What Has Your Casualty Insurance Agent Done For You Lately?

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In the Forbes.com article, What Has Your Casualty Insurance Agent Done For You Lately?, Ashlea Ebeling writes that there’s “more to rightsizing your insurance coverage than picking a deductible and paying the annual premium.” We heartily agree. Here’s how the article begins:

“When it comes to personal risk management, it’s so much more than just the purchase of an insurance policy,” says Brian Flood, author of Wealth Exposed, an insurance planning guide for high net worth individuals and their advisors (Wiley, 2013). “You really have to understand your clients’ lifestyle and ask them the right questions.”

Well said. Later on in the article, Ebeling writes:

Collectibles. Often collectibles are woefully underinsured—if they are insured at all. If you have art, wine, or other valuable collectibles, you need a collectibles rider to your homeowner’s policy or a separate collectibles policy. The best policies will pay market value up to 50 percent higher than the scheduled amount of coverage in case of loss. Having an inventory system to keep track of your collection, and its fluctuating value, is key.

That last sentence—Having an inventory system to keep track of your collection, and its fluctuating value, is key—should be read by high-net-worth owners as an urgent call to action. Inadequate documentation of valuable collections and other tangible assets could cost an owner hundreds of thousands of dollars or more should any possessions be lost, stolen, damaged or destroyed by fire, calamity, vandalism or theft.

Proactively managing these high-value treasures is best accomplished by creating a secure digital catalog that includes every category of tangible asset the owner would like insured. When maintained with current information (which may include photo images, digital copies of purchase receipts, current appraisals, and descriptions of condition, location, provenance, and other details), this digital catalog can help owners and their advisors determine if insurance coverage is suitable. A detailed catalog will also reveal whether any items of value have been inadvertently omitted from scheduled coverage. Claim time is the wrong time to discover that coverage is unsuitable.



Click here to see a listing of all Archival Property Solutions blog posts.


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.

Contact Archival Property Solutions at:

(866) 843-2100 or
e-mail us

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.

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Claim Time Is the Wrong Time

house-floodedIt’s not surprising that so many high-net-worth individuals are underinsured. They live such complicated lives that updating their personal insurance coverage to reflect a growing asset base can be low on their list of priorities. Unfortunately, that increased exposure leaves them vulnerable when underinsured assets are lost, stolen, damaged or destroyed.

A client’s financial assets are valued by investment managers every day as a matter of course, but the client’s non-financial assets, which may be displayed or stored in various locations, are not as easily valued.

When valuable assets are underinsured and not well documented, the owner’s financial risk can be substantial. In the wake of calamitous events, a family’s shock and grief is often compounded with regret at not having documented their possessions prior to the loss through photo images, digital copies of purchase receipts, current appraisals, and descriptions of condition, location, provenance and other details. Furnishing an insurance provider with a detailed list of affected property as promptly as possible after a loss can go a long way toward increasing the efficiency and reducing the stress of the claim filing process.

Unless insurance providers are diligent about reviewing and updating coverage at regular intervals, they can fail to direct clients to specialized policies designed for the unique needs of upscale owners. Lacking a thorough inventory of tangible property with current valuations, even Family Offices can’t effectively manage their client’s protection needs.

Archival Property Solutions can help by documenting and cataloging a client’s tangible assets—and traveling to distant locations to do so if need be. The resulting digital catalog can help ensure that the client is provided with the right type and amount of insurance coverage. Claim time is the wrong time to discover that coverage is unsuitable.



Click here to see a listing of all Archival Property Solutions blog posts.


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.

Contact Archival Property Solutions at:

(866) 843-2100 or
e-mail us

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.

