The document discusses protecting fine art collections from loss. It notes that transit is a major risk as art is moved between locations. Catastrophic events also pose risks to art collections. The author interviews an expert who notes the importance of properly insuring art for its appraised value and obtaining documentation of authenticity and provenance to prove ownership if a loss occurs.
Car insurance is one of the most common bills that most households are required to pay. According to InsuranceUSA.com, an online insurance marketplace, car insurance is the most widely purchased type of insurance coverage because automobile drivers are required to have car insurance almost everywhere. Below are some tips that may help you save on this expense.
There are several steps one can take to obtain the cheapest car insurance. Installing anti-theft devices can lower premiums, as can taking defensive driving courses which signal being a safer driver. Bundling home and auto policies from one provider, raising deductibles, and insuring teen drivers with good grades in economical cars can also reduce costs. If high-risk, a state-provided minimum policy may be the most affordable option.
This document discusses various types of life insurance policies and considerations for mortgage protection. It describes term life insurance, which provides coverage for a specified period of time and has premiums that increase with each renewal. It also describes permanent life insurance options like whole life and universal life, which provide lifetime coverage as long as premiums are paid, and can have guaranteed or flexible premium amounts. The document also notes that mortgage life insurance can pay the remaining balance directly to the lender upon death but the policyholder has no control over it. It stresses the importance of reviewing insurance needs over time to ensure adequate protection and contingency planning.
This document provides information about life insurance and discusses the different types of policies. It explains that life insurance pays money to loved ones upon death, allowing them to maintain their standard of living and cover expenses. There are two main types: term insurance, which provides coverage for a set period of time and has lower premiums but no cash value buildup, and permanent insurance, which provides lifelong coverage and allows cash value to accumulate on a tax-deferred basis, though initial premiums are higher. The document discusses factors to consider when determining how much life insurance is needed.
This document discusses buying distressed real estate debt, specifically mortgage debt and mezzanine debt. It explains that mortgage debt is secured by a lien on the underlying real estate, while mezzanine debt is secured by a pledge of the ownership interests in the real estate owning entity. The document outlines the key components of both mortgage loans and mezzanine loans, including loan documents, due diligence, use of special purpose entities, mortgage liens for senior loans, and membership pledges for mezzanine loans.
Forgiving The Debt - An Amárach/Frontline Report June 2011Amarach Research
A survey of Irish people's attitudes towards debt forgiveness for those experiencing difficulties repaying their mortgages and/or in negative equity.
The survey was conducted in June 2011 in association with the RTE Frontline programme.
An irrevocable life insurance trust (ILIT) allows individuals to avoid estate taxes on life insurance policy proceeds. The ILIT owns the life insurance policy, not the individual. Upon the individual's death, the ILIT beneficiaries receive the proceeds estate-tax free. To create an ILIT, an individual transfers an existing policy or purchases a new one for the trust. The trustee is responsible for administering the trust and its policies. Cash gifts to the ILIT qualify for annual gift tax exclusions if beneficiaries have withdrawal rights.
The 2009 First-Time Home Buyer Tax Credit provides a tax credit of up to $8,000 for first-time home buyers who purchase a home between January 1, 2009 and December 1, 2009. The maximum credit is $8,000 or 10% of the home's purchase price. The credit phases out for single filers with incomes between $75,000 and $95,000 and joint filers with incomes between $150,000 and $170,000. Buyers do not repay the credit if they live in the home for at least three years.
Car insurance is one of the most common bills that most households are required to pay. According to InsuranceUSA.com, an online insurance marketplace, car insurance is the most widely purchased type of insurance coverage because automobile drivers are required to have car insurance almost everywhere. Below are some tips that may help you save on this expense.
There are several steps one can take to obtain the cheapest car insurance. Installing anti-theft devices can lower premiums, as can taking defensive driving courses which signal being a safer driver. Bundling home and auto policies from one provider, raising deductibles, and insuring teen drivers with good grades in economical cars can also reduce costs. If high-risk, a state-provided minimum policy may be the most affordable option.
This document discusses various types of life insurance policies and considerations for mortgage protection. It describes term life insurance, which provides coverage for a specified period of time and has premiums that increase with each renewal. It also describes permanent life insurance options like whole life and universal life, which provide lifetime coverage as long as premiums are paid, and can have guaranteed or flexible premium amounts. The document also notes that mortgage life insurance can pay the remaining balance directly to the lender upon death but the policyholder has no control over it. It stresses the importance of reviewing insurance needs over time to ensure adequate protection and contingency planning.
This document provides information about life insurance and discusses the different types of policies. It explains that life insurance pays money to loved ones upon death, allowing them to maintain their standard of living and cover expenses. There are two main types: term insurance, which provides coverage for a set period of time and has lower premiums but no cash value buildup, and permanent insurance, which provides lifelong coverage and allows cash value to accumulate on a tax-deferred basis, though initial premiums are higher. The document discusses factors to consider when determining how much life insurance is needed.
This document discusses buying distressed real estate debt, specifically mortgage debt and mezzanine debt. It explains that mortgage debt is secured by a lien on the underlying real estate, while mezzanine debt is secured by a pledge of the ownership interests in the real estate owning entity. The document outlines the key components of both mortgage loans and mezzanine loans, including loan documents, due diligence, use of special purpose entities, mortgage liens for senior loans, and membership pledges for mezzanine loans.
Forgiving The Debt - An Amárach/Frontline Report June 2011Amarach Research
A survey of Irish people's attitudes towards debt forgiveness for those experiencing difficulties repaying their mortgages and/or in negative equity.
The survey was conducted in June 2011 in association with the RTE Frontline programme.
An irrevocable life insurance trust (ILIT) allows individuals to avoid estate taxes on life insurance policy proceeds. The ILIT owns the life insurance policy, not the individual. Upon the individual's death, the ILIT beneficiaries receive the proceeds estate-tax free. To create an ILIT, an individual transfers an existing policy or purchases a new one for the trust. The trustee is responsible for administering the trust and its policies. Cash gifts to the ILIT qualify for annual gift tax exclusions if beneficiaries have withdrawal rights.
