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Family Office Benchmarking Series: Family Office Risk Management

Risk management concept

Family Insurance Standards

Among families surveyed, 42% use family insurance standards in their risk management programs. Standards are helpful in preventing coverage gaps and managing the expectations of family members. Whether formal – that is, in writing – or informal, family insurance standards provide the opportunity for family members to participate in choosing minimum coverage requirements and for new households to acquire knowledge of the insurance program.

Establishing minimum standards is an effective way to structure the family insurance program. For example, common standards include:

  • All family members must carry a specific minimum amount of liability coverage.
  • All homes must have primary flood coverage.
  • All homes above a specific value must carry a certain deductible.

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