loss. Our Platinum Accounts clients are always offered the maximum limits carriers offer.
- Additions and Alterations (A&A) - Condo and Co-op owners must know what the master policy for their building covers and personally insure all the additions and alterations that were made to the unit. We strongly suggest supply your Founders Platinum Accounts team member with a copy of the condo/co-op master policy so we can insure the gap in coverage is properly insured. These contracts are very complicated and it is best to have a professional risk advisors review them, versus being underinsured at the time of loss.
Yacht and Watercraft
Our Platinum Accounts Yacht and Watercraft coverage oversees everything from a small boat that sits in a local marina to large international water yachts. Having the proper property and liability coverage for your watercraft is essential as often times these claims can be quite high. We also offer hurricane mitigation and crisis intervention - removing your watercraft to safer waters or land in the event of a storm.
- Fine Arts - Working with a team of professionals and carriers that understands the value, assessment and protection of your art collection is critical when choosing an insurance team. Our Platinum Accounts team will work closely with you to insure your fine art insurance is to value. We offer Loss Assessment mitigation as well to make sure your art will be with your family for generations. Mitigation includes advice on proper alarm systems, humidity control, transportation and storage options.
- Jewelry - Many of our Platinum Clients travel often with their jewelry. Having world-wide theft coverage as well as international transportation protection is critical for our clients. We work with the top carriers in the market such as Chubb, AIG, Pure, and Ace who also offer great options for clients who keep their jewelry in vaults either on or off site.
- Antiquities and other collectibles - protecting all treasures be it family heirlooms or personal collections takes the expertise of a seasoned risk advisors. Having your collections properly valued and insured will guarantee they will be enjoyed for years to come.
Domestic Workers' Compensation
- The majority of our Platinum Accounts clients have domestic workers such as nanny's, drivers, household employees, guards, and landscapers. These employees should be covered by a Workers' Compensation Policy - in many states it is required. If one of your employees gets injured on the job, it is the responsibility of the employer to cover their expenses.
Employment Practices Liability
- We live in a very litigious society where people get sued on a regular basis. Founders Platinum Accounts Employment Practices Liability Insurance (EPLI) will protect you against such suits from your domestic employees. This includes wrongful termination, sexual harassment and discrimination.
Excess Liability/High Limit Umbrellas
- The majority of our Platinum Accounts Clients have Excess Liability policies of at least 5 million dollars - this will cover them when the liability on their home and or auto are exhausted due to a claim. Unfortunately we are seeing more and more liability claims and it is important to not overlook Excess Liability as a part of your insurance portfolio.
Family Protection - Kidnap and Ransom
- High net worth individuals are often a target for kidnapping and ransom demands on an international level. This coverage will cover children traveling oversees that are abducted, extraditing families out of dangerous situations on foreign soil and ransom negotiations if needed. Many of our carriers offer family protection endorsements to their homeowners policies. When necessary we will offer a standalone Kidnap and Ransom policy for our clients above and beyond the endorsement limits.
Flood & Earthquake Insurance
- Depending on the area in which our Platinum Accounts Clients have homes - we strongly suggest including Flood and/or Earthquake Insurance to their portfolio - as these are excluded on a traditional homeowners policy.
Our Platinum Accounts Clients often have fleets of high end vehicles including performance and/or classic cars. These automobiles are insured quite differently than the standard personal automobile insurance policy.
- We offer Agreed Value versus Market Value on our Platinum Accounts automobiles insurance policies to avoid depreciation issues in the case of a total loss or theft.
- OEM - Original Manufactured Parts will be endorsed onto your automobile insurance policy insuring you will always have original parts versus after market parts keeping the value of your automobile intact.