The 2009 First-Time Home Buyer Tax Credit provides a tax credit of up to $8,000 for first-time home buyers who purchase a home between January 1, 2009 and December 1, 2009. The maximum credit is $8,000 or 10% of the home's purchase price. The credit phases out for single filers with incomes between $75,000 and $95,000 and joint filers with incomes between $150,000 and $170,000. Buyers do not repay the credit if they live in the home for at least three years.
Myer Family Wealth Goal Achiever- InKnowVision Advanced Estate PlanningInKnowVision
James is 64, and a few years ago started up a Consulting Company (Consulting Corp) with his business partner Dave. They have acquired some lucrative contracts over the last couple of years, and after spending frugally his entire life, James is starting to enjoy his newly created wealth. James is divorced and makes alimony payments in the amount of $100,000/yr. on top of his $500,000/yr. in living expenses. Because the wealth and income generated by the company is recent, James has not accumulated much in the way of liquid assets yet, but the company value is significant and future profits look very promising.
Learn more at www.inknowvision.com
Myer Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
James is 64, and a few years ago started up a Consulting Company (Consulting Corp) with his business partner Dave. They have acquired some lucrative contracts over the last couple of years, and after spending frugally his entire life, James is starting to enjoy his newly created wealth. James is divorced and makes alimony payments in the amount of $100,000/yr. on top of his $500,000/yr. in living expenses. Because the wealth and income generated by the company is recent, James has not accumulated much in the way of liquid assets yet, but the company value is significant and future profits look very promising.
The primary planning goals are to:
Make sure that he has sufficient funds to live on for the rest of his life (approx. $600,000/yr., including alimony, after taxes and gifts).
Reduce income taxes.
Maximize the inheritance that he leaves to his children and grandchildren. Consider passing his business interests to his children involved in the industry while providing an equal inheritance of non-business interests to those that are uninterested.
Assure that he has sufficient liquid assets available at his death to eliminate the forced liquidation of his business assets.
Eliminate or reduce estate taxes.
Funeral insurance in Australia provides a policy that pays out a set amount of money upon the policyholder's death to cover funeral costs. The payout can be used to pay funeral bills directly or provide funds to the deceased's family. Premiums are paid periodically over the policyholder's lifetime. The cost of the policy depends on factors like the policyholder's age, health, and the size of the payout. Having funeral insurance ensures families are not left struggling with unexpected funeral costs that they cannot afford after a loved one's passing.
The document discusses an "Asset Income Plan" that allows homeowners and business owners to access the equity in their property to earn quarterly income payments without debt, interest payments, or loss of title to the property. It involves placing a charge on the property that is assigned to insurance companies to help them increase capital reserves as required by EU regulations. This allows the insurance companies to afford paying the property owners a quarterly income in return. The plan aims to benefit both property owners and insurance companies.
Do informal risk-sharing groups reduce the challenge of providing weather ind...essp2
The document describes a randomized field experiment in Ethiopia that tested whether local risk-sharing groups called Iddirs could help mitigate the basis risk of weather indexed insurance products. The experiment provided different villages with either individual insurance policies, group insurance policies for entire Iddirs, or a control. It analyzed how the different insurance structures impacted insurance uptake, risk-sharing behaviors within Iddirs, and welfare.
United India Insurance Company Ltd (UIIC) is a leading public sector general insurance company in India. It was formed through the nationalization of insurance companies in India in 1972. UIIC offers various insurance products including auto, health, accident and life insurance. Some key factors that determine insurance premiums are the insured declared value of vehicles, cubic capacity of vehicles, geographical zones, age of vehicles, home characteristics, and policyholder choices and risk factors. The types of homeowners insurance policies available include dwelling fire form, modified coverage form, special form, tenants form, and condominium unit owners form.
The March 2010 Edition of the Wild Felice and Pardo, PA Estate Planning, Asset Protection and Probate administration newsletter featuring news and tips useful for any resident of Fort Lauderdale, or the greater South Florida area who is interested in planning their estate, protecting their assets and avoiding probate. This month: Estate planning myths.
The document discusses credit-related life insurance and whether consumers should purchase it. It provides the following key points:
1. Credit-related life insurance policies are often overpriced and highly profitable for lenders, with premiums going towards commissions and profits rather than claims.
2. While credit life insurance can protect lenders and borrowers by removing risk of death, it is usually unnecessary and more expensive than independently purchased life insurance.
3. Consumers are generally better off purchasing adequate term life insurance independently to cover major debts like mortgages, rather than relying on credit life insurance policies from lenders.
A New Practice For Personal Financial PlannersEdmundToh
The document discusses exit compensation, which is a series of secured departure payments funded through life insurance and separate agreements. It can be used in various business contexts to guarantee buyout prices, eliminate debt, retain talent, and more. Exit compensation was created in 1981 as a reinvention of business/keyman insurance.
The document provides guidance on reviewing contracts from an insurance perspective. It advises readers to thoroughly read contracts and highlight any mentions of additional insured status, primary insurance, hold harmless clauses, or indemnification. It explains these insurance-related terms and concepts. Several examples of claim scenarios are described to illustrate how contract language could impact insurance coverage and liability in the event of incidents at events. Readers are instructed to contact the insurance provider if any concerning contract language is found or if proof of insurance is required.
This document is a newsletter from August 2005 from Compass Financial Services. It provides updates on recent events held for clients, including a trip to Summerset Winery and a ladies luncheon. It also previews upcoming planned events, such as a wine tasting and cooking classes. The newsletter aims to foster community and engagement among clients while promoting the services of Compass Financial.
InKnowVision November 2012 Case Study - Basic Family Wealth Goal AchieverInKnowVision
Tom is 83 and Jane is 76. They have two children who are both well employed and live productive and happy lives. Tom was an attorney who headed a large patent firm in Washington DC. Jane served as an expert in international trade for much of her professional life. During the latter part of his career, Tom agreed to do work for a start up company that became very successful. Today, Tom’s share of the company is valued at $3.2M but generates $1.4M-$1.5M per year in taxable distributions. Several years ago, the company spun out one of its divisions and took the new company public. It has seen massive growth; almost no dividends have been distributed, and the company has a value to Tom today of approximately $6.4M. Tom and Jane also have approximately $5.2M in cash, $3.2M in retirement funds, and real estate of $4M for a total net worth of about $22M.
