The Devil is In the Details: Adapting to the Emerging Risks Facing the High Net-Worth Client
Overview
With great wealth, comes great responsibility, and given the complexity of risks faced by the high net worth individual, even greater due diligence is required to protect against financial loss and emotional distress.
While many high net worth individuals assess and protect physical assets, often they overlook protecting against loss from liability exposures that can be devastating financially. Coverage for risks involved in the hiring of domestic staff, along with protecting against the growing cyber security threat are often excluded under traditional personal insurance policies, and the exposure to such losses should be reviewed as a part of a client’s overall risk management strategy.
Civil litigation and cyber-crime are multi-billion dollar industries, and each target high net worth individuals due to what can be seen as the potential for a high return versus a relatively low investment.
Loss prevention steps can be taken to reduce the exposure faced by high net-worth individuals, and insurance may be purchased to recoup financially through carriers who offer specialty coverage for losses typically excluded under traditional personal insurance policies. This article explores why a periodic review of liability limits and coverage should be part of high-net individual’s asset protection strategy.
protecting against loss from liability exposures that can be devastating financially. Coverage for risks involved in the hiring of domestic staff, along with protecting against the growing cyber security threat are often excluded under traditional personal insurance policies, and the exposure to such losses should be reviewed as a part of a client’s overall risk management strategy.
Civil litigation and cyber-crime are multi-billion dollar industries, and each target high net worth individuals due to what can be seen as the potential for a high return versus a relatively low investment.
Loss prevention steps can be taken to reduce the exposure faced by high net-worth individuals, and insurance may be purchased to recoup financially through carriers who offer specialty coverage for losses typically excluded under traditional personal insurance policies. This article explores why a periodic review of liability limits and coverage should be part of high-net individual’s asset protection strategy.