Wealth Exposed - Insurance Planning for High Net Worth Individuals and Their Advisors

An indispensable survival guide for high-net-worth individuals and their advisors
 
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 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.

List 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
 
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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.

Summary

An indispensable survival guide for high-net-worth individuals and their advisors 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 they've worked so hard to achieve.

Product details

• Authors: FLOOD, B Flood, Brian Flood, Brian G Flood, Brian G. Flood, Flood Brian G.
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 18.03.2014
• EAN: 9781118810699
• ISBN: 978-1-118-81069-9
• No. of pages: 208
• Series: Wiley Finance; Wiley Finance Editions; The Wiley Finance Series; Wiley Finance; Wiley Finance Editions
• Subjects: Guides > Law, job, finance; Social sciences, law, business > Business > Business administration; Private Finanzplanung, Finance & Investments, Finanz- u. Anlagewesen, Personal Finance / Financial Advising, Private Finanzen / Beratung