Top Ten Risk Management Questions: A Tool for High Net Worth Advisors

Below is a list of the top ten questions Advisors should be asking their clients to determine if they may have an exposure to their assets from a Property and Casualty issue. If one of these areas is an issue, they should start a discussion with their property and casualty broker. We find that many times a client will outgrow their insurance or the expertise of their broker. Reach out to us if your client needs an introduction to a broker who is familiar with the types of exposures your client has.

1 – Do you have a Personal Excess (Umbrella) Liability Policy? If you look at your net worth and income, then look at your excess liability limit, are you comfortable with that relationship?

2 – Are any of your properties owned in an LLC, Trust, or Estate? Do you own any properties outside the US?

3 – Are any of your residences exposed to potential catastrophic loss? (i.e. Earthquake, Flood, Wildfire)

4 – Do you have any properties rented, vacant, or under construction/renovation?

5 – Do you employ domestic staff?

6 – Do you have any valuable collections? (i.e. Jewelry, Fine Art, Wine, Collector Cars, etc.)

7 – Do you own a watercraft, recreational vehicle or own/lease a private aircraft?

8 – Do you or a family member serve on a for profit or not for profit Board?

9 – Have you taken steps to protect yourself from cyber-crime and social media liability?

10 – Has your insurance agent engaged you in a lifestyle and risk analysis review in the last year?

Emerging Exposures

  • Distracted Driving – uninsured/underinsured drivers
  • Cyber fraud – social media liability

BOAKS Advisors Analyze – Advise – Protect

Brian P. Boak, Private Client Risk Manager, P&C; AEP®, CPRIA, CLU®, LUTCF

Phone: 973-570-6381