Executive Comprehensive Risk Management
Posted November 12, 2010 – 6:09 am in: Bad DebtAs your career grows, your compensation, assets and lifestyle usually follow suit - and so has your risk exposure. Is your insurance relationships and policies keeping up?
It’s not unusual that individuals collect policies and experts as they advance through the stages of life. As a young single person, you you probably haven’t given a thought to life, disability or even renters insurance. Your marriage possibly could have prompted the purchase of life insurance and buying your first home introduced you to property coverage. If you don’t have life insurance already, having of a child can make that a priority along with disability coverage.
As an executive, your compensation might change your lifestyle. Have you collected grown-up toys like expensive cars, boats, motorcycles or even horses? Do you have expensive collections like fine art, jewelry or a wine cellar? Have you recorded all those items with documents or pictures, had it appraised recently and added the appropriate riders or liability coverage?
When your income goes up, so does your need for disability coverage, especially if your spouse does not work. If you purchased disability coverage many years ago, have you checked lately to make sure it still provides adequate substitute for your improved income?
Domestic employees can become more common as demands on your time go up. Depending on the state, you may be required to provide insurance for your nanny, housekeeper, groundskeeper, driver or personal assistant.
Average homeowners insurance may not allow enough coverage for custom-built new homes or historic homes. Replacement cost coverage might sound great, many insurers cap rebuilding costs. Guaranteed replacement has no cap, and some companies have specialized policies designed to replace unique and expensive details of historic homes or to cover the cost of rebuilding historic homes in compliance with current building codes.
The patchwork of insurance relationships and policies you might have acquired over many years may no longer be sufficient. A comprehensive risk management strategy looks at each angle of potential loss, decides which would have the most drastic effect on your monetary well being and finds answers to diminish those risks. Talk to your financial advisor or insurance expert to ensure that your solutions still fit.
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