Risk Management for the Wealthy

What can be done to help wealthy families protect themselves from risks to “assets from lawsuits, natural disasters, identity theft, and other insurable exposures?” The answer may be in the results of a new study, according to a news release Tuesday by the Family Office Exchange and Frank Crystal & Co., an insurance brokerage firm.

The study, “Insurance Matters: A Case for Strategic Insurance Planning,” examined 100-plus family offices’ “attitudes and behaviors toward insurance, as well as the ramifications for sustaining wealth across multiple generations.”

“Families and family offices take a wide range of approaches to insurance,” stated Bill Fride, research analyst for Family Office Exchange and lead author for the study. “Those that are strategic, however, achieve significant benefits–enhancing their coverage, reducing the potential for loss and lowering their costs,” he added in the announcement.