By Alex Balcombe, partner at Harris Balcombe
It’s not unusual for ultra-high net worth individuals to have a raft of staff at their disposal, but time is a precious resource that often can’t be controlled despite any amount of investment. With an excess of responsibilities and demands to meet, these individuals never seem to have enough time.
When it comes to business management on behalf of ultra-high net worths, the priority should always be centred around protecting their assets. Eradicating or effectively managing risks is paramount.
Business disruption – managing the risk
Unexpected events such as fires, floods or property damage can be catastrophic, and often parties will unite to dampen down the chaos. However, if an individual or business is unprepared for a potential disaster, this can throw a spanner in the works of a carefully planned schedule – causing massive disruption to business, as well as investments or assets. Following the right course of action in the wake of a disaster becomes vital.
Turning to a trusted insurance broker may seem the obvious choice as a first port of call in these situations. With a little forward planning, however, those parties rallying around may find a loss assessor is the best choice to put at the top of their emergency contacts list.
As truly independent consultants, loss assessors have the knowledge, experience and networks to advocate for their clients and to ensure the best possible settlement of an insurance claim. They should take the stress and workload away from the individual or business and work with all parties – from insurance brokers, investors and companies to accountants and solicitors – to ensure the recovery and rebuilding of their assets in the shortest amount of time possible. In effect, their role is to provide the necessary support when it comes to managing the risk.
When reactive becomes proactive
As our work continues to grow alongside that of executive PAs, family offices and private equity advisers, it is becoming increasingly clear that the overall role of the loss assessor is evolving. We are beginning to see more interest in providing proactive support and advising our clients before disaster strikes – as well as the more traditional reactive support role. If consulted in advance of potential disaster, loss assessors can help advise on how to best insure valuable assets, so if any trouble does occur, the claim can be handled with minimal disruption to business and everyday life.
It is about protecting your assets in the best possible way, and bringing in the right support to manage the claim. This allows the parties concerned to focus on their day jobs, and removes the distraction of a potentially enormous insurance claim.
Disaster recovery
Anyone whose assets may be threatened by the unexpected should mitigate risk by implementing a clear disaster recovery plan and opening lines of communication with the appropriate parties well in advance of any incidents. A serious issue could compromise and devalue a business position, and assets if it’s not handled appropriately.
A loss assessor’s role is to guide and facilitate, using their expertise to make the claims process as painless as possible in the wake of a disaster – taking control during times of adversity. When it comes to the value of a claim, investing a few hours with them as part of any risk management planning exercises will help to ensure that, if, and when, the unexpected does occur that risk and interruptions are minimised, and business will be back up and running as quickly as possible. The focus should be on restoring time – one of the most precious resources.
