Fortress: Protect Your Family Office
Family offices face substantial risks. A customized insurance policy ensures you are protected.
Fortress by Vault Commercial provides broad coverage for the complex risks of family offices. We designed our product to provide superior, customizable coverage tailored to the needs of your business.
Comprehensive Family Office Liability Coverage
Family offices are often complex and can include managing trusts, investments, assets, domestic employees, estate planning, and more. Because the family office operates so many facets of wealth management for affluent individuals, they often face higher risks of lawsuits.
However, many directors, officers, and professionals who oversee family offices may not fully understand the complex risks they face and may not be properly insured or struggle to find the right coverage.
Vault Commercial created Fortress to solve this problem. Fortress is a comprehensive family office liability product tailored to meet the unique needs of both single and multi-family offices in the U.S.
What are the Benefits of Family Office Coverage?
- Protection from detrimental lawsuits and liability
- Reduces the liability risks of the directors and officers of the family office
- Ensures the family office is protected from employee lawsuit claims, such as wrongful termination or discrimination
- Allows the family office to operate their business with confidence and peace of mind
What Type of Risks Can This Coverage Protect You From?
- Error, misrepresentation, neglect, or breach of duty by directors and officers of the family office
- Conflicts of interest
- Mismanagement of funds
- Professional liability claims from clients due to errors, neglect, or inability to perform services
- Protects administered trusts and the trustees who oversee them
- Discrimination, harassment, or other employment practice issues*
- Liability when managing pensions, private funds and investments**
- Services provided on behalf of the family office, such as tax preparation and philanthropic works
*If Employment Practices Liability (EPL) coverage is purchased.
**If Fiduciary Liability coverage is purchased.
Not all products and services may be available in all jurisdictions and the terms and conditions of all products are subject to the applicable policy language.
Broad Family Office Services
Provides comprehensive coverage for the specific challenges that a family office may encounter. While there is usually a fee for these services, there may be instances where it is waived due to business reasons. The services offered range from acting as a trustee for a trust to real estate services, which include selecting and overseeing other service providers.
Blended D&O and E&O Coverage
Protects the family office, its executives, and clients with comprehensive insurance that combines Directors and Officers (D&O) and Errors and Omissions (E&O) coverage. This ensures financial protection against claims of mismanagement, professional errors, and breaches of fiduciary duties.
Employment Practices Liability Coverage
Safeguards the family office against employment-related claims such as wrongful termination, discrimination, or harassment allegations.
Mitigates family office risks associated with breaches in fiduciary duties related to employee health or retirement plans.
Additional Coverage Enhancements
Real Estate Service Coverage
Covers various real estate activities, such as selecting properties, arranging financing, and managing buying or selling. It also covers overseeing real estate vendors, including third-party property managers.
Provides coverage for trustees. We also include coverage for “Trust Protectors,” individuals who are not related to the family members of the insured entity, and who serve as an intermediary, facilitating communication and cooperation between the trustee, grantor, and beneficiaries of the trust.
Coverage for Affiliates
An "affiliate" refers to a supportive network of directly or indirectly managed entities, offering family office and fund services. These affiliates include holding companies, parent companies, or managing members/general partners of insured entities that play a crucial role as blockers, feeders, parallels, or co-investment vehicles for various funds. This policy excludes portfolio companies.
* Not all products and services may be available in all jurisdictions and the terms and conditions of all products are subject to the applicable policy language.
The Vault Commercial Difference
Unlocking Value for Our Commercial Customers
Decades of Experience
Our senior leadership and underwriting team have unparalleled expertise and years of industry underwriting experience. We’ve hired best-in-class professionals relentlessly focused on delivering customized solutions for our customers and partnering with their brokers.
We are committed to providing an exceptional experience with thoughtful solutions. We prioritize fast turnaround on submissions so you have the coverage you need, when you need it.
We developed a proprietary, state-of-the-art technology platform that allows us to deliver superior servicing capabilities for our customers.
We partner with trusted brokers and agencies who have showcased their proficiency and exceptional quality of customer service that match our own.