Family Office

Peace of mind delivered across the Family Office.
One advisor you can trust.

We are the first insurance advisor to cover the entirety of single/multi Family Office exposures. Uniquely, we not only cover the assets and liabilities of the family, but we provide a single policy, covering the complex investment management services, people and reputations of the Family Office.

Benefits to you

  • The Family Office operates in an evolving industry with a changing landscape of risk - we provide Cyber and Employment Practices coverage alongside traditional Professional Indemnity, Directors and Officers Liability Insurance and Fraud.
  • Your bureaux may be evolving into fully-fledged investment businesses. We're confident handling more formal governance structures, and handling your insurance throughout that evolution.
  • The reputation of the family office and your principal family is a currency, which can be protected by reputational costs and cyber coverages.
  • Enables your Single Family Offices / Multi Family Offices to participate in complex investments with institutional markets across multiple jurisdictions.
  • You'll get something crafted for you. We tailor your policy to your world - and provide advisory Family Office exposure mapping to determine the perfect solution.

Corporate exposures

As a Family Office, investment decisions and needs fluctuate. These can change the basis of your insurance requirements. Our exposure mapping and solutions are provided across the full suite of policies including Professional Indemnity, Directors & Officers, Crime, Cyber and Employment Practices extending to our Transactional Risks propositions.

Family covers

Traditional covers for the family's personal and passion investments are equally well serviced – from the global residential homes and contents, art, wine, jewellery and motor collections, yachts and other interests, to lifestyle covers – Lockton delivers a considered insurance programme structure that takes advantage of economies of scale and leverage to provide wide, relevant and flexible cover.

Why Lockton Private Clients?

You can delegate the protection of your Family Office to us, in the knowledge that we are experts in the complexities of the risk and insurance needs of families and their offices. Our expert advisors have extensive experience of the legal, accountancy, private equity and family office sectors in multiple jurisdictions.

Your Family Office will have one point of contact for all of their insurance needs – a streamlined service that leaves you with total peace of mind. Lockton is a family business and the name is world renowned for supplying risk advisory and insurance solutions with independence and integrity.

What is covered.

Investment Risk

Family offices are becoming more directly involved with their investment decisions and with the investments themselves. This changes the basics of their insurance requirements.

Our policy provides cover for:

  • Defence costs or indemnity as a result of claims made against the family office for investment management services be they error, omissions, misleading statements, miscalculations, breach of duty, breach of trust, breach of contract or breach of confidentiality.

The costs of correcting a trade error (where it can be proven to the insurers satisfaction that the trade was in fact a human error).

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Reputational Risk

Cyber risk is not just about theft, not all assets are taken for profit; some can be taken for the reputational harm they can cause. This has been highlighted as a major concern for family offices.

Our policy provides coverage for the cost of:

  • Regulatory investigations
  • Retaining a public relations firm, crisis management firm or other consulting firm for the purpose of preventing, contacting or minimising negative publicity.
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Assets Risk

Criminals have become more sophisticated.

Our policies provide coverage for:

  • Theft of monies or securities as a direct result of a cyber-attack, employee fraud, theft of monies or similar tangible property whilst on the premises or whilst in transit, and extortion.
  • Social engineering ‐ This is the term used to describe fraudulent telephone instructions purporting to be from a director, officer, partner, customer or service provider authorising an employee to transfer monies or amend the current payment details of a customer or service agent.
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People Risk

The reports showed succession planning for long-standing executives and the ability to attract new talent is an ongoing concern for family offices.

While there are plenty of people from major financial institutions seeking a future elsewhere, often these candidates look to protect their own reputation and personal assets when they take on directorial and official roles.

In an increasingly publicly scrutinised and regulated world, protecting your people and your business is key.

Our Policy provides coverage for:

  • Directors & Officers Coverage for the legal costs, crisis costs, personal expenses in event of confiscation order, costs and expenses in event of extradition order.
  • Outside Directorships Covers the executive where they take a position on behalf of the family office on an outside board of an investee company.
  • Employment Practices Liability Covers allegations of unfair dismissal, sexual harassment, failure to employ or promote or unlawful discrimination.
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Cyber Risk

A number of surveys have highlighted the concerns of Single Family Office's and Multi Family Office's to Cyber (including espionage and unwanted attention).

Our policy has been designed to cover:

  • The costs of cyber specialists, including 24-hr hotline to a specialist law firm, with to a range of specialists be they IT forensics, public relations consultants or extortion experts.
  • The policy limit also covers direct financial loss in the event of extortion, and the fees, costs and expenses of external consultants following a system security breach, privacy breach or violation of privacy laws.
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