The primary planning goals are to:
Make sure that they have sufficient funds to live on for the rest of their lives
Maximize what they leave to their children and grandchildren
Increase the amount of charitable giving that they are currently doing
Equalize the financial positions of their son and daughter
Make a substantial provision for charity in place of estate tax if possible
Insurance provides financial protection against losses in exchange for regular payments. An insurance policy is a contract outlining what risks are covered, payment amounts, and costs to the policyholder. Premiums are paid periodically for coverage. Deductibles are amounts the policyholder must pay out-of-pocket before insurance covers remaining costs. Common types of insurance include auto, home, life, health, and disability coverage.
Insurance provides financial protection against losses in exchange for regular payments. An insurance policy is a contract outlining what risks are covered, how much will be paid for claims, and any amount the policyholder must pay. Premiums are paid periodically for coverage. Deductibles are amounts the policyholder must pay out-of-pocket before insurance covers remaining costs. Common types of insurance include auto, home, life, health, and disability coverage.
Microinsurance provides alternative insurance options for low-income individuals compared to conventional insurance. It is delivered through various channels directly to customers and uses innovative products like weekly premium payments and payouts for life events beyond death. The story of Jorina Bibi shows how microinsurance helped her rebuild her life and business after her husband's death, while Budi's story without insurance ended in poverty and human trafficking. Microinsurance helps vulnerable populations better withstand financial shocks and maintain their economic position.
Trevor Otts presents information on HAVEN, a real estate company focused on customer service. HAVEN aims to make real estate professionals service-driven rather than commission-driven and ensure customer welfare. The presentation discusses home buying costs like closing costs and down payments, providing examples of costs for homes at different price points. It also outlines three homebuyer assistance programs that provide funds for down payments or rent-to-own options based on the buyer's credit, income, and savings.
Income insurance and income protection insurance provide income if you lose your job or become unable to work due to illness or accident. Income protection insurance pays out for longer periods, up to retirement age if incapacitated, while income insurance pays out for shorter periods up to 2 years if unemployed. Factors like age, health history, smoking status, gender and occupation determine premium costs. Income protection allows peace of mind in continuing mortgage and bill payments if income is lost.
Jackson Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Chris is 68 and Beth is 59. Chris has recently just retired from an executive position in a public company. They have always led a relatively simple and conservative lifestyle and as a result have built up a very significant, and liquid, net worth.
As part of Chris’ retirement package, he has an annual pension payment of approximately $360,000 (inflating). The pension alone is enough to cover their annual living expenses of $230,000.
As a result, they have a large annual cash flow surplus created by the $400k in annual dividends from their equity portfolios and their tax-exempt income from municipal bond portfolios totaling $1.1M.
The primary planning goals were to:
Make sure that they have sufficient funds to live on for the rest of their lives (approximately $230,000 after taxes and gifts).
Provide for the financial security of the surviving spouse.
Create an inheritance for their children which protects them from any potential future creditors and/or predators.
Provide a charitable gift at death as long as it doesn’t greatly diminish the amount they pass to their heirs.
Eliminate or reduce estate taxes.
This document discusses credit card debt and potential solutions. It notes that credit card debt can feel overwhelming but does not have to be permanent. Refinancing or negotiating lower payments and interest rates are options to reduce credit card debt over time. The document also mentions debt consolidation and debt settlement programs as potential strategies for dealing with credit card debt problems.
The document provides an introduction to insurance, explaining what risk is and how insurance works to transfer risk from individuals to insurance providers. It discusses different types of risks that can be covered by various insurance policies, including auto, home, life, and disability. The presentation also outlines different risk factors that determine whether someone can get a policy and how much it will cost, such as their age, medical history, location, and personal choices and habits.
The document summarizes new COBRA laws under the American Recovery and Reinvestment Act (ARRA) that provide subsidized health coverage through COBRA. Key provisions include a temporary 65% premium subsidy for qualified beneficiaries between September 2008 and December 2009, an extended election period, income limits for eligibility, required notices, and penalties for noncompliance. Employers must determine eligible beneficiaries, issue revised notices, and establish procedures to receive reimbursement for the subsidized premium amounts.
Making marketing personal in a distracted world. Make your online and offline marketing be the most effective it can be with a mix of advertising, marketing PR, and social media.
Myer Family Wealth Goal Achiever- InKnowVision Advanced Estate PlanningInKnowVision
James is 64, and a few years ago started up a Consulting Company (Consulting Corp) with his business partner Dave. They have acquired some lucrative contracts over the last couple of years, and after spending frugally his entire life, James is starting to enjoy his newly created wealth. James is divorced and makes alimony payments in the amount of $100,000/yr. on top of his $500,000/yr. in living expenses. Because the wealth and income generated by the company is recent, James has not accumulated much in the way of liquid assets yet, but the company value is significant and future profits look very promising.
Learn more at www.inknowvision.com
Myer Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
James is 64, and a few years ago started up a Consulting Company (Consulting Corp) with his business partner Dave. They have acquired some lucrative contracts over the last couple of years, and after spending frugally his entire life, James is starting to enjoy his newly created wealth. James is divorced and makes alimony payments in the amount of $100,000/yr. on top of his $500,000/yr. in living expenses. Because the wealth and income generated by the company is recent, James has not accumulated much in the way of liquid assets yet, but the company value is significant and future profits look very promising.
The primary planning goals are to:
Make sure that he has sufficient funds to live on for the rest of his life (approx. $600,000/yr., including alimony, after taxes and gifts).
Reduce income taxes.
Maximize the inheritance that he leaves to his children and grandchildren. Consider passing his business interests to his children involved in the industry while providing an equal inheritance of non-business interests to those that are uninterested.
Assure that he has sufficient liquid assets available at his death to eliminate the forced liquidation of his business assets.
Eliminate or reduce estate taxes.
