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.   

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.

No More Clutter !

 I am fortunate to have been asked to contribute an article by Private Asset Management, a publication of Institutional 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 Fund Insurance 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.

For more details:

 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:

NY Times The Case for Saving AIG March 2, 2009, Andrew Ross Sorkin

NY Times Propping Up a House of Cards  Feb. 28, 2009 Joe Nocera

AIG Restructuring News Release  March 2, 2009

AIG AIU Holdings Keypoints  March 2, 2009

This Wall Street Journal article from Jan 29, 2009 actually offers good news: a newly formed insurance carrier is interested in providing coverage for owners of well built homes near the coast has been approved to issue policies in NY and NJ.   

PURE High Net Worth has a business model that is well worth reviewing.  From their website, the recap below highlights why they are deserving of the above slogan. Cook, Hall & Hyde is among a select group of Partner Agencies representing PURE in NY. Contact me to learn more about the solutions PURE has to offer

 _____________________________________________________

We’re highly selective.  We know a great deal about insuring successful families and we use that insight to carefully select a distinguished membership. By doing so, we reduce the cost for all members. (Click to learn about our home construction eligibility requirements.)

We’re new AND we’re secure.  PURE is led by a team of professionals widely recognized as the most experienced and accomplished in this niche.  For all of the advantages of our experience, we benefit from our fresh start. A.M. Best has recognized our strengths with a financial strength rating of A- (Excellent).

Our coverage is designed with your input to fit your needs.  Many people don’t buy enough insurance to rebuild their home or replace their contents. Others (particularly vacation homeowners) buy far more than is needed. We empower our members to buy the right amount – not more, not less.

Our policyholders are members. And the members own PURE.  Stock insurance companies exist to maximize the wealth of their shareholders. Our mission is simple: Through innovative products and expert advice & service, we are committed to helping our membership lower the price of their insurance today and reduce their overall cost of risk for the long term.

We’re creating a new standard of service.  We believe that the opportunity exists to exceed all expectations of our membership.