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A recently released white paper from Ace Private Risk Services reminds financial advisors that many investors are increasingly turning to their passion for fine art, wine and other collectibles in an effort to rebalance their investment portfolios. Sound risky? Well, it is not uncommon that well managed collections outperform more conventional investments.

This strategy is not without risks, as many collectors and their financial advisors often do not take the extra steps to intelligently manage the hidden risks that can threaten the value of their collections. To learn more about the “Eleven Steps for Protecting Passionate Investments”,  click here to access the white paper on Ace’s website.

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I cringe each time I see major insurance carriers advertising their coverage using “save ___% in __ minutes” or “name your own price” deceptive sales pitches. Most sophisticated consumers understand that in order to significantly lower insurance costs, certain sacrifices in protection (known or unknown) lurk somewhere in the fine print.

Meanwhile —- there IS a way to purchase high limit personal excess liability (often referred to as “umbrella” coverage) at costs between 30 and 50% below the prevailing market costs. Often, coverage enhancements can be included that even expand the protection normally available with such policies. More coverage at a lower cost —– but how?

As always, there is a “catch”: more protection for less money can be arranged only when carriers are presented with a large enough group of applicants who comprise an eligible “Group”. “Group Personal Excess Liability” (GPEL) is a concept that has been around for decades, and is regarded as a valuable voluntary benefit at many large corporations.

The leading underwriters for this product are Chubb, CNA, Chartis, Fireman’s Fund and Ace. The differences in eligibility, costs, and coverage features offered by each carrier are subtle, yet important. Generally, the program is most successful in a workplace with a group of 10 or more participants seeking liability limits of $5 million or more. For larger groups, the coverage enhancements, ease of enrollment and cost discounts can become very meaningful. I’d be happy to have a conversation to help you examine whether this program can benefit you and others you know, or clients you advise.

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ex pointIn this great article, Paul Sullivan, the Wealth Matters columnist for The New York Times, examines the many issues posed by the title: How Do I Know You’re Not Bernie Madoff?

With a close understanding of the heightened desire among affluent and high net worth insurance consumers to better vet who they are doing business with, Ace Private Risk Services has introduced an outsourced background screening service for financial advisors and contractors (in addition to domestic staff). While I have not yet “vetted” the firm they will be using to perform the “vetting”, the firm’s web site includes a reference from a former U.S. President. Click here to read a press release  offering details of this new service, or contact me for more information.

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Given the tumult that is occurring in the marketplace, many clients are re-discovering the importance of aligning their insurance coverage with carriers that can best document their financial stability and strong claims paying ability.

With fortuitous timing, a new provider of comprehensive insurance coverage can also demonstrate remarkable financial stability, and is now open for business: ACE Private Risk Services.

All professional advisors and consumers who want to be aware of quality providers of insurance and risk management services should take a moment to learn about ACE Private Risk ServicesThis financial fact sheet tells just a part of the story, but an important part. Contact me for more details on the quality insurance solutions and greater peace of mind this carrier can provide.

 

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