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• Is the current limit of your clients’ liability policy less than 100% of their net worth?

  Yes
  No
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  To be protected from risk, we suggest that an individual’s liability policy equal at least as much as their net worth. However, 43% of individuals with over $5 million in investable assets had less than $5 million in liability coverage, according to a Chubb survey. Your clients with a net worth of more than $10 million should have even more coverage.

• Has your client had any major changes in their life in the past year such as a birth, death, inheritance, acquisition of a high valued asset or a liquidity event?

  Yes
  No
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  Major changes in your clients' lives can have an impact on their property and casualty exposure. It is important to complete an annual review every year to identify those changes and determine if coverage should be changed or expanded.

• Do your clients own a secondary residence?

  Yes
  No
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  Clients with more than one home often have insurance through multiple carriers. However, they typically receive more comprehensive coverage, more economically, by using one insurance carrier to protect all of their homes.

• Is any of your clients’ property held in a trust or a limited liability corporation?

  Yes
  No
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  If it is, your clients may be focused on minimizing the tax consequences of wealth transfer and limiting their overall liability exposure. However, sometimes when clients are too aggressive in moving assets, they lose sight of personal protection. For example, when autos used personally are registered to another entity, clients may lose coverage for expenses like car rentals and mileage if they get in an accident.

• Do your clients have teenage children?

  Yes
  No
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  Aside from the risks connected with auto use, teens are heavy users of social media – which carries with it the threat of cyberbullying and cybercrime. Thieves increasingly monitor the online chatter of teenagers to learn the whereabouts of their parents, so they can break into homes when the parents are away. Your clients should review the cyber protections of their policies.

• Do your clients currently sit on any not-for-profit boards?

  Yes
  No
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  If they do, their current liability policy may not cover them for their actions while on the board. And their liability can be great. In fact, a federal appeals court upheld a $2.25 million jury verdict against the directors of a non-profit nursing home, holding them personally liable for breach of duty of care for having failed to remove the nursing home’s administrator and CFO for mismanagement. (Lemington Nursing Home for the Aged, US Court of Appeals, 3rd Circuit, 2015)

• Do your clients employ domestic staff such as a nanny or housekeeper?

  Yes
  No
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  Employment-related litigation is one of the fastest growing areas of litigation these days. Individuals are even more susceptible to litigation than companies because homes are an informal workplace and contracts are often oral instead of written. Employment cases are expensive to defend and the average verdict in cases involving wrongful termination or discrimination exceeds $450,000. (insurecast.com/html/epli.asp)

• Do your clients or their family members travel regularly for business or pleasure?

  Yes
  No
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  Regular travelers should have travel/accident, and potentially kidnap and ransom insurance as well. Although most travelers believe that nothing dangerous will happen to them, increasingly popular active vacations can lead to accidents. An emergency medical evacuation from a foreign country can cost $100,000 or more, if your clients are not insured. (foxnews.com 10/15/2012)

• Do your clients or their family members collect art, jewelry, or wine?

  Yes
  No
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  According to Lloyd’s, 17% of investors have valuable collections, and jewelry is the most popular collectable. (2016 Lloyd’s Private Banking Survey)

  Many financially successful households don’t have a separate valuable articles policy and are therefore subject to their standard homeowner policy limits of between $1,000 and $5,000. Clients with large collections may not be properly protected, leaving them with high out-of-pocket costs in the event of a loss or theft. Also, precious metals and gems have risen in price over the past decade, so many items that were once completely covered are now underinsured.

• Do your clients have a swimming pool, hot tub or trampoline at their home?

  Yes
  No
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  These are high risk items that can cause injury, or worse, lead to lawsuits from friends or relatives. Many policies don’t provide protection for accidents in connection with these items, and if they are installed after the policy is written, your clients may not be aware that they need additional coverage.

• Do your clients own or operate recreational vehicles, jet skis, jet boats or other mechanized watercraft?

  Yes
  No
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  Watercraft can cause serious injury and can dramatically increase the owner’s chances of being sued. It’s important for your clients to carry an appropriate amount of liability insurance and be aware of their current policy limits if they own watercraft. All-terrain vehicles are another common cause of accidents and injuries.