Mike Petruccelli says excess liability with limits up to $100 million, the policies are designed to safeguard against everything from property damage to slander and defamation charges. All generally cover legal defense costs and may let you pick your own attorney.
Mike Petruccelli says Liability in todays litigious society, a slip on a poolside tile, inappropriate words from a guest to a housekeper, or one wrong decision made on a volunteer board can cost a client millions of dollars. In addition to excess liability coverage with high limits commensurate with the clients wealth, new coverages provide financial protection in areas of expanded risk.
Mike Petruccelli says fine art is expensice artwork often is best protected by itemized coverage that considers appreciation in value. If the pre-loss market value of an item is greater than the itemized coverage amount, the policy could pay as much as 150 percent of that amount. For glass and scultural works, breakage protection also should be considered.
Mike Petruccelli says trust is by definition, affluent families use trust vehicles as part of their wealth dispersal and tax stratigies. As a result, some assets may be titled in the name of a trust, so the insurance broker must be familiar enough with the basic trust law to see that insurance policies correctly identify the named insureds and any additional insureds.
Mike Petruccelli says as you ask the many questions and develop the relationship with your client, you’ll uncover that hobby business of a spouse or child that the client might not even think to mention.
Mike Petruccelli says security involves not just possessions but the safety of their families. Physcial secutiry systems are an important park of risk management measures. Risk awaremess and risk mitigation practices must be taught, and there are experts who can provide these services.
Mike Petruccelli says when most families will eventually have to deal with young drivers, but affluent families are more likely to give their young drivers powerful and expensive cars to drive.
Mike Petruccelli says depreciation is when a new car or yacht is driven off the dealer’s lot, its market value begins to depreciate. Agreed value policies can provide coverage up to the purchase price with no deductible and no depreciation.
Mike Petruccelli says collections becomes a very specialized insurance aspect and is something else the insurance broker will need to have expertise in.
Mike Petruccelli says boats, planes, and horses are affluent families often buy watercraft and aircraft, and horses. All of thse exposures require specialist coverages.