Funeral insurance in Australia provides a policy that pays out a set amount of money upon the policyholder's death to cover funeral costs. The payout can be used to pay funeral bills directly or provide funds to the deceased's family. Premiums are paid periodically over the policyholder's lifetime. The cost of the policy depends on factors like the policyholder's age, health, and the size of the payout. Having funeral insurance ensures families are not left struggling with unexpected funeral costs that they cannot afford after a loved one's passing.
The document discusses an "Asset Income Plan" that allows homeowners and business owners to access the equity in their property to earn quarterly income payments without debt, interest payments, or loss of title to the property. It involves placing a charge on the property that is assigned to insurance companies to help them increase capital reserves as required by EU regulations. This allows the insurance companies to afford paying the property owners a quarterly income in return. The plan aims to benefit both property owners and insurance companies.
Do informal risk-sharing groups reduce the challenge of providing weather ind...essp2
The document describes a randomized field experiment in Ethiopia that tested whether local risk-sharing groups called Iddirs could help mitigate the basis risk of weather indexed insurance products. The experiment provided different villages with either individual insurance policies, group insurance policies for entire Iddirs, or a control. It analyzed how the different insurance structures impacted insurance uptake, risk-sharing behaviors within Iddirs, and welfare.
United India Insurance Company Ltd (UIIC) is a leading public sector general insurance company in India. It was formed through the nationalization of insurance companies in India in 1972. UIIC offers various insurance products including auto, health, accident and life insurance. Some key factors that determine insurance premiums are the insured declared value of vehicles, cubic capacity of vehicles, geographical zones, age of vehicles, home characteristics, and policyholder choices and risk factors. The types of homeowners insurance policies available include dwelling fire form, modified coverage form, special form, tenants form, and condominium unit owners form.
The March 2010 Edition of the Wild Felice and Pardo, PA Estate Planning, Asset Protection and Probate administration newsletter featuring news and tips useful for any resident of Fort Lauderdale, or the greater South Florida area who is interested in planning their estate, protecting their assets and avoiding probate. This month: Estate planning myths.
The document discusses credit-related life insurance and whether consumers should purchase it. It provides the following key points:
1. Credit-related life insurance policies are often overpriced and highly profitable for lenders, with premiums going towards commissions and profits rather than claims.
2. While credit life insurance can protect lenders and borrowers by removing risk of death, it is usually unnecessary and more expensive than independently purchased life insurance.
3. Consumers are generally better off purchasing adequate term life insurance independently to cover major debts like mortgages, rather than relying on credit life insurance policies from lenders.
A New Practice For Personal Financial PlannersEdmundToh
The document discusses exit compensation, which is a series of secured departure payments funded through life insurance and separate agreements. It can be used in various business contexts to guarantee buyout prices, eliminate debt, retain talent, and more. Exit compensation was created in 1981 as a reinvention of business/keyman insurance.
The document provides guidance on reviewing contracts from an insurance perspective. It advises readers to thoroughly read contracts and highlight any mentions of additional insured status, primary insurance, hold harmless clauses, or indemnification. It explains these insurance-related terms and concepts. Several examples of claim scenarios are described to illustrate how contract language could impact insurance coverage and liability in the event of incidents at events. Readers are instructed to contact the insurance provider if any concerning contract language is found or if proof of insurance is required.
This document is a newsletter from August 2005 from Compass Financial Services. It provides updates on recent events held for clients, including a trip to Summerset Winery and a ladies luncheon. It also previews upcoming planned events, such as a wine tasting and cooking classes. The newsletter aims to foster community and engagement among clients while promoting the services of Compass Financial.
InKnowVision November 2012 Case Study - Basic Family Wealth Goal AchieverInKnowVision
Tom is 83 and Jane is 76. They have two children who are both well employed and live productive and happy lives. Tom was an attorney who headed a large patent firm in Washington DC. Jane served as an expert in international trade for much of her professional life. During the latter part of his career, Tom agreed to do work for a start up company that became very successful. Today, Tom’s share of the company is valued at $3.2M but generates $1.4M-$1.5M per year in taxable distributions. Several years ago, the company spun out one of its divisions and took the new company public. It has seen massive growth; almost no dividends have been distributed, and the company has a value to Tom today of approximately $6.4M. Tom and Jane also have approximately $5.2M in cash, $3.2M in retirement funds, and real estate of $4M for a total net worth of about $22M.
The primary planning goals are to:
Make sure that they have sufficient funds to live on for the rest of their lives
Maximize what they leave to their children and grandchildren
Increase the amount of charitable giving that they are currently doing
Equalize the financial positions of their son and daughter
Make a substantial provision for charity in place of estate tax if possible
Insurance provides financial protection against losses in exchange for regular payments. An insurance policy is a contract outlining what risks are covered, payment amounts, and costs to the policyholder. Premiums are paid periodically for coverage. Deductibles are amounts the policyholder must pay out-of-pocket before insurance covers remaining costs. Common types of insurance include auto, home, life, health, and disability coverage.
Insurance provides financial protection against losses in exchange for regular payments. An insurance policy is a contract outlining what risks are covered, how much will be paid for claims, and any amount the policyholder must pay. Premiums are paid periodically for coverage. Deductibles are amounts the policyholder must pay out-of-pocket before insurance covers remaining costs. Common types of insurance include auto, home, life, health, and disability coverage.
Microinsurance provides alternative insurance options for low-income individuals compared to conventional insurance. It is delivered through various channels directly to customers and uses innovative products like weekly premium payments and payouts for life events beyond death. The story of Jorina Bibi shows how microinsurance helped her rebuild her life and business after her husband's death, while Budi's story without insurance ended in poverty and human trafficking. Microinsurance helps vulnerable populations better withstand financial shocks and maintain their economic position.
Trevor Otts presents information on HAVEN, a real estate company focused on customer service. HAVEN aims to make real estate professionals service-driven rather than commission-driven and ensure customer welfare. The presentation discusses home buying costs like closing costs and down payments, providing examples of costs for homes at different price points. It also outlines three homebuyer assistance programs that provide funds for down payments or rent-to-own options based on the buyer's credit, income, and savings.
