Insurers Offer New Policies for the Wealthy

[mestup]

As the ranks of the rich have grown, insurers are introducing new products designed to cover the vacation homes, yachts, art collections and other concerns of wealthy individuals.


Among the latest coverage options: Fireman's Fund recently launched an insurance policy that covers insured family members serving as trustees against allegations that they bungled the family trust funds. Chubb is launching a new set of free services targeted at policyholders with a net worth of at least $5 million. The offering, called "Signature Suite," includes extensive background checks on cooks, nannies, drivers, yacht captains and other household staffers; screenings to determine policyholders' susceptibility to kidnapping and identity theft; and special software to help customers keep track of their art and antiques collections.


Insurance companies say providing coverage to the rich is a fast-growing business that is benefiting in part from a trend to build large houses filled with costly fixtures and specialized collections, such as jewels, antique guns and wine. Specialized insurers typically have higher coverage limits and cover more events -- often paying the entire cost of rebuilding a luxury home. And as individuals' net worths increase, so does their demand for excess liability coverage, which protects assets from personal-injury or property-damage lawsuits, above the liability limits set by home and auto policies.

...more at link (Wall Street Journal/AOL)
http://money.aol.com/wsj/investing/3canvas?id=20051027082409990001

[MindPilot]

1. Meanwhile the average homeowner gets less and less coverage

with higher & higher deductibles. Fuck the rich; let them cover their own damn losses. Don't drive up my premiums to cover your wine celler.