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Posts Tagged ‘personal risk management’

Home Destroyed? Want to Rebuild Green?!

Posted in Insurance Carrier related, Property Risks and Solutions, tagged , , , , , , , , , , , , , , , on March 31, 2009| Leave a Comment »

leed1Insurance carriers that compete for personal insurance business in the affluent market niche are always looking for new ways to differentiate their coverage. 

Influenced by environmentally conscious homeowners in CA, San Francisco Bay Area Fireman’s Fund Insurance Company has introduced the first ever homeowners insurance policy offering “Green” coverage.  

This innovative policy is ideal for homeowners who currently own green homes, or who want to upgrade their residences with green features after a loss using environmental safety and efficiency standards.

For more details:

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AIG: Bad News Leads to Good News

Posted in Insurance Carrier related, tagged on March 3, 2009| 1 Comment »

 To better understand the issues behind AIG’s financial crisis and the benefits of the recently announced plans to restructure, I refer readers to these articles and documents:

 

NY Times The Case for Saving AIG March 2, 2009, Andrew Ross Sorkin

 

NY Times Propping Up a House of Cards  Feb. 28, 2009 Joe Nocera

 

AIG Restructuring News Release  March 2, 2009

 

AIG AIU Holdings Keypoints  March 2, 2009

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Guarding Against The Purchase Of Fake Antiques

Posted in Protecting Valuable Articles, tagged , , , , , , , on February 22, 2009| Leave a Comment »

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The Times of London reported in the spring of 2008 news of an astonishing degree of fakes, inventions, and alterations in many historical objects and antiques.  This fascinating article  in the Chubb Collector by  Jennifer Garland Ross of Art Peritus, LLC in New York City offers great insights on avoiding the risk of buying fake antiques.      

 

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PURE: “Now There’s a Bright Idea”

Posted in Property Risks and Solutions, tagged , , , , , , , , , on February 2, 2009| Leave a Comment »

bright-ideaThis Wall Street Journal article from Jan 29, 2009 actually offers good news: a newly formed insurance carrier is interested in providing coverage for owners of well built homes near the coast has been approved to issue policies in NY and NJ.   

PURE High Net Worth has a business model that is well worth reviewing.  From their website, the recap below highlights why they are deserving of the above slogan. Cook, Hall & Hyde is among a select group of Partner Agencies representing PURE in NY. Contact me to learn more about the solutions PURE has to offer

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We’re highly selective.  We know a great deal about insuring successful families and we use that insight to carefully select a distinguished membership. By doing so, we reduce the cost for all members. (Click to learn about our home construction eligibility requirements.)

We’re new AND we’re secure.  PURE is led by a team of professionalswidely recognized as the most experienced and accomplished in this niche.  For all of the advantages of our experience, we benefit from our fresh start. A.M. Best has recognized our strengths with a financial strength rating of A- (Excellent).

Our coverage is designed with your input to fit your needs.  Many people don’t buy enough insurance to rebuild their home or replace their contents. Others (particularly vacation homeowners) buy far more than is needed. We empower our members to buy the right amount – not more, not less.

Our policyholders are members. And the members own PURE. Stock insurance companies exist to maximize the wealth of their shareholders. Our mission is simple: Through innovative products and expert advice & service, we are committed to helping our membership lower the price of their insurance today and reduce their overall cost of risk for the long term.

We’re creating a new standard of service.  We believe that the opportunity exists to exceed all expectations of our membership.

 

 

 

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The Empty Hook Theory

Posted in Protecting Valuable Articles, tagged , , , , , on December 1, 2008| Leave a Comment »

 

 

Frances Zeman, Accredited Senior Appraiser of the American Society of Appraisers, reminds us in this important one page primer of the importance of being able to document the value of what one owns.  Ms. Zeman encourages collectors to consider themselves as custodians for the property they own, and shares several good ideas on how to do so effectively.  Armed with a close understanding of the pitfalls awaiting those who fail to plan, Ms. Zeman can provide you or your clients a better understanding of the appraisal process. Ms. Zeman concludes her article by reminding collectors of the dangers of subscribing to the adage “what you don’t know won’t hurt you.” 

 

 

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A New Imperative: Greater Peace of Mind

Posted in Caveat Emptor, tagged , , , , , , , , on October 28, 2008| Leave a Comment »

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 Services.  This 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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AIG’s Issues and Solutions: the two news stories you must see

Posted in Caveat Emptor, tagged , , , , , , , on September 29, 2008| Leave a Comment »

Looking Back: How it Unraveled  To gain a better understanding of the reasons behind AIG’s financial woes, NY Times reporter Gretchen Morgenson offers this fascinating expose on what went wrong.

Looking Ahead: The Plans to Move Forward For insights on how AIG plans to reshape itself moving forward, click this link to watch AIG’s Road Ahead, an interview with Edward M. Liddy, Chairman & CEO by CNBC’s Maria Bartiromo.

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Risky Business

Posted in Caveat Emptor, tagged , , , , , , on August 11, 2008| Leave a Comment »

From this month’s edition of the fine publication “Financial Planning”:

“Whether your client is high-net-worth or working to become so, it is incumbent upon financial planning professionals—often the most trusted advisors—to position insurance as a critical protection for the assets they have worked so hard to build. Working with an independent insurance broker is particularly important for high-net-worth clients who may have very sophisticated needs, but an independent broker can provide all of your clients with a broad choice of coverage and carriers. Many insurance carriers will be happy to give you a list of referenced brokers.

Your relationship with your clients is based on trust and good advice. Sound advice on protecting your clients’ assets is just as important as your advice on growing them.”  

Click here to read the article

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Why the rising costs??

Posted in Caveat Emptor, Property Risks and Solutions, tagged , , , , , , , , on July 1, 2008| Leave a Comment »

I am often pressed to explain the rising cost of insurance — not an easy task. As with the rising cost of anything, a complete explanation involves revieiwng many factors (boring). There is one leading factor driving the rising cost of insuring homes that the WSJ recently decided to cover.

 

I am surprised that many I speak with do not realize insurance carriers also buy insurance on the risks they insure. The process of buying “reinsurance” allows insurance companies to spread their exposure to large, catastrophic losses that can strain their ability to pay many claims and remain in business.  

 

I share this because the factor with the greatest influence on the rising cost of home insurance (especially those in coastal areas) is the rising cost of the reinsurance that insurers are paying. Of course, those rising costs are passed along to all of us in the form of rising premiums. This page one Wall Street Journal article offers a thorough and interesting explanation behind the factors driving of the rising cost we are all required to pay to insure our homes.

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An Ounce of Prevention…..

Posted in Property Risks and Solutions, tagged , , , , , , , , , , , on May 23, 2008| Leave a Comment »

This year marks the 70th anniversary of the unnamed hurricane that devastated Eastern Long Island and much of New England. While the NY Metropolitan area has been impacted by hurricanes since, it has also been awhile. Given this reprieve, there is a real complacency among homeowners to become better prepared. Ask yourself: if a hurricane was a day away, would you make any changes to prepare for it? A suggestion: if you answered yes, take the time and do so now.  This video from the Insurance Information Institute offers some basic but overlooked tips to prepare homes to better sustain the winds and rain that will arrive — one day.

 

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