CLIENT ADVISORY
Insurance companies have become increasingly resistant to late notice of Employment Practices Liability claims that started as an EEOC letter. Family Office management is advised to provide immediate notice of an EEOC letter as soon as it is received. The notice should be sent DIRECTLY to the insurance company, per the written instructions in the insurance policy. Note: Notice given to the insurance agent may not be recognized by the insurance company. Always send notice directly to the insurance company for any Directors & Officers, Employment Practices or other Professional Liability polices.
Thursday, February 28, 2008
Family Office Risk Management
Legacy Risk Solutions, LLC, offers a specialized group of advisors that assess the unique risk exposures of the Family Office and their client families. The goal is to establish customized risk management solutions to preserve the family's legacy assets. Services include:
Identify areas of risk
Evaluate the best options, both insurance and non-insurance
Aggressive management of losses
Develope new strategies for group medical insurance
Independent and objective risk management consulting
Sells No Insurance - Accepts No Commissions - No Conflicts Of Interest
Website: www.legacyrisksolutions.com
Tuesday, November 20, 2007
Ken R. Butler D&O Advisory - Why Companies and Advisory Board Members Should Purchase D&O/Employment Practices Insurance
Legacy Risk Solutions serves as the independent gatekeeper of their client's risk management and insurance program.
ADVISORY - Why Companies and Advisory Board Members Should Purchase Directors & Officers and Employment Practices Liability Insurance.
Ken R. Butler forwarded this advisory to all clients after observing the increasing trend of small start up companies to use advisory boards rather than a formal board of directors. A copy of the advisory is available by forwarding a request to kenblegacy@aol.com.
Reasons for concern include:
1. Advisory Board Members can be sued and are not automatically protected by corporate indemnification. Extension of corporate indemnification to advisory board members should be confirmed by corporate counsel.
2. Advisory Board Members are subject to litigation for employment practices including improper sexual advances, harassment, and discrimination in hiring practices that may have been the subject of review or supervision by the Advisory Board.
3. Advisory Boards are often treated like a Board of Directors by the President or CEO, reviewing personnell matters, financial performance, interviewing prospective management candidates, etc.
ADVISORY - Why Companies and Advisory Board Members Should Purchase Directors & Officers and Employment Practices Liability Insurance.
Ken R. Butler forwarded this advisory to all clients after observing the increasing trend of small start up companies to use advisory boards rather than a formal board of directors. A copy of the advisory is available by forwarding a request to kenblegacy@aol.com.
Reasons for concern include:
1. Advisory Board Members can be sued and are not automatically protected by corporate indemnification. Extension of corporate indemnification to advisory board members should be confirmed by corporate counsel.
2. Advisory Board Members are subject to litigation for employment practices including improper sexual advances, harassment, and discrimination in hiring practices that may have been the subject of review or supervision by the Advisory Board.
3. Advisory Boards are often treated like a Board of Directors by the President or CEO, reviewing personnell matters, financial performance, interviewing prospective management candidates, etc.
Legacy Risk Solutions Manages Insured Assets Exceeding $500,000,000
The addition of the latest client has pushed managed insured assets over $500,000,000 and annual premium managed over $6,000,000.
The client list includes five structured family offices, the family members, their businesses and not-for-profit interests and six multi- generational family businesses, their personal insurance and not-for-profit interests.
Services are provided by:
Ken R. Butler, President, CPCU and ARM
Joseph D. Zalar, Employee Benefits and Life Consultant, CLU and ChFC
Richard Aldinger, Consultant, CPCU
Edward S. Reighard III, CSA, Financial Planning Consultant
Gregory R. Bean, General Counsel
Mardi A. DePaul, Analyst and Special Projects Coordinator
Legacy Risk Solutions serves as the independent gatekeeper of their client's risk management and insurance program.
The client list includes five structured family offices, the family members, their businesses and not-for-profit interests and six multi- generational family businesses, their personal insurance and not-for-profit interests.
