President’s Corner – Fall 2012

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. 

The ACE survey was obviously targeted towards wealthy families, but the importance of purchasing adequate limits of liability insurance is not reserved only for those with a high net worth.  Businesses face increased scrutiny and litigation as well.  Understanding your risks and exposures and how a liability claim might impact your financial well being is nothing to take for granted. No one wants to pay more for insurance than what they have to, but turning a blind eye to the importance of adequate liability coverage and understanding what you can do to protect your assets might be the biggest mistake a person could make.  This newsletter has several interesting articles on this very timely topic.    

Lutgert Insurance has seasoned professionals that can help you determine what protection is available and at the levels necessary to protect yourself, your family, and your business. We very much appreciate the opportunity to be of service and I thank you for allowing Lutgert Insurance to earn your business and trust.   

Bud Hornbeck
President and CEO  


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