Income insurance and income protection insurance provide income if you lose your job or become unable to work due to illness or accident. Income protection insurance pays out for longer periods, up to retirement age if incapacitated, while income insurance pays out for shorter periods up to 2 years if unemployed. Factors like age, health history, smoking status, gender and occupation determine premium costs. Income protection allows peace of mind in continuing mortgage and bill payments if income is lost.
Jackson Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Chris is 68 and Beth is 59. Chris has recently just retired from an executive position in a public company. They have always led a relatively simple and conservative lifestyle and as a result have built up a very significant, and liquid, net worth.
As part of Chris’ retirement package, he has an annual pension payment of approximately $360,000 (inflating). The pension alone is enough to cover their annual living expenses of $230,000.
As a result, they have a large annual cash flow surplus created by the $400k in annual dividends from their equity portfolios and their tax-exempt income from municipal bond portfolios totaling $1.1M.
The primary planning goals were to:
Make sure that they have sufficient funds to live on for the rest of their lives (approximately $230,000 after taxes and gifts).
Provide for the financial security of the surviving spouse.
Create an inheritance for their children which protects them from any potential future creditors and/or predators.
Provide a charitable gift at death as long as it doesn’t greatly diminish the amount they pass to their heirs.
Eliminate or reduce estate taxes.
This document discusses credit card debt and potential solutions. It notes that credit card debt can feel overwhelming but does not have to be permanent. Refinancing or negotiating lower payments and interest rates are options to reduce credit card debt over time. The document also mentions debt consolidation and debt settlement programs as potential strategies for dealing with credit card debt problems.
The document provides an introduction to insurance, explaining what risk is and how insurance works to transfer risk from individuals to insurance providers. It discusses different types of risks that can be covered by various insurance policies, including auto, home, life, and disability. The presentation also outlines different risk factors that determine whether someone can get a policy and how much it will cost, such as their age, medical history, location, and personal choices and habits.
The document summarizes new COBRA laws under the American Recovery and Reinvestment Act (ARRA) that provide subsidized health coverage through COBRA. Key provisions include a temporary 65% premium subsidy for qualified beneficiaries between September 2008 and December 2009, an extended election period, income limits for eligibility, required notices, and penalties for noncompliance. Employers must determine eligible beneficiaries, issue revised notices, and establish procedures to receive reimbursement for the subsidized premium amounts.
Making marketing personal in a distracted world. Make your online and offline marketing be the most effective it can be with a mix of advertising, marketing PR, and social media.
El documento divide la Argentina en cuatro bolsones (NOA, Cuyo, Centro Litoral y Sur Cercano) para fines comerciales. Cada bolson se enfoca en ciertos productos agrícolas desarrollados y por desarrollar, y tiene un referente comercial asignado. La división busca organizar las operaciones comerciales de la unidad agronegocios a través del país.
The document discusses difference systems of sets (DSS), which are sets with certain distance properties. It provides examples of perfect and regular DSS, and discusses approaches to constructing optimal DSS, including using cyclic difference packings, flats in projective geometry, and cyclotomic classes. Optimal constructions are given using finite fields and cyclotomic cosets.
The document discusses an educator's efforts to integrate technology into their alternative high school program. They have introduced blogging across several classrooms and workshops on topics like blogging, gaming, and using cell phones in the classroom. The educator is pursuing further education and looks forward to collaborating with others in an educational technology program.
This document provides recommendations to update a property management company's commercial insurance policy. It includes two quotes, one that matches the current coverage and one that reflects the recommendations. The recommendations include adding umbrella coverage for $1 million, adding blanket coverage to allow tapping into other property limits, and adding water sewer drain backup coverage up to $10,000. It also recommends increasing building coverage amounts, using lithium or hardwired fire detectors, keeping renter's insurance on file, and having a dog restriction policy.
Standard home, renter, and condo insurance policies do not cover flood damage. Flood damage is covered by separate National Flood Insurance policies. The document provides answers to frequently asked questions about flood insurance coverage, such as whether policies cover basement flooding, sewer backups, and lost income due to business interruption from flooding. It also provides contact information for filing a flood insurance claim or getting additional flood insurance questions answered.
Managing Risk on the Farm - Ben Neville - American Heartland Insurance Agency, from the 2013 Missouri Pork Expo, February 13 - 14, 2013, Columbia, MO, USA.
More presentations at http://www.swinecast.com/2013-missouri-pork-expo
The insurance teacher sales presentationJeff Hastings
Kim Hastings started an insurance and financial services agency in Cypress, Texas after retiring from her career as a librarian. With her experience as an educator, she focuses on delivering advice rather than high pressure sales. She takes the time to explain insurance options to clients and ensure they have the right coverage and discounts. Insurance can be a large household expense, so Kim helps clients get the best value.
This document provides information about settling insurance claims after a disaster. It discusses important first steps like contacting your insurance agent or company immediately. It explains how to prepare for an adjuster's visit by gathering documentation of your losses. It also outlines what is covered by typical homeowners insurance policies, such as temporary living expenses, and what is not covered, like flood damage. The document concludes by describing the claims payment process and factors that may affect the settlement amount.
This document outlines 4 steps for apartment community owners to determine if their insurance policy adequately covers their investment:
1. Calculate the replacement cost by determining the total square footage and estimating the cost to rebuild. For a 100,000 sq ft property, coverage of $7.5-8.5 million would be needed.
2. Determine the valuation for any physical contents owned by the community.
3. Consider if business interruption insurance is needed, which would cover lost rental income. The limit would typically match the annual gross revenue.
4. Calculate the total insurable value (TIV) by adding the replacement cost, contents value, and business interruption insurance. Comparing rates to the T
Tips and information on why it is important to understand what we can offer clients regarding homeowner insurance and what you should be aware of before you purchase or switch insurance plans.
This document provides tips for reviewing and updating various types of insurance policies. It suggests considering factors like the value of your home, possessions inventory, earthquake coverage levels, appropriate life insurance amounts based on liabilities, adequate umbrella policy coverage, when to consider long-term care insurance, auto insurance discounts, and consolidating policies for discounts. Insurances discussed include home, earthquake, life, umbrella, long-term care, and auto.
