The clients we work with today have very different needs from just a few years ago. Changes in the economy, the government, the global landscape and local catastrophes give us a new perspective. We have found that clients’ concerns today go beyond physical risk: Are they doing everything possible to safeguard their families and protect their fortunes for generations to come? People today hold high expectations about service and value: How do they get the best protection and services at a fair price?

This question is important when it comes to insuring affluent clients’ properties and belongings. When we work with significant insurable value (in excess of $25 million in dwellings, personal property and collections, with a good loss record and high tolerance for risk sharing), we may recommend a blanket policy option because of its advantages:

• Flexibility in underwriting (crafting policy terms and conditions) and services

• Ease of administration—single policy vs. multiple policies

• Flexibility in pricing and policy terms—because the policy is written with a non-admitted insurer that need not deal with filed terms and state by-state rates

• The agent/client financial partnership, which allows the agent to offer a flat fee instead of a commission—and better align the interests of both agent and client

A family blanket policy replaces the typical insurance practice of separate policies, covering each client need with a single insurance solution and allowing one total (blanket) coverage limit and a consistent level of protection for all property. The single limit selected covers all of an individual’s or group’s locations against assorted perils and provides sufficient coverage for anticipated loss. By replacing individual policies, this approach reduces the potential for gaps in coverage, which could leave family members vulnerable to uncovered losses.

The “blanket” approach also allows families to tailor special limits for types of coverage more difficult to obtain: flood, excess flood, wind, earthquake, mold and even family collection rates for wine, fine art, jewelry and more. Because the client and agent work with the insurance company to manuscript the policy, the family has greater flexibility to choose the deductible options and self-insurance to manage the overall cost of the program.

As we move into the holidays, affluent families and individuals should consider their resolutions for 2013. What purchases may impact their lifestyle? What changes will occur in family dynamics? How will gifting alter their tangible assets? What does “valuable” mean to them? Do they have the right insurance broker who can partner with a financial advisor to truly offer best-in-class protection for their needs?

Today, protection that is augmented with services to minimize property damage and bolster a family’s safety is available in one package, tailored to the client’s lifestyle.