In 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.
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
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.