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


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.

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.

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