Synopses & Reviews
Congratulations on becoming a person of means. Not to rain on your parade, but, while your wealth certainly can make life easier for you and your loved ones, it also can make it much more complicated. That's because real wealth brings exposure to a variety of all-too-real personal and professional liabilities, including many about which you may be completely unaware. Any one of those risks could, at any time, seriously undermine or even destroy all that you have created and rob you and your family of the fortune you've worked so hard to create.
You owe it to yourself and your dependents to learn all that you can about those risks and what you can do to insulate yourself against thembefore you're struck by a natural or man-made disaster, fall victim to fraud, theft, or other malicious acts, or find yourself at the business end of a lawsuit.
Written by a risk management and insurance expert with many years of experience advising high net worth individuals, this book demystifies the world of risk management. In a series of concise, pithy chapters, author Brian Flood clearly lays out the various categories of risk to which you may be exposed. And he explains the array of insurance solutions created specifically for high net worth individuals.
Your wealth risk management checklist and solutions guide, this book provides you with what you need to know about:
- Property risks, including flood, equipment breakdown, and remodeling/renovations risks
- Household staff risks and liabilities
- Insuring valuables and collectibles, including artwork, wine, jewelry, and more
- Car insurance, including antiques, exotic cars, sports cars, and more
- Boat and maritime insurance
- Personal and family security risksfrom cyber attacks to identity theft to kidnapping
- Personal and professional liability, including libel and slander lawsuits
- Insuring against risks to intellectual assets
- Personal risk management for you and all your family members
- Risk management issues for expatriates and those planning to live and work abroad
Mr. Flood also provides expert advice and guidance on creating a comprehensive risk management strategy and on pulling together a risk management teamincluding your attorney, financial advisor, accountant, and otherswith a specialized insurance broker acting as team leader coordinating everyone's efforts.
Read Wealth Exposed and find out what you need to know to protect your assets from risk and secure your peace of mind.
Synopsis
Wealth Exposed provides insight on the personal risk management and insurance planning issues faced by high net worth individuals, the segment with one of the fastest growth areas and consumer need in the industry. Underinsured and over targeted in litigation, the majority of these individuals leave their vast assets dangerously exposed to risks that can profoundly jeopardize their lifestyle and legacy. This segment of the population has unique insurance needs that are often not met because of a general lack of awareness—not only among the wealthy but by their own financial advisors. This book will provide these high net worth individuals, their CPAs, attorneys, family office managers and others the tools they need to protect themselves (or clients) from mayhem.
The book will:
- Speak to the higher end insurance consumer and their team of advisors
- Discuss the need for more customized planning
- Introduce essential insurance policies (household and staff, automobiles, personal umbrella, jewelry, watercraft, aircraft, art, wine and more)
- Contain both anecdotes and case studies
Synopsis
An indispensable survival guide for high-net-worth individuals and their advisorsIf you're like most high-net-worth individuals nowadays, you are underinsured, over-targeted in litigation, and dangerously exposed to risks that can profoundly jeopardize your lifestyle and rob you and your family of what they’ve worked so hard to achieve. Don't risk it all for lack of basic knowledge. Read Wealth Exposed and get the practical guidance and real-world solutions you need to protect your hard-earned assets.
Written by a leading national risk management expert with extensive experience advising high-net-worth individuals, Wealth Exposed alerts you to the full range of risks to which high-net-worth individuals are exposed, while schooling you in your risk management ABCs. Designed for high-net-worth individuals, their CPAs, attorneys, family office managers, and others, Wealth Exposed arms you with the knowledge and tools you need to protect yourself, or your clients, from mayhem.
- Provides a framework for creating a comprehensive personal risk management strategy
- Contains numerous real-life anecdotes and case studies drawn from the author's case files
- Discusses insurance solutions for property, cars, jewelry, aircraft, watercraft, wine, cars, and more
Read Wealth Exposed and find out what you need to know to protect your assets from risk and secure your peace of mind.
Synopsis
Praise for Wealth Exposed"Brian's book is an excellent review of the types of personal risk management issues people face today. His refreshingly readable approach demystifies the world of insurance. Families and their advisors, including financial planners, lawyers, and accountants, stand to gain from reading Brian's book."
—Jerry Hourihan, Executive Vice President/CMO, AIG
"High net worth families have unique risk management needs. Brian has effectively illustrated those needs through his use of real-life stories and highlights the role of specialized insurance products and service solutions to provide these families the protection they need."
—Bob Courtemanche, Chairman, ACE Private Risk Services
An indispensable survival guide for high net worth individuals and their advisors
With great wealth comes great risk. If you're like most people in your income bracket, there's a good chance that you're already exposed to serious risks on several fronts. Don't wait to find out about them the hard way.
Written by a leading national risk management expert with extensive experience advising high net worth individuals, Wealth Exposed alerts you to the full range of risks to which high net worth individuals are exposed, while schooling you in your risk management ABCs.
Written for high net worth individuals, their CPAs, attorneys, family office managers, and others, Wealth Exposed arms you with the knowledge and tools you need to protect yourself, or your clients, from mayhem.
