As Head of Risk Management Services at Private Client Select Insurance Services, Kim McDonald-Weybright brings more than 25 years of deep insurance expertise across high-net-worth risk strategy, structural valuation, residential loss control, and bespoke loss prevention solutions for complex client portfolios. She leverages extensive field and leadership experience to help affluent clients understand, mitigate, and manage their most significant risks through tailored strategies and proactive risk advisory.
In an exclusive interview with Insurance Business Review Canada, Kim McDonald-Weybright shared insights into her professional journey, the evolving landscape of risk and insurance for private clients, and how a comprehensive, client-focused approach to risk management supports both financial security and long-term resilience.
Leading Risk Management Services
As Head of Risk Management Services, I set the vision and strategy to best protect our clients’ assets, and to align with Private Client Select’s broader strategy and ensure that our clients’ homes are insured to value. Our Risk Management team builds strong client relationships and provides proactive consultation and loss prevention solutions for our high-networth clientele. We connect our clients with best in-class service partners to make their homes more resilient, protect their collections, and minimize claims activity. My role includes daily collaboration with our broker community and PCS’s underwriting, marketing, and claims teams. Additionally, I still service a select number of high-net-worth client accounts where I am their point-of-contact for all risk management needs. It is a joy to still interact with clients and stay plugged into their needs. I know I am biased, but I have the best risk management professionals in the business on my team!
In addition to providing national valuation services, my team and I also annually interview contractors across the country to keep abreast of trends, pricing.
Managing Risk in Alternative and Collectible Assets
Clients are passionate and have a strong emotional attachment to their Collections, whether they collect art, handbags, automobiles, wine, sneakers, or sports memorabilia. The categories are endless! Clients need to ensure that their collections are properly documented, appraised by qualified professionals, and properly stored. They also need to consider transit, security, and installation protocols, especially in areas where there are catastrophic or weather concerns. Do they have an evacuation plan in place, or is it better to shelter in place in hurricane or wildfire areas? There is a lot that goes into risk management for Collections. Our top-notch Art Services and Risk Management teams at Private Client Select assist clients with protecting what matters most to them.
From Protection to Proactive Resilience
I have been in the insurance business for 27 years, and I would say that in the past 10 years, I have seen the shift of clients being more proactive rather than reactive. This has been a result of more stringent underwriting guidelines and the frequency and severity of weather and climate events. Insurance carriers have also provided more education and communication regarding loss prevention solutions. One example is the advent of smart home technologies that can alert the homeowner to water leaking in the home and can even automatically turn off the water to the home if an unusual flow is detected, which can prevent a major water damage loss. There are also many resources that clients can access to educate themselves on how to make their homes more resilient. Clients are rewarded by their carriers for proactively protecting their properties in the form of premium credits and consideration when an underwriter is pricing a policy.
Emerging Risks Shaping the Next Decade
All of the above. Climate change will continue to be a factor as hurricanes and wildfires continue to increase in frequency and severity. Technological risks, mainly cybersecurity and data privacy, will continue to be an issue as more of our lives are online. The future of private client risk management will rely on the industry’s ability to react and adapt to these risks.
Practical Strategies to Strengthen Risk Management Today
Partner with a trusted insurance advisor to implement a holistic risk management plan to address your unique insurance needs.
A recent issue that I have seen is underinsurance, that is, inadequate insurance coverage to rebuild a home at the time of a total loss. In addition to providing national valuation services, my team and I also annually interview contractors across the country to keep abreast of trends, pricing, etc. Lately, I have been increasingly seeing that clients are underinsured as they come to us. Clients should become familiar with construction costs in their areas by consulting with professionals, including trusted insurance advisors.
