Family Office Insurance

Protecting a client’s family and their family’s legacy is a key priority for family offices. Whether it’s a home that has been in the family for generations, an art or wine collection, heirloom jewelry, or a luxury vehicle, we protect what matters most to families. Chubb’s personal insurance coverages and services are designed for families with more to protect.

The business of the family office is as unique as the family it serves. In today’s world, family offices are confronted with risks that extend beyond the family and require more protection for all the services offered to the family.

While on vacation, a Chubb client and his family were struck by a car that had veered into their lane from the other side of the highway. While his family sustained only minor injuries, the client’s dominant hand was fractured. The client, a surgeon, required months of therapy and was unable to work in the meantime. When the family filed a claim against the other driver for loss of income, they discovered that the driver only had $25,000 in liability coverage. But because the client had underinsured motorist coverage with Chubb, he and his family were able to recover for their damages –including his lost earnings–for up to the limits of his coverage.

A fraudster hacked into a client’s email and sent a wire transfer request to the client’s family office. An employee of the family office complied with this request, believing it to be a legitimate request from the client, and sent $500,000 to a foreign bank. However, the employee did not call the client to confirm the authenticity of the request, and violated a condition of coverage under the family institution bond. The Family Office terminated the employee, who then sued for wrongful termination. Through Chubb’s professional liability coverage, the Family Office was protected through defense costs and settlement.