An overview of the 2013 changes and modifications to the National Flood Insurance Program (NFIP) presented at the September 4, 2013 Lunch and Learn at the Charleston Trident Association of REALTORS (CTAR)
Save hundreds of dollars a year on homeowners' insurance by shopping around.CercoHomes
Shopping around for homeowners' insurance can save hundreds of dollars per year. Policyholders can lower their premiums by increasing their deductible, asking about discounts for safety features and age, and only insuring the value of their home rather than the land. It is important to purchase the right type and amount of coverage before a loss occurs to ensure replacement value for rebuilding rather than depreciated actual cash value. Flood and earthquake damage require separate policies, and renters should ensure they have coverage for their personal belongings.
This document discusses important things for business owners to consider when reviewing their insurance coverage. It outlines 11 key points to check, such as accurately describing your business activities, ensuring property addresses are correct, having adequate security, and setting appropriate liability limits. The document stresses getting the right level of coverage for items like contents, loss of income, equipment inspections, and staff travel. It advises business owners to prepare an asset register, read their insurance documents carefully, and request a free review from an insurance broker to ensure they have the insurance protection needed for their specific business needs.
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Wealthy And Wise Winter 2009
1. PRIVATE CLIENT GROUP
WEALTHY & WISE
March 2009 — Issue 7 www.willis.com
CUTTING COSTS?
DON’T REDUCE YOUR
LIABILITY LIMITS!
By Lynn Killeen
Senior Vice President
“Shouldn’t I reduce the amount of coverage on my house in light of
its decreased market price?” That’s the question of the hour, as home
values continue their downward slide. We are fielding many calls
from clients asking to reduce the amount of insurance coverage on
TIMELY TIP:
their Homeowners or Excess Liability policies. Our response:
Consider increasing your policy deductible or removing physical
THE INSURANCE
damage coverage on older vehicles if you wish to reduce your
premiums. Do not reduce your Excess Liability coverage. And let’s
INSTITUTE FOR
discuss the correct amount of coverage for your home.
HIGHWAY
For most of us, our home is likely our most valuable physical asset.
We need enough insurance coverage to rebuild in the event of a total
SAFETY
loss. While the market value of many homes has fallen, construction
costs have not. The fluctuating but generally increasing costs of fuel
and sluggish new home sales have kept the costs for residential
By Mark Battat
building from falling. Typically, contractors find it more expensive to
Vice President
build one home than work on a new housing development – a factor
in estimates to rebuild an existing home.
The Insurance Institute for Highway Safety is
an independent, nonprofit, scientific and
Most insurance policies require the amount of insurance carried on
educational organization dedicated to
the dwelling itself be equal to 100% of the cost to rebuild the home as
reducing the losses – deaths, injuries and
it currently exists. If you agree to do this, then several carriers that
property damage – from crashes on the
specialize in insuring high-value homes will agree to rebuild your
nation's highways.
home, even if the amount of coverage shown on your policy is not
enough. (Individual contracts vary and should be reviewed with your
The institute offers a variety of consumer
broker.) If, at the time of loss, your home is insured for less than
brochures, including:
100% of the cost to rebuild, you could be subject to a coinsurance
Shopping for a Safer Car
penalty. Although coinsurance is more common in commercial
About Airbags including on/off switches
property policies, we also see it in many personal home policies.
and child safety
Beginning Teenage Drivers
For example, if your home is destroyed in a fire, and it costs
Vehicle Research Center Guide
$1,000,000 to rebuild and you only had $800,000 of dwelling
coverage at time of loss, you were insured 80% to value. A
To learn more about how you can improve
coinsurance penalty is computed by “did over should.” In other
your travel safety, simply go to
words, you “did” have $800,000 of coverage; however, you “should”
www.ihs.org/brochures/default.htm
have had $1,000,000. Therefore, you were 20% underinsured, so if
continued on page 2
2. turn on the TV any day of the week to hear of
Cutting Costs continued from page 1
the latest and greatest lawsuit in the U.S.
Unfortunately, anyone can sue you for just
your policy contains a coinsurance penalty clause, the amount you
about anything. Law firms advertise “if we
collect could be reduced by 20%. Frequently, this also applies to
don’t win, you don’t pay.” Add that to the fact
partial losses. Let’s say you have a partial loss and the estimate is
that anyone can walk into any municipality and
$300,000 to repair your home. Even though you have $800,000 of
pay $50 or so to file a small claims lawsuit, and
dwelling coverage, if it is determined you should have had
the potential exposure far outweighs the
$1,000,000, then the insurance company can reduce your claim by
nominal savings realized from reducing your
20% and pay you only $240,000, i.e., your penalty for underinsuring
liability coverage limits.
your home is 20% of your claim or $60,000.
We see claims originating from minor fender
A better solution is to consider increasing your deductible and
benders, clients’ children loaning their cars to
essentially self-insuring the first $2,500, $5,000 or even $10,000.
a friend and the friend has an accident, dog
This should reduce your annual premium and eliminate submission
bites, the guy hired to clean the gutters falls off
of smaller claims to your insurance company. Keep in mind that
the ladder, family members falling on slick
statistics indicate an insured will only submit one home claim every
sidewalks, or a mishap at the country club
7 to 10 years.
reception that our client hosted. Then there
are watercraft accidents…think water skiing,
When we assist our clients in making this decision, we determine the
jet skis. And golf carts: the teenage son whips
premium savings at each deductible option and divide it into the
around the corner and his friend goes one way
difference between the deductible they have and the option they are
as the cart goes the other. The list is practically
considering. For example, if you currently have a $1,000 deductible
endless! The 47th Edition of JVR’s Current
and are considering a $2,500 deductible, first determine the amount
Award Trends cites jury awards over $1 million
you will save annually if you choose the higher deductible option.
range from 9% of the total of all judgments
rendered in the Northwest to a high of 27% of
Let’s say, your annual savings is $425. The difference between your
all awards in the Northeast. This is the last
current deductible and your potential new deductible is $1,500.
place you want to skimp on your insurance. If
Divide your annual savings into what your increase in risk is, i.e.,
a judgment is rendered against you as the
$1,500 divided by $425 equals 3.53 years. That means it will take you
result of a lawsuit and you do not have enough
3.53 years to break even. Every year after 3.53 years that you do not
insurance, your assets are at risk. Additionally,
have a claim, you will be ahead by $425. If you don’t have a claim for
your wages can be garnished until the lawsuit
eight years, you have saved almost $1,900.
is paid in full.
