As part of the overall engagement, clients often request the Firm to assess and implement improvements to the client's family risk management program. Utilizing a number of highly-specialized third party resources, the Firm's work in this critical area helps our clients to attain greater peace of mind.
Risk management evaluations include a thorough understanding of the asset base, quantification of financial loss potential, assessment of loss prevention measures and a careful review of existing insurance contracts. In addition to basic issues such as the insuring of residences and rental properties, and personal liability exposure, this process frequently includes one or more specialty areas, as applicable, such as fine arts, collectibles, aviation, luxury yachts, bloodstock, recreation and collector vehicles, and kidnap/ransom. When relevant, potential exposure due to professional liability and director's and officer's liability is also addressed. In some cases, offshore alternatives may merit consideration, and these can be evaluated and implemented as well.
Comprehensive risk management planning also is expanded to ensure that the assets of every member of the extended family, and related entities, are properly protected from financial loss.