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Your center for insurance and risk management tips, news and trends.

How to File an Insurance Claim for a High Value Home

Posted by Parker Beauchamp on Apr 29, 2015

For many high net worth individuals, their home is a source of pride. In addition to the home’s size, construction quality or desirable location, its contents may contain custom furnishings, antiques or collectibles, artwork, jewelry or other luxury goods.

As a result, estate managers must take special care in protecting a high value home’s monetary and sentimental value. Below we outline common mistakes made in the claim filing process, and how to protect a high net worth estate.

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Topics: Risk Management, Wealth Management

How to Safeguard Your Vacation Home or Timeshare

Posted by Parker Beauchamp on Apr 27, 2015

Whether you are considering the purchase of a timeshare or are ready to sign off on a tropical beachfront condo, a vacation property can be a welcome home away from home. 

But before you sign the contract and pull out the suitcases, make sure you have considered the costs and risks of protecting your new investment.

Vacation homes and timeshares are not typically covered by a standard homeowners insurance policy. In addition, their distinctive liabilities require specific coverage based on a range of factors, such as geographic location, surveillance and how you plan to utilize the property.

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Topics: Personal Insurance

Bundle Up: Pros, Cons and Consideration for Personal Insurance Bundles

Posted by Parker Beauchamp on Apr 20, 2015

Most of us carry insurance for the basics—home, auto, life, health, etc.—but as our core assets grow and increase in complexity, insurance policies can become a hassle to manage and understand.

Insurance bundles, however, are an easy way to reduce the number of policies held, insurance premiums paid and headaches suffered. With fewer policies to manage, you can enjoy a more streamlined form of protection through a single insurance provider and program.

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Topics: Personal Insurance

Family Dynamics: Considerations for Multi-Generational Planning

Posted by Parker Beauchamp on Apr 15, 2015

“A very rich person should leave his kids enough to do anything but not enough to do nothing.” — Warren Buffet

 

Having the means to pass down wealth to your children’s children is a great accomplishment. However, it is also a great responsibility. Multi-generational estate planning brings its own set of challenges, such as:

  • Personal and emotional issues or family conflict: Complicates estate planning and can lead to emotional decision-making.
  • Transfer taxes: Inhibit efficient short-term wealth distribution.
  • Future market volatility and related unknowns: Create uncertainty in long-term forecasting and planning.
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Topics: Risk Management, Wealth Management

Heads, Tails or Bitcoin? Why Our Business Took a Chance on Tech

Posted by Parker Beauchamp on Apr 13, 2015

Backed by the global Internet, bitcoins are the latest innovation in online payment systems and electronic currency.

The platform uses “peer-to-peer technology" to operate with no central facility or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.” The technology behind Bitcoin is vast and sophisticated.

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Topics: Insurance News & Trends

Disaster Recovery: Tips on How to Navigate the Claim, Recovery and Restoration Process

Posted by Parker Beauchamp on Apr 09, 2015

Unfortunately, a disaster—natural or manmade—can occur at a moment’s notice. Fires, tornadoes and water main breaks are just a few of the catastrophes that can devastate a business without warning.

According to German insurance company Munich Re and the Insurance Information Institute (I.I.I.), approximately nine natural disasters occurred in the U.S. in 2013, which resulted in $12.8 billion in damages.

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Topics: Business Insurance

The Future of Autonomous Cars and Auto Insurance

Posted by Parker Beauchamp on Apr 08, 2015

Autonomous cars are not as futuristic as one might think. In fact, according to Google director Chris Urman, the search engine and global leader in Internet services and products plans to launch self-driving cars within the next five years.

In the U.S., nearly every state requires drivers to carry a minimum level of auto insurance to protect themselves and property, as well as other drivers and passengers.

But what will happen when humans become passengers, instead of drivers? How will insurers address this unprecedented territory of risk and liability?

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Topics: Personal Insurance, Insurance News & Trends