Company Research Report: Vault Insurance
Company Overview
- Name: Vault Insurance
- Mission: Vault offers high-net-worth personal insurance and customized solutions for individuals and families, focusing on reducing risks with data-driven technology to protect cherished moments, family memories, and priceless legacies.
- Founded: 2017
- Founders: No information is available
- Key People:
- Scott Carmilani, CEO & Executive Chairman
- Paul Bassaline, President
- Stephen Russell, EVP & Head of Insurance
- Jessica Brooks, Chief Operating Officer
- Christopher Flanagan, Chief Information Officer
- Cheri Trites-Versluis, Chief Claims Officer
- Reza Khan, President, Commercial & Programs
- Headquarters: St. Petersburg, Florida
- Number of Employees: Initial team of 9; current number not specified
- Revenue: No information is available
- What the Company is Known For: Vault is known for providing high-net-worth insurance solutions with a focus on exceptional customer service, tailored coverage, and proactive risk management.
Products
Vault Custom Insurance
- Description: Provides flexibility and customization for luxury homes with unique risks.
- Key Features:
- Replacement cost coverage without depreciation
- Backup coverage for sewers and drains
- Identity fraud expense coverage
- Coverage for Trusts and LLCs
Homeowners Insurance
- Description: Comprehensive policies for luxury homes.
- Key Features:
- Replacement cost coverage
- Flexible claim settlement options
- Home systems and service line protection
- Identity-theft expense coverage
Auto Insurance
- Description: Enhanced coverage for luxury vehicles with more complexity and customization.
- Key Features:
- Coverage equal to the agreed value with no depreciation
- Full glass and pet injury coverage
- Roadside assistance and worldwide liability
Collections Insurance
- Description: Specialized coverage for valuable collections such as fine art, jewelry, and antiques.
- Key Features:
- Coverage for newly acquired items
- Pair-and-set clause
- Worldwide coverage
Excess Liability Insurance
- Description: Provides additional security beyond standard homeowners insurance policies.
- Key Features:
- Excess uninsured/underinsured motorist coverage
- Defense costs and choice of counsel coverage
- Employment practices and not-for-profit director and officer liability coverage
Commercial Insurance
- Description: Provides coverage for complex business risks.
- Key Features:
- Directors & Officers (D&O), Errors & Omissions (E&O), and Media Liability Coverage
- Specialized for complex risks
Recent Developments
- Acquisition: Acquired by Cornell Capital & Hudson Structured Capital Management to accelerate growth in the U.S. high-net-worth insurance market (November 2023).
- Financial Strength Rating: Affirmed A- (Excellent) by A.M. Best (November 2023).
- Leadership Changes: Promotion of new President and Chief Operating Officer (November 2023).
- Partnerships: Added HONK Roadside Assistance for auto insurance customers to provide a frictionless experience (November 2023).
- Wildfire Safety Collaboration: Partnered with a Montana ski community to enhance wildfire safety and offer tailored protection (2024).
Areas of Focus
- Innovation: Embracing advanced technologies such as AI for risk mitigation.
- Risk Management: Providing educational resources and risk strategies to protect customer's assets.
- Customer Experience: Maintaining a focus on exceptional service and customized insurance offerings.
Vault Insurance continues to establish strong relationships within its customer base by prioritizing innovative coverages and committed service to meet the distinctive needs of affluent individuals and families.
