And there are many opinions out there!
But help is on the way.
Insurers have long been proactive in risk mitigation, but increasingly, after the recent surge in wildfire and storm losses, insureds are now, too. And especially in the high net worth space, preventing that loss is vastly preferable to a payout, for insurers and insureds alike.
High Net Worth Vulnerabilities Laura Sherman, founding partner, Baldwin Krystyn Sherman Partners As the number and size of luxury homes built in vulnerable areas has increased, so has the frequency and magnitude of extreme weather events, including hurricanes, harsh cold and winter storms, and wildfires.
The homes themselves present other vulnerabilities. Secure facilities provide hurricane-proof, wildfire-proof off-site storage for artwork, antiques, and all manner of collectibles for seasonal or rotating storage, as well as ahead of impending disasters.
Other companies help manage such collections — a substantial challenge anytime, but especially during a crisis. Now, our client families realize it is one of the many imperative steps in an effective risk management strategy.
AIG employs four art curators who advise clients on how to protect and preserve their art collections. Perhaps the best known and most striking example of this kind of direct insurer involvement are the fire teams insurers retain or employ to monitor fires and even spray retardant or water on threatened properties.
High-Level Service for High Net Worth All high net worth carriers have programs that leverage expertise, loss data, and relationships with vendors to help clients avoid and recover from losses, employing the highest levels of customer service to accomplish this as unobtrusively as possible.
Site visits are an essential first step, allowing insurers to assess risks, make recommendations to reduce them, and establish plans in the event of a disaster.
Adequate planning includes ensuring that whoever is responsible has the training and authority to execute the plan. Evaluating New Technology Insurers use technologies like GPS and satellite imagery to determine which homes are directly threatened by storms or wildfires.
They also assess and vet technologies that can be implemented by homeowners, from impact glass to alarm and monitoring systems, to more obscure but potentially more important options.
If you equalize that water inside and out at the same level, you negate that. Recovery from Loss A major component of disaster resiliency is still recovery from loss, and preparation is key to the prompt service expected by homeowners paying six- or seven-figure premiums.“The U.S.
property/casualty insurance industry faces underwriting challenges, particularly in the commercial lines segment, as a softening premium environment will promote future deterioration in underwriting results,” he said. The New Republic and the Issues It Faces Essay - The New Republic and the Issues It Faces The New Republic is a weekly British political journal that focuses quite a bit on the internal workings of the US government and issues dealing with foreign policy and issues outside of this country.
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