Posts Tagged ‘uncovered loss’

Shocked MonopolyWith alarming frequency, the media reports heart wrenching stories of insurance consumers who have had a significant property or liability loss, only to learn after the loss that the insurance policy they have purchased does not provide the proper coverage.   

While the reasons for an uncovered loss vary, I provide this one page overview  that details the three leading causes for uncovered personal property and casualty losses, and the solutions that are available to help prevent them.  Why not help those you know to examine these solutions —- before a loss occurs.

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As high net worth individuals embrace the tax and asset protection benefits of placing private property ownership in the name of a trust or LLC, critical insurance coverage issues arise. Few trusted advisors or property owners are aware that the “named insured” insurance contract provisions prohibit the extension of coverage to protect the interests of the real property owner – the trust or LLC – in the event of a covered loss.

The resulting coverage void can remain undetected for years, only becoming apparent after a loss for which the application of coverage has been invalidated. Depending upon their role in the creation and administration of the trust or LLC, some advisors may even discover they have a professional liability exposure in the event of an uncovered loss. 
                                                                                                                                                           Click here to access an article from The CPA Journal that explains this problem and the solutions that can be made available.  

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