You'll get:
- Tips on how to get the customized planning you need
- Insurance solutions for property, cars, jewelry, aircraft, watercraft, wine, cars, and more
- Guidance on managing risks from household and staff
- A framework for creating a comprehensive personal risk management strategy
- Guidelines for putting together a risk management team
- Numerous real-life anecdotes and case studies drawn from the author's case files
- Additional online resources including links to informational websites and personal assessment tools
If you're like most high net worth individuals nowadays, you are underinsured, over-targeted in litigation, and dangerously exposed to risks that can profoundly jeopardize your lifestyle and rob you and your family of what you're worked so hard to build. Don't risk it all for lack of basic knowledge. Read Wealth Exposed and get the practical guidance and real-world solutions you need to protect your hard-won assets.
About the Author
Brian G. Flood, CPCU, ARM, is highly regarded for developing creative risk management solutions and concepts unique to each individual or organization. As Vice President of the Flood Group, Brian leads a team of both personal and commercial specialists to provide a complete suite of risk management services and products to a clientele that spans the country. As they have found that effective personal risk management begins with knowledge, education is a major thrust of the Flood Group's client outreach. Brian earned a BBA in management from Hofstra University.
Table of Contents
Introduction xi
The Challenges of Wealth and the Next Level xii
Why Wealth Exposed Needed to Be Written xiii
How to Use This Book xiv
Chapter 1 Welcome! You Are at the Next Level 1
A Real-World Success Story 1
What Risks Are You Facing? 5
Chapter 2 My-Oh-My, How Far You Have Come! 9
Remember Your First Apartment? 9
Chapter 3 Life Is Too Short to Drink Cheap Wine 23
A Look at Managing Valuables and Collectibles Schedules 24
Now to the Wine Cellar for a Vertical Tasting of Lafite 34
Then There’s the Antiques, Rugs, China, and Other Treasures 36
Chapter 4 The Hired Help—Who’s Watching Whom? 39
The Real Risk of “Nanny Revenge” 39
What Can Go Wrong? Everything 40
Managing the Risks of Household Staff 41
Four Things All Domestic Employers Need to Know about Employee Law 42
Workers Compensation, Employee Benefits, and the Employment Practices Issues Domestic Staff Present 44
Chapter 5 Which Car Will I Drive Today, the Ferrari or the Bentley? 49
It’s Not Your Oldsmobile’s Insurance Coverage 49
Insuring for the Underinsured and Uninsured 52
High-End Cars Need High-End Insurance Coverage 55
Chapter 6 How Big Is Your Umbrella? 57
Standard Umbrella Policies versus Specialized Umbrella Policies 58
How Much Is Enough? 59
Filling the Gaps 60
Not-for-Profit Board Members—Are You at Risk? 61
Summary 62
Chapter 7 Toys, Toys, and More Toys 63
Case-in-Point 64
Managing Your Risks at Sea . . . 65 . . . and in the Air 68
You’d Better Sweat the Small Stuff 74
Chapter 8 Personal and Family Security Risks 77
Whom Are We Really Dealing with Here? 78
We’re All an Open Book 78
Understanding the Threats 82
The World Is Your Liability 84
Preemptive Security Planning 86
Chapter 9 The Dangers of Wealth 89
High Profile Equals High Risk 89
What Exactly Is Defamation? 90
Professional Liability 91
The Higher the Profile, the Bigger the Lawsuits 92
The Wealthy Need to Prepare for the Worst 93
You Are Your Brand, So You’d Better Protect It 94
Protecting Your Intellectual Capital 95
Chapter 10 Personal Risk Management Planning at the Next Level 97
It’s All Downhill from Here 97
The Personal Risk Management Process 99
Generic Solutions Just Don’t Cut It at the Next Level 101
Chapter 11 Would You See an MD Generalist for a Heart Transplant? 103
It Takes Three to Tango 103
What Your Property-Casualty Agent Doesn’t Know Can Hurt You 105
It’s Not Just about Insurance 107
Advantages of Consolidating Your Personal Risk Program 109
Service Fit for Kings and Queens 111
It Takes a Village 112
Chapter 12 Getting Started with Next-Level Planning 115
It’s Not Going to Get Any Easier 116
How Do You Eat an Elephant? 117
Go Ahead and Rip Off that Band-Aid! 118
Chapter 13 Making the Move Abroad 121
It’s All in the Planning 122
What Every Expatriate Should Know About International Insurance Coverage 122
International Property Coverage 125
Valuable Articles versus Regular Property 126
Scheduling Your Valuables 126
Storing Your Property 127
Transit Insurance 127
International Personal Umbrella Liability Coverage 127
Key Takeaway—Don’t Leave Home without It 129
Chapter 14 Weaving It all Together 131
Francesca’s Fabulous Life—A Case Study 131
Francesca’s Directorship 139
Final Strategies for Francesca and John 140
Summary 141
Conclusion 143
It’s Easier than You Think 144
Appendix A
Sample Personal Lines Checklist 145
Appendix B
Coverage and Service Comparison 149
Appendix C
Specialized Flood Insurance versus Standard Flood Insurance 155
Appendix D
Ten Items to Include in Family Disaster Plan 157
Appendix E
Breakdown of Audio and Video Recording Laws 159
Notes 161
Insurance Glossary 163
Useful Websites for Personal Risk Management and Insurance Information 173
About the Author 175
Index 177