Primary and secondary residences can represent one of the most significant assets in any personal portfolio. A package insurance policy provides property and liability coverage that can be tailored to meet the specific needs of virtually any homeowner; for exposures ranging from earthquakes to fires and from slander to slip-and-fall. The policy can also provide broad coverage for most of the unscheduled personal property located either on, or away from, the premises.
Personal autos represent a substantial investment in – and liability to – private assets. Automobile insurance can provide coverage for damage to the owner’s vehicle, as well as coverage for liability for physical damage or bodily injury caused to others. The insurance can be designed to meet the coverage needs for essentially any vehicle or driver, from late-model sports car to antique show vehicle, and from teenage driver to the more mature, experienced driver.
Jewelry, china, fine art, crystal and collectables of every kind are just a few of the high-value, personal portfolio items that may not be covered to their full value under standard homeowners policies. Properly covering these items can be as simple as increasing the limits for certain valuables already covered in a typical homeowners policy. Or, it can be as detailed as acquiring a separate policy offering itemized coverage for cherished possessions that have been appraised and insured to value.
Substantial personal assets can receive an important additional layer of protection found under a personal umbrella. High limits of liability are written through umbrella policies and which correspondingly raise the limits provided for coverage in the underlying liability policy. Not only does the umbrella policy respond to claims involving bodily injury, property damage, and personal injury (such as libel, slander and invasion of privacy) but can also fill gaps in coverage in the underlying homeowner and automobile policies. Personal umbrella policies can be written with or without a specified deductible.
It is vital to protect the significant investment that a yacht exemplifies, thereby preserving the assets of any personal portfolio. Yacht policies provide Hull coverage for physical damage to the hull, machinery and equipment of the yacht, as well as for property damage from collision with other vessels. Protection and Indemnity coverage shields yacht owners against legal liabilities for both property damage and bodily injury arising out of the yacht’s operation. And, a vast array of endorsements and ancillary coverages can be written to customize a yacht owner’s specific insurance needs.
Aviation insurance is a critical element in protecting and preserving personal assets. Aircraft hull and liability coverage can be designed to cover the potentially enormous property and liability exposures associated with general aviation flight, whether that be for business or pleasure. And, coverage can be offered whether the aircraft is solely- owned or if ownership is shared. And, if the plane is rented or borrowed, comprehensive coverage is available for bodily injury to passengers, and for property damage as a result of damage by, or to, a non-owned aircraft.
Life insurance is coverage which guarantees a specific sum of money to a designated beneficiary upon the death of the insured. It can be used by dealer principals in a variety of business and personal settings. Term and permanent life products may be offered to a dealer’s employee in a benefits package. Such insurance provides a level of security to the family of employees affected by the death of a wage-earner. Credit life insurance covers the loan obligations of the dealer’s customer. And, life insurance can be used in many business-succession or estate-planning arrangements using instruments such as key-man insurance, buy-sell agreements, or life insurance trusts.
KIDNAP AND RANSOM
This is a specialty crime coverage that insures business and/or personal assets against loss because of ransom paid to kidnappers. The coverage applies to the named insured and can be extended to an employee, relative, or guest of the insured, or of the insured’s employee, while visiting or working in high-risk areas. The coverage can include broad form expense reimbursement in addition to the limit of liability, including coverage for investigation, interest, salary, legal services and travel. The coverage is individually tailored to specific needs and is discreetly arranged before travel.