Risk & Business Magazine Bowen Miclette & Britt Spring 2016 | Page 30

B
M Strategic Insurance
B For Wealthy Individuals

BY: MARK BURLESON, DIRECTOR, PRIVATE CLIENT GROUP AT BOWEN, MICLETTE & BRITT

L

ike it or not, high net worth individuals
are in a higher risk bracket than most
people. They have more assets and income
so they have more to lose. Unfortunately,
many personal insurance programs often
lack adequate liability coverage to protect
an individual in the event of a large personal
lawsuit. Additionally, there are personal
property considerations, which must also be
taken into account as part of one’s overall
assets.
Often, individuals in this bracket have
developed sophisticated plans for their
investments and overall financial planning
however they do not regularly update and
review their personal insurance programs.
Planning out personal insurance should be a
critical component of one’s financial planning
process. It is difficult to build wealth, but it is
far too easy to lose it.
Take some of the following examples into
account:
• A nanny suing for wrongful
termination or for personal injury that
she sustained on the job.
• A ranch guest rolling an ATV they
are driving on the family ranch and
causing catastrophic injuries.
• Inadequate flood or windstorm
insurance for a high valued coastal
residence.

family’s assets could be threatened if
there is inadequate insurance coverage
in place. You have worked hard to obtain
everything that you have to risk letting
it slip away over liabilities that could be
mitigated through insurance planning.
There are a number of items that high
net worth individuals have which
are typically uncovered by standard
insurance. Whether it is high-end
jewelry, art, important documents, or
recreational vehicles (boats, golf carts,
personal aircraft, etc.), specialty items
require tailored insurance protection.
People often believe, mistakenly, that
their homeowners insurance will be
enough to cover any personal property
in the home. There are limits to what
can be covered by homeowner’s policies.
Those limits often match the kinds of
assets that high net worth individuals
own. Unfortunately, most insurance
companies do not have the experience
necessary to deal with complex liabilities
and exposures that high net worth
individuals may face. Our Private Client
Group specializes in the handling of high
net worth individuals and understands
how to protect assets at every stage. If
you would like a consultation regarding
your assets and exposures, we would love
to hear from you. You can contact us at
[phone] or mburleson@bmbinc.
com for more information. It took years
to build what you have, don’t open
yourself up to letting it all slip away.

• A catastrophic automotive accident
caused by a teen in the family.
• A house fire destroys the family’s
substantial art and antique collection
in the home.
•

A large jewelry theft at one’s residence.

Deficient insurance coverage can threaten
one’s financial assets with a single event. A

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SPRING 2016

Mark Burleson is Director of the Private
Client Group for Bowen, Miclette & Britt,
Inc. based in Houston, Texas. Mr. Burleson
is a nationally recognized expert on
personal risk management and insurance
issues for high net worth individuals and
family offices.

SPRING 2016

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