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?
- 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