Services are provided by:
Ken R. Butler, President, CPCU and ARM
Joseph D. Zalar, Employee Benefits and Life Consultant, CLU and ChFC
Richard Aldinger, Consultant, CPCU
Edward S. Reighard III, CSA, Financial Planning Consultant
Gregory R. Bean, General Counsel
Mardi A. DePaul, Analyst and Special Projects Coordinator
Legacy Risk Solutions serves as the independent gatekeeper of their client's risk management and insurance program.
LRS Evaluates Group Excess Policy for Family Office
Legacy Risk Solutions, LRS, serves as the independent gatekeeper of their client's risk management and insurance program.
Generation 1 and Generation 2 were discovered to be purchasing variable umbrella/excess limits, from $5,000,000 to $50,000,000. A proposal for a Group Excess program was negotiated with the family's insurance agent. The result: significantly increased all G-2 limits for a lower cost than everyone was paying for their individual limits. The proposal evalution criteria included:
1. Each family to be provided their own dedicated $50,000,000 excess limit.
2. The offer had to be flexible, allowing individual family members to maintain their underlying primary homeowners with an insurer other than the insurer offering the Group Excess policy.
3. Each family member's existing umbrella or excess policy was to be compared to the group excess policy form.
Generation 1 and Generation 2 were discovered to be purchasing variable umbrella/excess limits, from $5,000,000 to $50,000,000. A proposal for a Group Excess program was negotiated with the family's insurance agent. The result: significantly increased all G-2 limits for a lower cost than everyone was paying for their individual limits. The proposal evalution criteria included:
1. Each family to be provided their own dedicated $50,000,000 excess limit.
2. The offer had to be flexible, allowing individual family members to maintain their underlying primary homeowners with an insurer other than the insurer offering the Group Excess policy.
3. Each family member's existing umbrella or excess policy was to be compared to the group excess policy form.
LRS Conducts a Family Owned Health Insurance Captive Feasibility Study
Legacy Risk Solutions serves as the independent gatekeeper of their client's Risk Management and Insurance program.
Legacy Risk Solutions is conducting a feasibility study for a family owned health insurance captive.
Mission: To efficiently deliver quality health insurance benefits to all family members, the employees of the businesses owned by the family and the employees of the not for profit agencies supported by the family.
Vision: To be recognized as a revolutionary plan that reduces family office and not- for-profit health insurance costs, freeing precious dollars for the not-for-profit missions.
Legacy Risk Solutions is conducting a feasibility study for a family owned health insurance captive.
Mission: To efficiently deliver quality health insurance benefits to all family members, the employees of the businesses owned by the family and the employees of the not for profit agencies supported by the family.
Vision: To be recognized as a revolutionary plan that reduces family office and not- for-profit health insurance costs, freeing precious dollars for the not-for-profit missions.
Legacy Risk Solutions Provides Objective Life Insurance Analysis
Legacy Risk Solutions serves as the independent gatekeeper of their client's Risk Management and insurance program.
Financial planners had overwhelmed a client, presenting complicated Life Insurance alternatives. Legacy Risk Solutions provided independent and objective analysis of the plans offered. The result was a tailored program to the client's objectives that was efficiently priced.
Common Recommendations include:
1. Consider investment options with lower expenses on variable life policies.
2. Evaluate the tax advantages of changing the beneficiary to a favorite charity and allowing the policy dividends and cash value to continue to pay the premiums without paying any additional premium.
3. Increase the coverage duration of Term Life by reducing the policy death benefit.
4. Level the death benefit. Change an increasing life benefit option to a level death benefit option, to extend the duration of Term life products.
5. Take advantage of the most recent extended mortality tables by submitting to a new life physical exam.
Financial planners had overwhelmed a client, presenting complicated Life Insurance alternatives. Legacy Risk Solutions provided independent and objective analysis of the plans offered. The result was a tailored program to the client's objectives that was efficiently priced.
Common Recommendations include:
1. Consider investment options with lower expenses on variable life policies.
2. Evaluate the tax advantages of changing the beneficiary to a favorite charity and allowing the policy dividends and cash value to continue to pay the premiums without paying any additional premium.
3. Increase the coverage duration of Term Life by reducing the policy death benefit.
4. Level the death benefit. Change an increasing life benefit option to a level death benefit option, to extend the duration of Term life products.
5. Take advantage of the most recent extended mortality tables by submitting to a new life physical exam.
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