An indispensable survival guide for high-net-worth individuals and their advisors If you're like most high-net-worth individuals nowadays, you are underinsured, over-targeted in litigation, and dangerously exposed to risks that can profoundly jeopardize your lifestyle and rob you and your family of what they ve worked so hard to achieve. Don't risk it all for lack of basic knowledge. Read Wealth Exposed and get the practical guidance and real-world solutions you need to protect your hard-earned assets. Written by a leading national risk management expert with extensive experience advising high-net-worth individuals, Wealth Exposed alerts you to the full range of risks to which high-net-worth individuals are exposed, while schooling you in your risk management ABCs. Designed for high-net-worth individuals, their CPAs, attorneys, family office managers, and others, Wealth Exposed arms you with the knowledge and tools you need to protect yourself, or your clients, from mayhem.
* Provides a framework for creating a comprehensive personal risk management strategy * Contains numerous real-life anecdotes and case studies drawn from the author's case files * Discusses insurance solutions for property, cars, jewelry, aircraft, watercraft, wine, cars, and more Read Wealth Exposed and find out what you need to know to protect your assets from risk and secure your peace of mind.
Brian G. Flood, CPCU, ARM, is highly regarded for developing creative risk management solutions and concepts unique to each individual or organization. As Vice President of the Flood Group, Brian leads a team of both personal and commercial specialists to provide a complete suite of risk management services and products to a clientele that spans the country. As they have found that effective personal risk management begins with knowledge, education is a major thrust of the Flood Group's client outreach. Brian earned a BBA in management from Hofstra University.
Introduction xi The Challenges of Wealth and the Next Level xii Why Wealth Exposed Needed to Be Written xiii How to Use This Book xiv Chapter 1 Welcome! You Are at the Next Level 1 A Real-World Success Story 1 What Risks Are You Facing? 5 Chapter 2 My-Oh-My, How Far You Have Come! 9 Remember Your First Apartment? 9 Chapter 3 Life Is Too Short to Drink Cheap Wine 23 A Look at Managing Valuables and Collectibles Schedules 24 Now to the Wine Cellar for a Vertical Tasting of Lafite 34 Then There s the Antiques, Rugs, China, and Other Treasures 36 Chapter 4 The Hired Help Who s Watching Whom? 39 The Real Risk of Nanny Revenge 39 What Can Go Wrong? Everything 40 Managing the Risks of Household Staff 41 Four Things All Domestic Employers Need to Know about Employee Law 42 Workers Compensation, Employee Benefits, and the Employment Practices Issues Domestic Staff Present 44 Chapter 5 Which Car Will I Drive Today, the Ferrari or the Bentley? 49 It s Not Your Oldsmobile s Insurance Coverage 49 Insuring for the Underinsured and Uninsured 52 High-End Cars Need High-End Insurance Coverage 55 Chapter 6 How Big Is Your Umbrella? 57 Standard Umbrella Policies versus Specialized Umbrella Policies 58 How Much Is Enough? 59 Filling the Gaps 60 Not-for-Profit Board Members Are You at Risk? 61 Summary 62 Chapter 7 Toys, Toys, and More Toys 63 Case-in-Point 64 Managing Your Risks at Sea ... 65 ... and in the Air 68 You d Better Sweat the Small Stuff 74 Chapter 8 Personal and Family Security Risks 77 Whom Are We Really Dealing with Here? 78 We re All an Open Book 78 Understanding the Threats 82 The World Is Your Liability 84 Preemptive Security Planning 86 Chapter 9 The Dangers of Wealth 89 High Profile Equals High Risk 89 What Exactly Is Defamation? 90 Professional Liability 91 The Higher the Profile, the Bigger the Lawsuits 92 The Wealthy Need to Prepare for the Worst 93 You Are Your Brand, So You d Better Protect It 94 Protecting Your Intellectual Capital 95 Chapter 10 Personal Risk Management Planning at the Next Level 97 It s All Downhill from Here 97 The Personal Risk Management Process 99 Generic Solutions Just Don t Cut It at the Next Level 101 Chapter 11 Would You See an MD Generalist for a Heart Transplant? 103 It Takes Three to Tango 103 What Your Property-Casualty Agent Doesn t Know Can Hurt You 105 It s Not Just about Insurance 107 Advantages of Consolidating Your Personal Risk Program 109 Service Fit for Kings and Queens 111 It Takes a Village 112 Chapter 12 Getting Started with Next-Level Planning 115 It s Not Going to Get Any Easier 116 How Do You Eat an Elephant? 117 Go Ahead and Rip Off that Band-Aid! 118 Chapter 13 Making the Move Abroad 121 It s All in the Planning 122 What Every Expatriate Should Know About International Insurance Coverage 122 International Property Coverage 125 Valuable Articles versus Regular Property 126 Scheduling Your Valuables 126 Storing Your Property 127 Transit Insurance 127 International Personal Umbrella Liability Coverage 127 Key Takeaway Don t Leave Home without It 129 Chapter 14 Weaving It all Together 131 Francesca s Fabulous Life A Case Study 131 Francesca s Directorship 139 Final Strategies for Francesca and John 140 Summary 141 Conclusion 143 It s Easier than You Think 144 Appendix A Sample Personal Lines Checklist 145 Appendix B Coverage and Service Comparison 149 Appendix C Specialized Flood Insurance versus Standard Flood Insurance 155 Appendix D Ten Items to Include in Family Disaster Plan 157 Appendix E Breakdown of Audio and Video Recording Laws 159 Notes 161 Insurance Glossary 163 Useful Websites for Personal Risk Management and Insurance Information 173 About the Author 175 Index 177