NFP, Vault Introduce Exclusive Group Excess Liability Program
NFP and Vault have launched the NFP/Vault Group Excess Program to provide select, qualifying employers and wealth management organizations an opportunity to expand their scope of benefits and offerings and extend to their high net worth (HNW) executives and clients a product designed to meet their unique needs.
The NFP/Vault Group Excess Program is fully administered by NFP’s Private Client Group (PCG), which will serve as the exclusive agent of this program, offering Vault’s personal excess liability insurance product to groups of individuals through wealth management advisors, employee benefit brokers, law firms and other trusted advisors, and directly to employer groups. The insurance product factors in the group’s common risk factors and offers competitive pricing at a group level, NFP said in a statement.
PCG is the program administrator, manager and managing general underwriter (MGU), and Vault’s E&S Insurance Company is the carrier managing the coverage and claims. Per occurrence, coverage for group personal excess liability insurance is sold in $5 million dollar limit increments up to $30 million. Coverage highlights include uninsured/underinsured motorist coverage; uninsured/underinsured 3rd party liability coverage; legal defense costs and choice of counsel; personal attorney funds, and employment practices liability coverage.
The HNW insurance market is substantial and growing fast, NFP said in its statement. There are an estimated 12 million HNW households in the U.S., and direct premiums written by HNW-focused carriers have increased by about 4% per year from 2017-19, according to LEK Consulting.
“The NFP/Vault Group Excess Program brings together two leading insurance brands who uniquely understand the fast-changing needs of the high net worth individual, their employers and trusted advisors,” said Gilbert Lai, managing director of NFP’s Private Client Group.
“Partnering with NFP on our new group excess program was a natural choice,” said Charles Williamson, co-founder and CEO of Vault. “NFP has a stellar reputation and vast experience in this niche offering that blends personal insurance with an entire suite of products and services for companies of all sizes.”
NFP is a insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates.
St. Petersburg, Florida-based Vault provides personal insurance for the high net worth market.