High net worth

NFL Draft Will Turn Athletes into Millionaires – and Make Them Prime Targets for Risk

More than 200 players will be selected in this week’s NFL draft, marking a turning point in both their professional and personal lives that also brings added liability with increased income and fame. First-round picks in particular will make millions of dollars as the 2017 draft reminded us, with the first overall pick expected to…

A Hot Rental Market Is a Game Changer for Insurance

In recent years, businesses and investors have been purchasing thousands of rental properties, especially single-family homes. Starwood Waypoint – a company launched shortly after the housing crisis – is just one such example. According to CNBC, Starwood Waypoint bought thousands of homes to renovate and today rents over 30,000 homes across the United States.1,2 While…

Identifying a Client’s Need for a High-Net-Worth Policy

It is estimated that 70 percent of individuals whose assets exceed $1 million are either underinsured or do not carry a High-Net-Worth insurance policy whatsoever. As wealth accumulation in North America continues to inflate, there are thousands of new millionaires every year. With such a budding opportunity, Insurance Market Source recruited industry leaders from its…

Top 3: Personal Insurance Articles

Insurance Market Source highlights this month’s top three personal insurance articles on insurancemarketsource.com. 1. Thinking Differently About High-Net-Worth Policies A recent report marks a record total of 10.4 million millionaires in the United States, adding 300,000 new millionaires in 2015. While economic growth has been slow, the number of affluent individuals has risen. High-Net-Worth package insurance…

How Personal Articles Floaters Can Protect Collectors and Millionaires Alike

Sitting in the homes of thousands – maybe millions – are artifacts of North American culture. This was never truer than the unfortunate circumstances of Hurricane Katrina in Louisiana. When water ruined the homes of musicians and their family members in New Orleans, much of the museum quality pieces from these homes were lost forever….

Thinking Differently About High-Net-Worth Policies

A recent report marks a record total of 10.4 million millionaires in the United States, adding 300,000 new millionaires in 2015.1 While economic growth has been slow, the number of affluent individuals has risen. High-Net-Worth package insurance policies are written for these individuals through specialty carriers who specifically understand the needs of wealthy clientele. Homes…

Historic Homes Require Modern Policies

Underinsuring a treasured home can be a heartbreaking mistake Vintage homes are treasured for their charm, unique attributes and architectural details. Given their distinctive features and needs, many of these homeowners will appreciate a retail broker or agent who ensures that their policy is just as special and complete as their home. All historic homes…

Ask the Expert: High-Net-Worth Insurance

Insurance Market Source regularly taps into its network of experts for insight into key trends and developments across the insurance landscape. Bill Gatewood, Corporate Vice President and Director, Personal Insurance at Burns & Wilcox, breaks down the ins and outs of high-net-worth insurance. Q: What do high-net-worth insurance policies cover? A: High-net-worth insurance policies provide specialized…

Insurance Rights + Wrongs

Keep your clients in the clear with these helpful lessons pulled directly from our case files Even in good times, policy exclusions can test a relationship with a client. In tougher times, unforeseen exclusions can wreak havoc on an insured’s business and impede their ability to repair property damage, pay medical fees or adequately protect…

Keeping Your Wealthy Clients Wealthy