By Jim Convertino
Very few days go by when we don’t see a celebrity or professional athlete have a large jewelry loss, an accident with a high value automobile or possibly get sued for simply being a high- profile individual once someone recognized them after an accident or chance encounter. The cell phones come out, the video recording begins or 9-1-1 calls are released to the public.
While numerous of these individuals have the financial implies to pay for these events out-of-pocket, what typically goes unnoticed or discussed is whether they have the proper insurance in place to cover their losses and defense expenses.
Unfortunately, we are typically approached by sports advisors or celebrity managers after a loss has not been covered correctly or their clients did not have any insurance in place. The phrases “They get it now,” or “This frightened him straight,” are typically used only after something has happened to needlessly affect their client’s wealth or reputation.
Many celebrities and professional athletes have the same coverages they had when they were in high school or college or are still on their parents’ insurance policies. Advisors, in numerous cases, do not talk about insurance as part of their clients’ wealth management portfolios simply because they do not have confidence in any insurance broker to offer the same level of service they expect and deserve. Realistically, if your client is involved in a suit and does not have sufficient liability coverage, there could be little money left to manage.
For example, we typically see numerous celebrities and professional athletes (as well as team owners and coaches) include family members on their insurance coverages by purchasing homes and/or automobiles for them as a matter of convenience. This creates Camiseta West Ham United significant additional liability exposures even though they and their advisors may not recognize it. Liability firewalls can be created by a well-informed insurance broker who specializes and understands the needs of these high profile individuals. Additionally, if your clients are involved in any commercial endeavors, including any businesses, charities, camps or foundations, specialty insurance coverage is needed to safeguard their distinct exposures that are very different from their personal insurance coverages.
Having the proper insurance broker who knows how to insure celebrities and professional athletes makes a substantial difference in how claims are handled. numerous financial advisors, attorneys, accountants and sports agents still see insurance as a commodity and something they grudgingly know is needed, but don’t see the difference between on-line insurance companies and using an expert in this area.
The primary goal of a celebrity insurance broker is to educate your clients and simplify their entire personal and/or commercial insurance programs. Your clients’ insurance coverages can be quite complex. This eliminates any surprises in coverage issues during a claim and protects your clients and you.
It is essential for an insurance broker to be an asset rather than simply an added service. This guarantees your clients have the proper insurance program in place as part of their wealth management portfolio, saves you time in handling insurance issues and distinguishes you from your competitors.
A well-informed celebrity insurance broker is part of your clients’ wealth management team, understands the liability exposures your clients face each day and appreciates they are representing you to your clients as an extension of your service model.
“Clicking for coverage” with carriers that specialize in comedic commercials versus correctly protecting high profile individuals is a short cut Camiseta Selección de fútbol de Uruguay solution. This is when you see the difference in service. Are they or you calling an 800 number or service center with a claim or is that urgent call made directly to the insurance broker at any time, including evenings or weekends?
Our insurance industry has trivialized the value we offer to our partners and clients, which has done a terrific disservice to the financial protection we provide. It’s imperative Camiseta Selección de fútbol de Túnez all advisors see insurance as an integral part of any wealth management portfolio and offer it as part of a extensive financial plan to safeguard these distinct clients and their significant exposures.
Jim Convertino is the director of McGowan PAE, specializing in professional athletes and Entertainers insurance Solutions. His email address is jconvertino@mcgowanpae.com
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