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.
The broad range of services family offices provide in managing wealth preservation and transfer often involve fuduciary standards of care. The implied duties arising out of the performance or failure to perform these services create liabilities for the family office executives and its professional staf. Like all directors, ofcers and professionals, family offices can be sued for any number of issues alleging professional negligence, violation of trust agreements, failure to safeguard assets and mismanagement of investments.
Specialty Insurance Providers such CHUBB offer a variety of coverages that protect the activities of the family office, members and trustees such as:
Professional Liability
Family Trust and Trustee Liability
Directors & Ofcers Liability
Employment Practices Liability
Fiduciary Liability
Cybersecurity Coverage
Crime Coverage
Business Owners Coverage
If you have a family office or manage one please consider the appropriate coverage for your services and business. Please contact us at sam.heavrin.ins@gmail.com if you would like to learn more.