Case Study

Affluent Couple Has Broker Asleep at the Wheel

  • Client had been insured under one insurance broker and carrier for many years. The coverage renewals were regarded as business-as-usual.
  • Current policies did not provide complete coverage, including price bundling, or modern provisions.
  • Our Lifestyle and Insurance Program Review revealed multiple areas of underinsurance in both property and workers’ compensation.
  • Symphony Wealth was not only able to deliver a more responsive and modern program with higher limits, but did so with only a marginal cost difference.

The Challenge

An affluent couple had been insured through a broker for many years, and Symphony Wealth was invited to review their long-standing coverage and conduct a full, no-obligation assessment. It  was soon apparent that current policies did not provide complete coverage and lacked modern provisions in line with today’s enhanced coverage options or bundled price advantages. Over time, the value of the clients’ assets had increased substantially – but the previous broker had not reassessed the assets or risks since the policy was first written.

The Solution

The Lifestyle and Insurance Program Review we conducted revealed the following:

  • The home was underinsured by a factor of 100%, meaning that in the event of a total loss, the couple would only receive half of what they would need.
  • The general contents of the home were underinsured based on the true cost of replacing possessions in the event of loss, damage, or theft.
  • The couple had two domestic employees who began as part-time staff and had long become full-time caretakers of their properties. It was discovered they were inadequately protected by workers’ compensation coverage under the original homeowner policy.

The client’s policy, managed by their original broker, placed them at risk of losing millions as their assets and risks had not been reassessed since the policy was originally written.

“Years of complacency were corrected in a matter of hours, and we thank the Symphony Wealth team!”

-Symphony Wealth Client

The Outcome

The client’s new policy was written to fully cover their interests in the event of substantial asset loss, theft, or destruction. Not only was the client impressed by the advice we provided, they were happy to learn that by exploring higher deductibles and taking advantage of account and loss-free credits, the increase in premium was marginal.

Our Symphony Wealth advisor set the expectation for high attention to detail and willingness to provide personalized and unique services that serve the client’s changing circumstances.