I am often asked “Am I covered if _____?” One of the occupational hazards of being a risk advisor is that others expect me to be an authority on all sorts of claims scenarios. Because insurance contracts vary so widely, and case law (which often varies by state) often determines how and if insurance coverage applies to many losses, the only right answer to many “am I covered if” questions is “it depends”. Trust me, that response is as unsatisfying to offer as it is to hear.
When it comes to answering claims questions that concern personal liability, the first challenge is determining whether one can be held by the courts as legally liable for the action that has caused another’s damages. Take, for example, injuries you may cause another while playing a round of golf. As this article explains, whether you can be found legally liable varies tremendously upon the circumstances, and even the state you are golfing in. Please note the editors note: the article was first published 70 years ago, and while it remains relevant today, the dollar value of the awards represent Depression era dollars, and not today’s (Recession era) values.
It’s no coincidence — insurance carriers who have always invested heavily on advertising to attract new insurance buyers are spending even more to do so this year, and are attracting more buyers with what can best be described as a very compelling “save money now” message.
Because the many differences between insurance policies are so difficult to evaluate, many consumers are too often enticed to prioritize lower premiums over the harder to discern quality of protection that is provided. Informed consumers should seek assistance to closely examine HOW cost reductions are being achieved. A reminder: although buying insurance coverage is not a lot different than other purchases, the axiom “you get what you pay for” usually only becomesapparent after a loss. While the “save money now” pitch has short term appeal, the real question is at what cost down the road?
My suggestion: rather than moving coverage to carriers whose central theme is “save money now”, first explore the many opportunities to make high quality insurance coverage more cost efficient. Professional risk advisors have a variety of strategies to help their clients structure quality insurance coverage that is also cost efficient. One of the most overlooked strategies we offer our clients is described in this link to a one page summary .
With alarming frequency, the media reports heart wrenching stories of insurance consumers who have had a significant property or liability loss, only to learn after the lossthat the insurance policy they have purchased does not provide the proper coverage.
While the reasons for an uncovered loss vary, I provide this one page overview that details the three leading causes for uncovered personal property and casualty losses, and the solutions that are available to help prevent them. Why not help those you know to examine these solutions —- before a loss occurs.
This summer several newspapers reported the results of studies documenting what we all know to be true: the use of cell phones while driving is dangerous. Of course, there are many variables that increase or decrease risk, but the common perception that hands-free use of cell phones while driving is safe has been proven to be a myth.
I don’t offer this information with any great expectation that others will substantially change their use of cell phones while driving. BUT – after reading the research, I know I have been compelled to re-think my perception that my blue tooth enabled cell phone conversations while driving were a lot less risky. They are risky, and research has proven that yours are as well. I encourage you to read the research provided in this great article and share it with those you care about.
I knew someone who was involved in a very bad auto accident. He shared that the worst part of his long recuperation was knowing that he could have exercised greater precaution and avoided the accident altogether. He shared that while he was laying in the hospital, thankful to be alive, he remmbered the common practice in his youth of being able to “call for a do-over”, and how much he’d give to have a “do-over” . Knowing real life does not provide us “do-overs”, I’ve instead decided to dramatically change how I use my cell phone while driving.
I am fortunate to have been asked to contribute an article by Private Asset Management, a publication ofInstitutional Investor that is focused exclusively on investment management, financial and advisory services to the high-net-worth arena, and especially on delivering breaking news before it appears anywhere else.
While property and casualty related topics are not often covered by this fine publication, the editors have found that subscribers do have an interest in P&C topics that are both newsworthy and relevant to protecting the assets of high-net-worth clients. This brief article that I have authored explains how a simplified, effective and cost efficient coverage solution has been developed to replace the clutter, confusion and expense associated with the multiple insurance policies purchased by families who own valuable residences and personal possessions often located in several states. Please contact me for more information about this innovative solution.
In this great article, Paul Sullivan, the Wealth Matters columnist for The New York Times, examines the many issues posed by the title: How Do I Know You’re Not Bernie Madoff?
With a close understanding of the heightened desire among affluent and high net worth insurance consumers to better vet who they are doing business with, Ace Private Risk Services has introduced an outsourced background screening service for financial advisors and contractors (in addition to domestic staff). While I have not yet “vetted” the firm they will be using to perform the “vetting”, the firm’s web site includes a reference from a former U.S. President. Click here to read a press release offering details of this new service, or contact me for more information.
For families (especially multi-generational families) who own many residences in different states, it can be overwhelming trying to keep track of all the insurance coverage protecting each home, every outbuilding, and the personal contents and valuables located in each residence.
NOW: imagine replacing those many policies with a single “Family Blanket Policy” that aggregates the various forms of coverage provided by each of the policies currently covering all of an extended family’s residences, outbuildings, and personal possessions. Of course, to be viable this innovative solution would need to provide world class coverage and claims service, and be backed by a carrier with superior financial stability. Insurance, simplified:this innovative new solution exemplifies the benefits of “less is more”.
…there is an insurance solution, if you know where to look (and who to ask). Meanwhile, I’m often surprised to meet prospective clients who have been told by other insurance brokers “there’s no coverage available”. In the vast insurance marketplace, that is rarely the case!
With a great deal of turmoil in the financial marketplace, we’ve been asked to secure insurance coverage for a wide range of risks labeled “uninsurable” by other brokers. While the choices may be few, we can likely secure or direct you on how to secure insurance protection for even the most unusual risks.
Insurance carriers that compete for personal insurance business in the affluent market niche are always looking for new ways to differentiate their coverage.
Influenced by environmentally conscious homeowners in CA, San Francisco Bay Area Fireman’s FundInsurance Company has introduced the first ever homeowners insurance policy offering “Green” coverage.
This innovative policy is ideal for homeowners who currently own green homes, or who want to upgrade their residences with green features after a loss using environmental safety and efficiency standards.
To better understand the issues behind AIG’s financial crisis and the benefits of the recently announced plans to restructure, I refer readers to these articles and documents:
I am often asked “Am I covered if _____?” One of the occupational hazards of being a risk advisor is that others expect me to be an authority on all sorts of claims scenarios. Because insurance contracts vary so widely, and case law (which often varies by state) often determines how and if insurance coverage applies to many losses, the only right answer to many “am I covered if” questions is “it depends”. Trust me, that response is as unsatisfying to offer as it is to hear. 
With alarming frequency, the media reports heart wrenching stories of insurance consumers who have had a significant property or liability loss, only to learn after the loss that the insurance policy they have purchased does not provide the proper coverage. 
In this great article
For families (especially multi-generational families) who own many residences in different states, it can be overwhelming trying to keep track of all the insurance coverage protecting each home, every outbuilding, and the personal contents and valuables located in each residence.
…there is an insurance solution, if you know where to look (and who to ask). Meanwhile, I’m often surprised to meet prospective clients who have been told by other insurance brokers “there’s no coverage available”. In the vast insurance marketplace, that is rarely the case!
Insurance carriers that compete for personal insurance business in the affluent market niche are always looking for new ways to differentiate their coverage.
