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- 1. H O W T E C H W E A L T H I S T R A N S F O R M I N G S A N F R A N C I S C O I N T O O N E O F T H E W O R L D ’ S M O S T P O W E R F U L F I N A N C I A L C E N T E R S W A L L S T R E E T W E S T T H E E V O L U T I O N O F F I N A N C I A L I N T E L L I G E N C E ® V O L U M E 2 4 | E D I T I O N 0 1 34 W O R T H . C O M MAKE The Roots of San Francisco’s Rise; Silicon Valley’s 20 Most Important Investors; A New Market for Digital Art GROW Wells Fargo’s John Stumpf on the Hot Seat; The 10 Most Expensive Art Sales of 2014; A Tech Pioneer Looks Back LIVE Six Custom California Escapes; The Wines of Silicon Valley; Bay Area Artists Dress Up for Spring W
- 2. Cook Maran & Associates Inc. Laura Kearney, CIC, Vice President, Personal Lines Insurance Advisor East Hampton, NY Leading Insurance Advisor What is excess liability coverage, and do I need it? By Laura Kearney The peace of mind liability insurance protection provides, combined with the reasonable cost associated with higher limits, makes excess liability coverage the best value in personal insurance today. It is a vitally impor- tant layer of protection and a critical part of every client review meeting we conduct. Liability coverage provides protec- tion against a third party. The cover- age is a central part of most personal insurance policies and, most notably, a staple in auto and home insurance poli- cies. Excess liability policies, some- times called umbrella policies, provide limits “in excess” of the limits offered on underlying policies. The liability coverage within a home, auto or water- craft policy is considered the “pri- mary” liability insurance, meaning it responds first in the event of a claim. Excess liability insurance responds after primary limits are exhausted. How much excess liability coverage do I need? Only you can determine the appropri- ate amount—however, you do not have to be a billionaire to be sued like one. One measure is to carry limits that are at least equal to your net worth. Most high net worth insurance companies, such as AIG’s Private Client Group, provide excess liability limits up to $100 million. Coverage is available in increments of $1 million to $5 million, and then commonly offered at levels of $10 million, $25 million, $50 million and $100 million. Often, consumers can get $10 million excess liability cov- erage for under $2,500 per year. Perhaps the greatest benefit associ- ated with excess liability insurance is the defense cost coverage. Most poli- cies pay defense costs outside of your policy limits—an enormous benefit, given how some lawsuits drag on for months or years, accruing large legal bills. Additionally, policies typically include the wording “We will defend an insured person against any suit seeking damages covered by excess liability under this policy. . . even if the allegations of the suit are groundless, false, or fraudulent, we provide this de- fense at our expense.” Where and what am I covered for? Most excess liability policies provide worldwide protection for personal in- jury (including libel and slander) and property damage, as well as owned and non-owned vehicles, homes and watercraft. Companies like AIG in- clude a “drop-down” feature to elimi- nate potential gaps when covered incidents are excluded from your pri- mary liability policy. Excess uninsured motorist coverage is also available by endorsement for accidents involving underinsured or uninsured drivers. Given that an esti- mated one in six drivers are uninsured, why not provide yourself the same protection you are affording others? 1. Many owners of large estates use golf carts to navigate their properties. A 16-year-old was driving one (insured under her parents’ policy for underlying liability) with a friend to the nearby country club. While traveling at a fairly fast speed, the teen made a sudden left turn and her passenger was ejected from the cart, sustaining a serious head injury. The accident resulted in a seven- figure settlement. 2. A couple hosted a charity auction at their estate. When workers arrived to deliver the items up for bid, they were instructed to move a large item around the side of the house and through the pool area. The wet tile caused one worker to fall, fracture his wrist and fall into the pool, where he almost drowned. He later developed a chronic/progressive neurological disorder. Although the homeowners were not on the property at the time, they were sued and found vicariously liable for their staff member’s actions and the subsequent injuries. S O M E R E A L - L I F E E X A M P L E S
- 3. CookMaran&AssociatesInc.livegrowmake How to reach Laura Kearney To learn more about Cook Maran & Associates Inc. and our full range of insurance solutions, please give me a call at 631.702.8564. Insurance Services Experience 23 years Education BS, business and finance, Long Island University—Southampton Association Memberships Society of CIC Insurance Services Provided Personal, private client services, commercial, surety and employee benefits Website www.cookmaran.com Email lkearney@cookmaran.com Cook Maran & Associates Inc. 461 Pantigo Road, East Hampton, NY 11937 631.702.8564 illustrationbykevinsprouls 085w o r t h . c o m f e b r u a r y- m a r c h 2 0 1 5 Laura Kearney is an insurance advisor for Private Client Services at Cook Maran & Associates. Joining the firm in 1991 as a telemarketer while still in college, Ms. Kearney is now vice president and a partner. She has held the professional designation of Certified Insurance Counselor (CIC) for the past 14 years and today has clients throughout the US and internationally. Active in the community, Ms. Kearney is a fundraiser for JDRF, a leading research group devoted to finding a cure for Type 1 diabetes. She is also active as a youth coach, and enjoys tennis, boating and playing softball in a local women’s league. She and her husband live in East Hampton, New York with their two daughters. About Laura Kearney “You do not have to be a billionaire to be sued like one.” —Laura Kearney Left to right: Laura Kearney, Christine Schrader, Tim Brenneman, Rosemary Whisler, Alison Schmidt
- 4. the evolution of financial intelligence R E P R I N T E D F R O M ® Cook Maran & Associates Inc. is featured in Worth® 2015 Leading Wealth Advisors™ , a special section in every edition of Worth® magazine. All persons and firms appearing in this section have completed questionnaires, have been vetted by an advisory group following submission by Worth® , and thereafter paid the standard fees to Worth® to be featured in this section. The information contained herein is for informational purposes, and although the list of advisors presented in this section is drawn from sources believed to be reliable and independently reviewed, the accuracy or completeness of this information is not guaranteed. No person or firm listed in this section should be construed as an endorsement by Worth® , and Worth® will not be responsible for the performance, acts or omissions of any such advisor. It should not be assumed that the past performance of any advisors featured in this special section will equal or be an indicator of future performance. Worth® , a Sandow Media publication, is a financial publisher and does not recommend or endorse investment, legal or tax advisors, investment strategies or particular investments. Those seeking specific investment advice should consider a qualified and licensed investment professional. Worth® is a registered trademark of Sandow Media LLC. See “About Us” for additional program details at http://www.worth.com/index.php/about-worth. Laura Kearney, CIC Vice President, Personal Lines Insurance Advisor Cook Maran & Associates Inc. 461 Pantigo Road East Hampton, NY 11937 Tel. 631.702.8564 lkearney@cookmaran.com www.cookmaran.com