FOR THE AFFLUENT
Meet Vault: We’re an insurance company that recognizes the
value of our affluent customers’ lifestyle and exceeds expectations when it
comes to protecting it. We create unique insurance solutions tailored
for the successful, specially delivered by experts who put service first.
Find out more about how we are redefining the future of personal insurance
by visiting vault.insurance or contacting your insurance agent.
Vault is the marketing name used to refer to Vault Reciprocal Exchange, a Florida-domiciled reciprocal insurance exchange managed by Vault Risk Management Services,
LLC as its attorney-in-fact, and its affiliates. Certain products and services may be provided by its affiliates. Not all products and services may be available in all jurisdictions
and the terms and conditions of all products are subject to the applicable policy language. Vault Reciprocal Exchange is rated A- by A. M. Best.
based collection management company
that allows collectors to monitor their
collections during loans to museums,
transit between homes, or evacuation
to secure storage.
Insurers also employ specialists in-house. AIG employs four art curators
who advise clients on how to protect
and preserve their art collections.
Perhaps the best known and most
striking example of this kind of direct
insurer involvement are the fire teams
insurers retain or employ to monitor
fires and even spray retardant or water
on threatened properties.
HIGH LEVEL SERVICE FOR HIGH
All high net worth carriers have
programs that leverage expertise, loss
data, and relationships with vendors
to help clients avoid and recover from
losses, employing the highest levels of
customer service to accomplish this as
unobtrusively as possible.
“What allows you to do your
job best is when you develop that
relationship with a client, where it’s
the same people that are interacting
with them on every front for their risk
management,” said Steve Bitterman,
chief risk services officer for Vault
Site visits are an essential first step,
allowing insurers to assess risks, make
recommendations to reduce them, and
establish plans in the event of a disaster.
“When you’re in a catastrophic
situation, it’s high stress, time is of the
essence, and people forget things,” said
Sherman. “Having a written plan in
place is paramount to success.”
Another important component is
knowing who will execute that plan in
homes that are often unoccupied.
Domestic staff may lack the
knowledge or authority to protect
the homeowner’s assets, and during
a disaster may be distracted dealing
with threats to their own homes and
families. Adequate planning includes
ensuring that whoever is responsible
has the training and authority to
execute the plan.
EVALUATING NEW TECHNOLOGY
Insurers use technologies like GPS
and satellite imagery to determine
which homes are directly threatened
by storms or wildfires. They also
assess and vet technologies that can be
implemented by homeowners, from
impact glass to alarm and monitoring
systems, to more obscure but
potentially more important options.
AIG’s Poux recommends two types
of vents that mitigate important, and
“There’s a fantastic technology
called Smart Vent, which allows water
to flow in and out of the foundation,”
Poux said. “… The weight of water
outside a foundation can push a
foundation wall in. If you equalize that
water inside and out at the same level,
you negate that.”
Another wildfire risk — embers
getting sucked into the attic — is,
according to Poux, “typically the
greatest cause of the destruction of
homes.” But, he said, “Special ember-
resisting venting, like Brandguard Vents,
can remove that exposure altogether.”
Many disaster resilience
technologies can be applied at any
time, but often the cost is fractional
if implemented during initial
construction. AIG’s Smart Build is a
free program for new or remodeled
homes that evolved out of AIG’s
construction insurance programs.
Previously available only to homes
valued at $5 million and up, Smart
Build recently expanded to include
homes of $1 million and up. Roughly
100 homes are enrolled, with an
average value of $13 million.
“We know what goes wrong in high
net worth homes,” said Poux, citing