Reducing your Excess Liability or Umbrella limit is almost never a
For Excess Liability, the bottom line is that
good idea. You only have to open a newspaper, click on the internet or
$1M is the old $5M, and $5M is the old $10M!
2 Willis HRH • 03/09
3. ZONING IN ON
FLOOD INSURANCE
By Frank Rapisarda
Vice President
Do you live in a flood zone? Most everyone in the U.S. does, thanks to
the Federal Emergency Management Agency (FEMA). Although
flooding causes over $3 billion per year in property damage in the U.S.,
prior to 1968, when Congress passed the National Flood Insurance Act
in flood insurance was virtually unavailable from the private insurance
industry. The National Flood Insurance Program (NFIP) managed by
FEMA then began the ambitious task of mapping communities to
delineate special hazard areas and risk premium zones.
A zone is a geographical area on a Flood Insurance Rate Map (FIRM)
that indicates the severity or type of flooding to which it is susceptible.
Zones are a key ingredient in the promulgation of flood insurance
rates. You may be in a low-, moderate- or high-risk flood zone, but you
are in a zone. You can buy flood insurance as long as your community
participates in the National Flood Insurance Program. And, it’s a good
idea to buy even in low-risk areas because 20% to 25% of all flood
insurance claims come from low-risk areas. The Flood Disaster
Protection Act of 1973 requires federally regulated lending
institutions to make sure that mortgage loans secured by buildings in
high-flood-risk areas are protected by flood insurance.
Flood zones may be changing as FEMA continues its ongoing map
modernization project. Since the maps haven’t been updated in the
last 20 years, you may find yourself in a higher-risk zone than before.
If that happens, you may also pay substantially more for your flood
insurance policy. If you own a home in Florida, Louisiana or Ohio,
the likelihood of being re-zoned increases as FEMA is reported to
have put most of its resources where storm patterns and real estate
development have created new or higher-risk, flood-prone areas.
Some communities have decreased the potential for flooding by
making modifications or improvements in certain structures (dams,
levees, etc.). In some cases, communities have revised their
geographical boundaries, resulting in reduced flood hazard areas. In
still other instances, the community has provided updated
information that more clearly delineates flood insurance risk zones.
Map upgrading was overdue, and while it could mean higher rates,
some relief is built into the system to rescue homeowners from a
negative impact. Owners of properties that move from a low- or
moderate-risk zone into a high-risk zone may be able to take
advantage of a process known as grandfathering. If you have had
continuous flood insurance coverage, rules allow you to benefit in the
rating. You are given the option of using the new and updated rating
criteria or having the premium rate determined using the FIRM in
continued on page 4
3 Willis HRH • 03/09
4. Flood Insurance continued from page 3
HRH HAS
effect when the building was originally
JOINED
constructed or when flood insurance was first
procured. This could result in a savings when the
FORCES WITH
new map revision, by itself, would raise your
premium.
WILLIS
Owners of properties that move from a high-risk
zone to a low- or moderate-risk zone may be
Willis HRH, the North American arm
eligible for reduced insurance rates by converting
of Willis Group Holdings, came into
to a Preferred Risk Policy. This policy covers both
being in October 2008 after the
a structure and its contents and offers substantial
transformational $2.1 billion
savings. A PRP can be obtained for as little as $112
combination of Willis and HRH.
a year.
The deal doubled Willis’ North
The NFIP flood policy provides the basic
America revenues and enhanced its
protection needed for homes valued up to
leadership in attractive growth
$250,000 and containing possessions with a value
markets. It more than doubled Willis’
up to $100,000. Since floods in fact frequently
high-growth Employee Benefits
cause total losses, and recognizing that many
business in North America while
homes today have values substantially greater
strengthening Willis’ middle-market
than the highest limits available through the flood
leadership.
program, some insurance companies offer Excess
Flood insurance to meet the need for additional
Willis HRH is now among the top
coverage. Even if you live in a high-risk flood
three brokers in 15 of the 20 largest
hazard zone you can still obtain the needed
U.S. markets – and number one in
coverage. Like the NFIP policy, your rate is based
Chicago, Philadelphia, Phoenix and
upon the flood zone, the age and type of home and
seven other major U.S. markets. All
the amount of coverage you choose. Policies are
told, the combined company is in 210
available to homeowners, condominium owners
locations in North America, up from
and renters. You may be eligible for a preferred
Willis’ 70 locations previously.
risk policy if your home is in a low flood hazard
zone and has limited flood loss history. This is a
simple, straightforward and very affordable
coverage. Deductible options further reduce your
costs. Loss control measures can be taken to
mitigate the damage caused by floods.
Contact your Willis HRH Client Advocate for
information on how you can control the cost of
protecting your property from flood losses. Also
be sure to check out the FEMA website at
www.fema.gov/business/nfip for additional
information.
4 Willis HRH • 03/09
5. FRAUD AND
AN EXAMPLE OF AN
EMBEZZLEMENT EMBEZZLEMENT
COVERAGE CRIME
A trusted assistant, responsible
By Marnie Everline
for paying bills for their
employer also writes checks out
Most of us think we are smart enough and financially sophisticated
to “cash” and transfers monies
enough to avoid becoming victims of fraud or embezzlement. But,
into their own personal bank
sadly, the rash of recent Ponzi schemes and other fraudulent
account. By the time the
activities that have been uncovered have substantially diminished, if
employer discovers the crime,
not totally destroyed, the assets of many of even the wealthiest
the assistant has embezzled a
individuals and some of world’s largest charitable organizations.
total of $50,000.
What constitutes fraud and embezzlement and is there any way to
protect yourself from these crimes?
