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• Is the current limit of your liability policy less than 100% of your 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. If you have a net worth of more than $10 million, you should have even more coverage.

• Have you had any major changes in your 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 life can have an impact on your 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 you own a secondary residence?

  Yes
  No
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  If you own more than one home, you may have insurance through multiple carriers. However, you can typically receive more comprehensive coverage, more economically, by using one insurance carrier to protect all of your homes.

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

  Yes
  No
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  If it is, you are probably focused on transferring wealth with as little taxes as possible, and limiting your overall liability exposure. However, sometimes when you are too aggressive in moving assets, you can lose sight of personal protection. For example, when autos used personally are registered to another entity, you may lose coverage for expenses like car rentals and mileage if you get in an accident.

• Do you 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. You may want to review the cyber protections of your policies to make sure you’re protected.

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

  Yes
  No
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  If you do, your current liability policy may not cover you for your actions while on the board. And your 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 Hume for the Aged, US Court of Appeals, 3rd Circuit, 2015)

• Do you 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 you or your 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 you are not insured. (foxnews.com 10/15/2012)

• Do you or your 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. If you have a large collection, you may not be properly protected, leaving you 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 you have a swimming pool, hot tub or trampoline at your 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, you may not be aware that they need additional coverage.

• Do you 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 that you carry an appropriate amount of liability insurance and be aware of your current policy limits, if you own watercraft. All-terrain vehicles are another common cause of accidents and injuries.