Making assumptions about your current insurance coverage is never a good idea.
Your decisions need to be based on the facts, as outlined in the provisions of your various policies. It’s vital for you to understand your current insurance coverage rather than rely on the agent or broker who sold you the policy at some point in the past. New laws, insurance regulations or judicial decisions may have impacted your coverage without you being aware of the changes.
It’s also common for business owners and high-net-worth individuals and families to purchase insurance policies on an individual basis. That can leave gaps in the coverage of certain assets or create complications if you need to file a claim after a loss. For example, your current homeowners insurance policy might not cover the theft of a recently purchased painting. A tornado or flood could destroy your company’s offices and interrupt your business operations. Your child or grandchild might hand the keys to a family or company vehicle to a friend, creating a substantial liability exposure in the event of a serious accident.
GlobalPro Recovery can assist you with a comprehensive review of your collection of insurance policies, and keep you informed of any important changes. Drawing on our team’s extensive knowledge of insurance policies and claims procedures, we can provide recommendations on the following types of issues:
- Identifying any omissions in your current insurance coverage
- Finding opportunities to lower current premium payments
- Reducing the risk of a high-stakes liability lawsuit that could jeopardize other assets
- Adjusting residential property coverage (higher or lower)
- Adjusting commercial property coverage (higher or lower)
- Ensuring business interruption insurance is in place (if applicable)
- Properly notifying your insurer about any recently purchased high-value personal assets
- Making sure insurance is placed correctly to cover assets in international locations
Following our review of your insurance coverage, we will provide recommendations regarding asset protection. For example, your homeowner, automobile or commercial property insurance policies may offer a cost-effective solution to protecting your assets from lawsuits, creditors or potential tax liabilities.