WHAT IS FRAUD?
Embezzlement can be small or large; as
In criminal law, fraud is a crime or offence of deliberately deceiving
minor as a retail store clerk pocketing a few
another in order to damage them, usually to obtain property or services
extra dollars from the cash register or as
unjustly. Fraud can be committed through many methods, including
major as an executive of a large company
mail, wire, phone and the internet (computer crime and internet fraud).
illegally transferring managed money into a
WHAT IS EMBEZZLEMENT? personal account.
ASSET PROTECTION
Embezzlement, considered a white-collar crime, is a type of fraud
where a person misappropriates the assets entrusted to them. Assets
Some Homeowners policies can be endorsed
are held lawfully but used for an unintended purpose. Embezzlement
with supplemental coverage options that
is a breach of the fiduciary responsibilities placed upon a person and
address embezzlement and fraud crimes and
can adversely affect individuals and corporations.
respond to the loss of money, securities and
personal property.
Methodical and systematic, the embezzler conceals his or her actions,
which of course are done without the consent or knowledge of the
Check your Homeowners policy to see if such
wronged party. Often it involves the trusted person embezzling only
coverage is afforded or contact your Client
a fraction of the funds received to minimize detection. If successful,
Advocate for further assistance and
this crime can continue for years undetected and is most likely
information.
discovered only when the funds are requested or needed and they are
no longer available.
5 Willis HRH • 03/09
6. THE VALUE Q. WHAT ARE THE MOST LIKELY AND
OF FINE ARTS
COSTLY EXPOSURES THAT
COLLECTORS FACE?
By Wayne Wiedenbeck A. The single most frequent case of Fine Arts
Vice President losses are transit related. Consider for a
moment the entire process of moving a piece
Did you know that over the past three years the number of active or a collection of artwork. The planning,
collectors of Fine Arts tripled? This resulted in large general pricing packaging, the physical transportation,
increases in the Fine Arts marketplace. Many collectors bought and unpacking and hanging. It’s all a chain of
sold items frequently and many realized a gain in value. related events with so many opportunities for
losses or damage to occur. Think of art
In the last quarter’s volatile economy, many collectors are wondering transport like a chain that is only as strong as
if their collections have retained, gained or decreased in value. its weakest link. A piece of artwork will pass
Because every collection and art piece is different, no one broad through many hands and you need to test the
answer can be given. strength of every link in the chain before a
piece starts its journey.
Recently, I spoke with Claire Marmion, a highly respected private
curator and consultant who owns Marmion Advisory, LLC. Claire has Catastrophic exposures are another peril. A
tremendous experience in the fine arts market, having worked for collector purchases an item at auction in New
both the AIG Private Client Group and Chubb as Director of Fine York only to have it shipped to their home in
Arts Services. What follows is a brief excerpt of our discussion. Florida. Did the collector consider that there
is a loss potential due to wind or flood? The
Q. WHAT HAS BEEN THE FASTEST GROWING SEGMENT OF same could be said for a piece of artwork in a
THE FINE ARTS MARKET? home located in a wildfire zone. Collectors
must be proactive to preserve their art and
A. Over the last three years we have witnessed a revolution in the that begins in where the art will be housed.
contemporary art market. Never before have so many collectors been
Q. ARE COLLECTORS STILL
drawn to art that is so difficult to look after – the most fragile of
PURCHASING AND SELLING AT THE
pieces in the most volatile market.
SAME FRANTIC PACE AS IN PREVIOUS
Q. WITH REAL ESTATE VALUES DECLINING IN MANY YEARS?
LOCATIONS, COULD THE SAME BE SAID FOR FINE ARTS?
A. Today many collectors may find it
A. Many collectors mistakenly assume that because real estate values necessary to hold on to an item for a period of
have generally fallen that the same must be also true for their time before the right opportunity arises to sell.
collection. Not necessarily so. Some homes have held their values. Whether they are purchasing to enjoy or to sell,
The same could be said with Fine Arts. Some artist’s pieces still hold collectors must safeguard their collections.
excellent value while others may not.
Claire Marmion
Collectors with well prepared collections schedules should look into Marmion Advisory, LLC
having a qualified appraiser conduct a “Schedule Review.” The 312 375 3807
appraiser will review and identify those specific items which may clairemarmion@hotmail.com
have gained or lost value and offer updated values. This saves the
collector significant appraisal fees while at the same time keeping
their values current.
6 Willis HRH • 03/09
7. KEY CONTACTS
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jim Jameson
Sandra Bravo
New York, NY
Practice Leader
212 915 8212
212 915 8019
james.jameson@willis.com
sandra.bravo@willis.com
Joseph Clark
Laura Ebert
Radnor, PA
Phoenix, AZ
610 254 2664
602 787 6307
joseph.clark@willis.com
laura.ebert@willis.com
Lori Caldwell
Mark Battat
Knoxville, TN
San Francisco, CA
865 583 3769
415 955 0242
lori.caldwell@willis.com
mark.battat@willis.com
Lesa Blaser
Ken Kreutz
Dallas, TX
Denver, CO
972 715 6265
303 765 1561
lesa.blaser@willis.com
ken.kreutz@willis.com
Brian Olive
Karen Murphy
Seattle, WA
Hartford, CT
206 386 7404
860 756 7343
brian.olive@willis.com
karen.murphy@willis.com
CANADA OPERATIONS
Robert J. Clark
Tampa, FL
Irene Dick
813 490 6811
Toronto, ON
robert.j.clark@willis.com
416 216 0775
dick.irene@willis.com
Leslie Hernandez
Vero Beach, FL
Trish McClintick
772 469 2864
Vancouver, BC
leslie.hernandez@willis.com
604 605 3692
mcclintick.trish@willis.com
Lynn Killeen
Baltimore, MD
301 527 7255
lynn.killeen@willis.com
Frank Rapisarda
Hunt Valley, MD
410 584 8623
frank.rapisadra@willis.com
Wealthy & Wise provides a general overview and discussion on a wide range of topics. It is not intended, and should not be used, as a substitute for
professional advice in any specific situation.
7 Willis HRH • 03/09