Are the Wealthy More Vulnerable to Lawsuits?

Plaintiff’s attorneys will make sure the jury knows when the defendant is affluent. They will take advantage of the public perception that every wrong deserves cash compensation, in order to drive up the judgment in favor of his or her client.

Plaintiff’s attorneys will make sure the jury knows when the defendant is affluent. They will take advantage of the public perception that every wrong deserves cash compensation, in order to drive up the judgment in favor of his or her client.

Unfortunately, the answer is yes. Jeffrey O’Hara of Clyde & Co. U.S. explains that when damages exceed liability coverage, plaintiffs are much more likely to pursue compensation. In order to ensure that they have no gaps in their liability coverage, affluent Americans should consider Connecticut high net worth insurance.

Specific Exposure for the Wealthy

According to an ACE Private Risk Services survey, wealthy individuals have named their top four areas of exposure:

  • Auto accident injuries at 47 percent
  • Work-related injuries, including repairpersons or household employees at 31 percent
  • Injured visitors to the home at 29 percent
  • Incidents related to volunteer work, including accusations of misdeeds, at 22%

Other situations include claims of wrongful termination by household employees, sexual harassment claims by in-home caregivers, and family disputes.

Many Judgments Are Based on Non-Specific Amounts

When a person is found negligent in an injury accident, the decision to compensate for actual expenses including medical bills and lost wages can be very straightforward. However, for non-specific damages such as pain and suffering, awards can vary greatly. Plaintiff’s attorneys will make sure the jury knows when the defendant is affluent. They will take advantage of the public perception that every wrong deserves cash compensation, in order to drive up the judgment in favor of his or her client. For this reason, affluent citizens are more vulnerable to lawsuits and more in need of Connecticut high net worth insurance.

 

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Private Client Services and Connecticut High Net Worth Insurance

For homeowners in possession of valuable items, such as fine art, jewelry, or even high-priced items like yachts and antique car collections, they can only benefit from a policy that provides enough coverage, which is crucial to protecting their investment.

For homeowners in possession of valuable items, such as fine art, jewelry, or even high-priced items like yachts and antique car collections, they can only benefit from a policy that provides enough coverage, which is crucial to protecting their investment.

The Connecticut high net worth insurance market can be challenging for insurers and clients alike simply because with great personal wealth comes added responsibility. There are many things to consider when ensuring those high-value items kept in the home that need to be covered in the event of theft or damage, as well as other concerns unique to a higher income household.

Agencies that deal in private client services are often working with professionals, such as physicians, lawyers, actors, and athletes, and they understand the contributions that many of these individuals make. These often high-profile people can benefit from these services, and the agents can demonstrate their ability to help their financial growth.

For example, because they have a great deal of respect for those in the medical community (physicians who work long hours and work so hard to help others), agents want to provide them with a service to help them resolve many of their financial issues and concerns.

High value items need extra consideration

A knowledgeable agent can help to determine the proper amounts of insurance required, as well as help to recognize situations where those valuable items are more likely to become targeted, or damaged, and make suggestions on how to better protect them. This is the responsibility of the owner, but the agent who is acquired can certainly aid in the prevention of loss through instigating sound coverage options.

There’s no question that those with far more valuable belongings require an elevated level of coverage. For homeowners in possession of valuable items, such as fine art, jewelry, or even high-priced items like yachts and antique car collections, they can only benefit from a policy that provides enough coverage, which is crucial to protecting their investment.

Private client services are also available for wealthy individuals that employ a large staff to keep things running in their homes. They can purchase coverage for the exposures associated with having individuals working in their homes with all the risks inherent in this situation as well.

Terrorism threats are on the rise

Those possessing greater personal wealth also need to be concerned with the possible threat of extortion and kidnapping. These occurrences are far more common than one might think, and without proper guidance, particularly when travelling outside the US, a person may find themselves in situations where such activities are prevalent.

Speak to an agent today about securing Connecticut high net worth insurance coverage and rest assured that valued material possessions will likely stay safe for years to come.

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What to Look for in a High Net Worth Insurance Policy

 

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Connecticut high net worth insurance

Affluent individuals who are considering Connecticut high net worth insurance policies may feel uncertain about what to look for. High net worth insurance can cover all kinds of personal property and risk, but it’s important for high net worth individuals to choose the right policy and provider. Here are a few key attributes to search for before making a decision.

 Extensive Coverage

One of the biggest selling points of a high net worth insurance policy is that it should be able to protect all of an individual’s physical assets. The right Connecticut high net worth insurance will cover costly homes, luxury vehicles, yachts or other boats, rare art, jewelry, and other valuable collections. A policy should protect against both loss and damage of these items.

 Complementary Policies

A company that offers high net worth insurance should also be able to provide other policies that offer further protection, such as a high limit umbrella policy. This protects an individual’s property in the event of a lawsuit. Many affluent individuals face risks and potential losses that are especially high, so it is important that they mitigate these risks through a set of policies that offer thorough coverage.

 Personal Attention

Cookie-cutter insurance policies are often worthless when it comes to high net worth insurance. The right Connecticut high net worth insurance policy will be tailored to the individual after professionals have evaluated both assets and risk. For high net worth individuals, it is essential to choose a company that works closely with each policy holder to create the best plan.