The Engagement

Logical received a request from the Managing Director of one of our commercial clients to assist him & his wife with their family insurance program.

We arranged a discovery meeting with the MD and his wife at their home. Their personal insurances consisted of a home and contents insurance policy for their primary residence, two residential investment properties, a pleasure craft and a number of vehicles that are used by them and their adult children.

They discussed that most of their focus has been on growing and running their business and they had “taken their eye off the ball” in relation to their personal insurance program and realise that it requires closer attention.

How We Helped

Logical conducted an in-depth review of their current insurance arrangements, and noted that the program consisted of a jumble of different policies and insurers, all expiring at different times of the year. We also discovered that a car insurance policy (covering an expensive European vehicle) hadn’t been renewed since expiring six months prior…a simple oversight which could have been costly if an uninsured accident had occurred, particularly if the family member driver was at fault, sustaining damage to their expensive car, plus potential damage to a third party’s car or other property.

We immediately arranged cover for the uninsured vehicle and recommended that they consolidate all other vehicles with one insurer, thereby obtaining premium leverage and saving administration costs.

We noted that the two investment properties were covered under a standard home insurance policy, which didn’t include cover for such things as damage caused by tenants or rental default. We recommended that these should be replaced with more suitable policies (Landlords Insurance) and be consolidated with one insurer.

We further noted that their family home (primary residence) was a high quality build and would be cost a significant amount of money to rebuild. The contents contained in the dwelling were also significant and included an impressive art collection. The MD’s wife mentioned that she had an extensive jewellery collection which she wore on a daily basis, and she also wore selected pieces when they travelled overseas. We recommended that they arrange a prestige home insurance policy with an insurer who is very familiar with homes and contents that are highly valued.

Finally, we reviewed their pleasure craft insurance and agreed that (other than for a few suggested cosmetic enhancements) the current arrangements we adequate for their requirements.

The Outcome

Our client agreed with our recommendations, and we arranged the program accordingly. Our client is now pleased that their personal insurance program is being professionally managed.

Life Insurance and Financial Planning

During the course of the discovery meeting, we were also shown the family’s personal and business life insurance program and their current retirement planning, including superannuation. We obtained agreement to forward those details to our sister company, Logical Financial Management, and we met to discuss their options. Following a review, a number of recommendations were made, which centered on better and more cost effective insurance protection, consolidating their retirement assets and setting a clear strategic path for their financial future.  These recommendations were taken up by the client. To find out more about Logical Financial Management, please click here.

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