Typically when I write the President’s Corner article for our newsletter I like to cover an event that has impacted or changed the insurance industry. For this issue I’ve decided to take a different approach and talk about our staff at Lutgert Insurance and the products and services we offer to our clients.
In a recent survey conducted by ACE Private Risk Services, of 168 households with assets over $5,000,000 more than 80% fear their wealth makes them a target for liability lawsuits. Additionally, two thirds of them believed that public perception of wealthy individuals has become more negative over the past few years. I do not find these responses surprising but what I did find amazing from this survey was that only half of those families surveyed had adequate liability protection and 21% reported they had no umbrella (excess liability) at all.