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The Winds of Change

house-on-life-raftIn the article, How to Manage the Winds of Change for High Net Worth Clients,” Jerry Hourihan, executive vice president and chief marketing officer for American International Group’s Personal Lines in the United States and Canada, notes that the number and severity of extreme weather events and other calamities are on the rise. This heightened activity, Hourihan says, points to some startling trends:

• Atlantic-named storms in the month of June have nearly doubled since 1995.
Cal Fire reports 3,719 fires and 63,701 acres burned from January 1 through July 13, 2013, compared to 2,597 fires with 33,412 acres burned for the same time period in 2012.
• The 2011 earthquake in Virginia triggered landslides at distances four times farther—and over an area twenty times larger—than previous research would have indicated.
• More than 20 percent of flood insurance claims come from areas mapped outside high-risk areas.

Unfortunately, adds Hourihan, those with the most to protect often are not aware of their exposures. Even in the face of an uncontrollable storm or natural disaster, a significant number of claims can be prevented (or their severity lessened) through proactive risk management.

Click here to read the rest of Hourihan’s article in Insurance Journal.

We agree wholeheartedly with Hourihan’s call for proactive risk management. Documenting and cataloging tangible assets before a catastrophic storm, flood or fire inflicts substantial damage or losses will ensure that the road to recovery is smoother, more orderly and less emotionally and financially taxing.

Which assets should be cataloged? Owners may first think of assets such as fine art, valuable collections, jewelry, gems, antiques and luxury items. But it’s also important to document residential structures, their landscapes, and their daily use contents, including amenities, furniture, décor, fixtures, finishes, and other architectural details. It is also wise to include digital scans of confidential documents and  data.

The sooner that a digital catalog of tangible assets is securely stored with client-controlled access, the sooner the owner can empower his Family Office or insurance advisors to eliminate any coverage gaps with updated and suitable coverage. Then, in the event of calamity, the claim handling process will be less stressful and more likely to produce a favorable outcome, enabling the owner to focus on what matters most: comforting family members, rebuilding or repairing their damaged home, and saving, recovering, restoring or replacing their valued possessions.

Ultimately, creating a digital catalog of valued property, documents and data is not only practical, it protects the most valuable asset of all: peace of mind.



Click here to see a listing of all Archival Property Solutions blog posts.


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.

Contact Archival Property Solutions at:

(866) 843-2100 or
e-mail us

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.

Share

When Natural Disasters Strike

archive-assets-natural-disasterNature’s ferocious power has been on full display recently, from Hurricane Sandy on the East Coast to wildfires in California to devastating tornadoes in Texas and Oklahoma.

When natural disasters strike, the human element is obviously priority one, and our hearts go out to people everywhere who were severely injured or who lost precious loved ones. Loss of property and possessions pales by comparison but still must be addressed in the aftermath of such tragedies.

Eleven years ago, my house burned to the ground in the middle of the night. In the midst of my shock and grief, I was forced to deal with the unavoidable details of trying to recall and document every damaged or destroyed item for my insurer. It was in the ashes of my home fire that the seeds for Archival Property Solutions were planted. I was forced to recognize that if I had made a more comprehensive effort to more carefully document my possessions, important papers and confidential data prior to that terrible fire, I would not have felt so powerless in the months that followed.

My house fire drove home the point that such unexpected and devastating occurrences are not only disorienting and overwhelming, they often have enormous price tags associated with them. As I slowly rebuilt my life and my house from the ground up, I vowed to do what I could to leverage the knowledge and skills I gained from my experience to help others minimize their financial loss, emotional turmoil and valuable time lost to recovery and rebuilding activities in the wake of disastrous events. They can then focus on what matters most: comforting family members, rebuilding or repairing their damaged home, and saving, recovering, restoring or replacing their valued possessions.

Today, Archival Property Solutions helps high-net-worth owners and their professional advisors cope with, plan for, protect against, and recover from life’s unexpected events by digitally cataloging their tangible assets and securely storing them for private, confidential access. Then, if a natural disaster, fire or theft results in damage or loss, the road to recovery is smoother, more orderly and less emotionally and financially taxing.

Ultimately, creating a digital catalog of valued property, documents and data is not only practical, it protects the most valuable asset of all: peace of mind.



Click here to see a listing of all Archival Property Solutions blog posts.


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.

Contact Archival Property Solutions at:

(866) 843-2100 or
e-mail us

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.

Share