The first three paragraphs of an article titled “Stormy Weather” by Leila Boulton in Private Wealth magazine highlights a significant risk factor in the lifestyles of high-net-worth individuals and families:
“No one knows exactly how climate change and severe weather will impact the luxury home market. But advisors to the wealthy do have reason to be concerned, as the ultra-wealthy naturally gravitate to areas that suffer the most from destructive storms and other natural hazards. “
Who wouldn’t like to live with a beautiful waterfront view?” asks Scott Spencer, worldwide loss prevention and appraisal manager at Chubb Personal Insurance. “We continue to rebuild in places that have losses. Again and again and again.”
The simple fact for insurance companies is that wealthy policyholders tend to build and buy properties along picturesque coastlines susceptible to rising sea levels, on tropical islands vulnerable to intensifying hurricanes and in scenic mountain areas prone to escalating wildfires.
Click here to read the full article in Private Wealth.
It’s crucial that high-net-worth owners document and catalog their valued tangible assets before a catastrophic storm, flood or fire can inflict substantial damage or losses. Those assets often include fine art, valuable collections, jewelry, gems, antiques and luxury items, but it’s also critical to document residential structures, their landscapes, and their daily use contents, including amenities, furniture, décor, fixtures, finishes, and other architectural details.
The sooner such documentation is completed and made available to the owner’s Family Office or insurance advisors, the more confident the owner will be that any coverage gaps will be effectively dealt with. If, however, the owner waits to act until the evacuation notice arrives or warning sirens start blaring, his chances for making the best possible recovery may literally go up in smoke.
When an entire region is alerted to brace for extreme weather or impending calamity and the threat of damage becomes a near certainty, having a customized digital catalog in place for collaboration with professional service providers can facilitate an easier and faster claim handling process and a less stressful, more complete recovery that may include structure demolition and reconstruction.
For optimal results, thoroughly documenting and cataloging tangible assets is best left to experts. Archival Property Solutions will perform the tiresome and grueling work of gathering, organizing, and privately displaying the resulting information catalog securely online, well beyond the reach of the gathering storm. The sooner you call us, the better the chance that you won’t be calling a minute too late.
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About Archival Property Solutions, LLC
Archival Property Solutions documents and catalogs the tangible assets of high-net-worth owners for their personal viewing pleasure and support of crucial Family Office and wealth management activities. Clients who have substantial and complex holdings in multiple locations can now keep their catalog of non-financial assets stored securely for private, confidential access via computer, tablet or phone. When maintained with current information, this confidential digital catalog can keep owners and their trusted advisors better informed, enabling them to stay current with professional service objectives and to plan for, protect against, cope with and recover from life’s unexpected events.
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When we receive your inquiry, we will determine the best way to match our services to your unique needs and circumstances. We look forward to hearing from you and will respond promptly and confidentially.