Do Not Let Deep Pockets Be a Liability

In Rocky V, hero Rocky Balboa hesitates to give shady boxing promoter George Washington Duke a well-deserved punch in the nose. Duke taunts him, saying, “I’ll sue!” Rocky takes the punch anyway. As Duke lies in the gutter, Rocky says, “Go ahead. I’m broke”. Wealthy individuals have the opposite problem. Deep pockets make them vulnerable to lawsuits. In some cases, plaintiff attorneys will adjust the blame in multiple-target suits to increase the judgment toward those who can pay more money. For this reason, it is important that affluent individuals consider Connecticut high net worth insurance.

 

Fill the Gaps

 

Average income individuals do not always pay close attention to gaps in their coverage. They may fail to insure ten percent or more of their personal items. Often, the value of these items may be in the hundreds of dollars, and of no significant value to the individual. In fact, when some people realize they are not fully insured, they do nothing because they prefer the lower rates. Affluent individuals cannot afford this type of thinking. Ten percent of their assets may be worth tens of thousands of dollars, or much more. The missed asset could be a yacht, a collection of fine wines, or expensive jewelry. Connecticut high net worth insurance can protect all of the insured’s valuables. Agents have experience working with wealthy clients. They will ensure there are no expensive gaps in coverage.

 

photo credit: Thomas Leuthard cc

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