The services family offices provide in managing wealth preservation and transfer often involve fiduciary 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 staff. Like all directors, officers, 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. Brunswick Companies has access to a network of carriers that offer the following coverages to family offices:

Business Owners Coverage

With broad protection for property and liability exposures, our carriers’ business owner’s policies (BOP) serves as the foundation for the family office insurance portfolio.

Professional Liability

Family offices may be at risk of being sued over services performed on behalf of the family itself, such as allegations of inadequate services or errors made during a service. Even if a lawsuit is without merit, the impact can be costly. Our carrier’s tailored solutions are designed to give the business of the family office the protection it and the people who work for the family office need.

Family Trust and Trustee Liability

The coverage insures a family trust for acts committed by a trustee employed by the family office, and it protects the trustees of all trusts administered, sponsored, or advised by the family office.

Directors & Officers Liability

Our carriers help the family office protect the personal assets of its directors and officers from claims alleging errors, misrepresentation, misstatement, omission, neglect, or breach of duty. Coverage is available whether the wrongful act occurred while engaged in family office business or while serving for the family office on the board of a nonprofit organization.

Employment Practices Liability

This coverage protects the family office from the threat of employee-related litigation, including claims for wrongful termination, discrimination, or harassment.

Fiduciary Liability

In today’s ever-shifting legal environment, employers like a family office are increasingly responsible for the benefits options they offer employees. Under the Employee Retirement Income Security Act of 1974 (ERISA), fiduciaries can be held personally liable for losses to a benefit plan incurred as a result of their alleged error, omissions, or breaches of their fiduciary duties.

Cybersecurity Coverage

New and emerging privacy concerns and fast-growing cyber threats present financial challenges to the family office. That’s why our carriers offer award-winning services and access to experts to help make the family office whole again following any cyber incident.

Crime Coverage

The Fidelity and Crime Policy is designed to protect family offices from the potentially devastating impact of employee and non-employee perpetuated crimes.