What Has Your Casualty Insurance Agent Done For You Lately?

damaged-thinker-sculpture
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.



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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.

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.

Share

The Case of the Culpable Collector

honus-wagner-baseball-card
A mint condition T206 Honus Wagner baseball card was sold for $2.8 million in 2011

A colleague recently told me about a client who had an extensive and expensive collection of curios. He had rather sheepishly turned to her for help in documenting and cataloging it after his wife had insisted he do so. The client’s wife told him, “If you’re going to complicate our lives with your collection to this extent, you better get all the facts organized and detail a plan for me or the kids to follow in case it falls to us to untangle all of it.”

It’s a fair point and one that every serious collector should consider. Tomorrow is promised to no one. If the collector were to absent-mindedly step in front of a bus, his wife and kids would be left to literally pick up the pieces of his cherished collectibles. Chances are they wouldn’t know what the collection was worth, who to trust to appraise it or how to go about selling it.

Amassing a valuable collection of any type carries with it the responsibility of documenting it for the sake of the loved ones you may suddenly leave behind. Absent advance planning, every situation involving valuable assets can or will become someone else’s problem in due time.



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