Private Client Risk & Resilience

In this enlightening episode of the "Private Client Risk & Resilience" podcast, host Kurt Thoennessen, CEO of RiskRevu, is joined by Joe Rossi, the CEO of Joe Flood Insurance Brokerage. They delve into the intricate world of flood insurance, highlighting the unique challenges and solutions facing owners of high value properties.

Key Highlights:

• Joe Flood's Background: Discover Joe's journey from community activism to leading a flood-only insurance brokerage, advocating for more affordable insurance rates.
• Unveiling Asset Risks: Kurt explores the significant risks faced by successful people through their assets and lifestyle, emphasizing the complexity of protecting large assets.
• Innovative Insurance Solutions: Joe Flood shares insights on creating custom insurance solutions for high-value properties, addressing the gap in traditional flood insurance offerings.
• Market Evolution: Engage in a discussion about the evolving landscape of flood insurance, driven by increasing catastrophic events and new market entrants.
• Regulatory Insights: Gain clarity on the regulation in surplus lines and MGA operations, debunking common misconceptions about non-admitted markets.
• Behind-the-Scenes Processes: Uncover the detailed process of risk modeling and underwriting used by Joe Flood Insurance, demonstrating their commitment to tailored insurance solutions.
• Partnership and Growth Opportunities: Learn how to engage with Joe Flood Insurance for both insurance quotes and professional partnerships, fostering a collaborative environment in the insurance industry.

Whether you're an insurance agent seeking to refine your skills or someone looking to protect substantial wealth, this episode is packed with valuable insights and innovative strategies for navigating the complexities of flood risk insurance.

Resources:

https://www.joefloodinsurance.com/

In the latest episode of "Private Client Risk & Resilience," Kurt Thoennessen, CAPI, a Personal Risk Advisor at Ericson Insurance Advisors and CEO of RiskRevu, sat down with Giles Greenfield, CEO of Markham Private Client, for an in-depth exploration of the private client insurance market across the UK and the US.

Thoennessen kicked off the episode by introducing himself and expressing his enthusiasm about having Giles Greenfield as a guest, someone he met at the Private Risk Management Association Summit.

The conversation quickly delved into the nitty-gritty of the UK's private client insurance landscape. Greenfield provided valuable insights, drawing parallels and disparities between the UK and US markets. They discussed how international relationships among UK and US brokers significantly streamline communication, trust levels, and improve insurance program design for high net worth and ultra high net worth clients with properties interests in both countries. 

A major focus of the discussion was the comparison in coverage and underwriting approaches between the two countries. The absence of umbrella liability policies in the UK, as noted by Giles, underscored the UK's less litigious nature compared to its US counterpart.

Both Thoennessen and Greenfield addressed pressing concerns brokers face in their respective regions, particularly the challenges surrounding escape of water incidents. These incidents, especially concerning historical or listed properties, were highlighted as significant hurdles for clients and insurers. 

Overall, this podcast episode offers a comprehensive analysis of the private client insurance market. It not only emphasized the nuances between the UK and US markets but also underscored the pivotal role of international relationships. Furthermore, it shed light on the intricate challenges brokers encounter while addressing distinctive coverage issues in their respective regions.


Resources:
Markham Private Client - https://markhambrokers.com/
What is a listed building article - https://www.mansionglobal.com/library/listed-building
Wondeur AI - https://wondeur.ai/
Private Risk Management Association - https://www.privateriskmanagement.org/

In this information-packed episode, host Kurt Thoennessen and certified wildfire mitigation specialist, Mike Thayer provides invaluable insights on wildfire risks and prevention strategies. As wildfires continue to rise in severity across the Western U.S., homeowners must get prepared.

Key topics discussed:

• The role of wind events in driving large, fast-moving wildfires that rapidly spread
• How extended drought and historical fire suppression have built up fuel loads, contributing to more severe fires
• Why ember intrusion, not walls of flames, cause most home ignitions - defensible space is critical
• New standards like the zero to five foot “non-combustible zone” being mandated in CA by 2025 to protect homes
• The wildland urban interface expansion in western states lacking CA’s wildfire building codes
• The impacts of insurance availability and modeling on admitted/non-admitted markets
• The value of wildfire risk education for homeowners that explains the “why” behind mitigations
• Specific home hardening measures (ember-resistant vents, gutter guards, etc.) that make homes insurable

As Mike emphasizes, wildfire readiness education and prevention work must expand outside California to other wildfire-prone states. All homeowners with natural vegetation exposure should proactively mitigate now, before threats grow. Advanced preparation is key to saving homes and making them insurable.

Resources:

1. The ibhs website/standards that Mike mentions explains the "why" behind wildfire mitigation recommendations through videos and other content.  - https://ibhs.org/wildfireready/
2. The ArcGIS product showing expansion of homes in the wildland urban interface, with percentage increases by state from 2007-2020. Allows visual hovering over states. - https://storymaps.arcgis.com/stories/6b2050a0ded0498c863ce30d73460c9e
3. This is an article Mike Thayer read about potential "doomsday" scenarios if a major non-admitted carrier wildfire loss occurred, and the impacts that could have. - https://www.kqed.org/science/1985175/insurance-in-california-is-changing-heres-how-it-may-affect-you
4. The updated CalFire wildfire hazard severity zone maps that recently came out, designating more high risk WUI areas. - https://www.fire.ca.gov/incidents. 
5. All Things Wildfire Podcast - https://allthingswildfire.com/
6. Wildfire Prepared Website - https://wildfireprepared.org/

Mike Thayer's linkedin - https://www.linkedin.com/in/michael-thayer-wms/

In this episode of the Private Client Risk and Resilience podcast, your host Kurt Thoennessen welcomes Judy Pearson from Nomadx, a trusted name in the world of trustee liability insurance. Judy shares her expertise on trustee liability exposure and complex wealth transfer vehicles, shedding light on an increasingly crucial topic in the realm of asset protection and estate planning. As clients seek advice on safeguarding their wealth through trusts and LLCs, Judy delves into the nuances of these structures, their responsibilities, and the fiduciary duties that come with them. You'll gain valuable insights into the need for specialized insurance solutions, the complexities of trustee roles, and the importance of cybersecurity preparedness in the trustee space. Listen in to explore this compelling discussion and discover how to address trustee liability with the right coverage and insights. To learn more about trustee liability and how to get in touch with Judy Pearson, visit the Nomadx website https://www.balanceuw.com/nomadx or reach out to Judy directly via email [email protected] or by phone (303-917-7776).

In this episode of the Private Client Risk and Resilience podcast, host Kurt Thoennessen discusses social inflation, nuclear verdicts, and their impact on the private client space. He is joined by special guest Chris Schon, a partner at the law firm Tyson and Mendes in San Diego, California.

Chris explains that social inflation refers to factors outside of traditional economic inflation that are causing the costs of insurance to rise. He emphasizes that the number one driver of nuclear verdicts is anger, which often results from anti-corporate sentiment and the perception that big corporations should be held accountable. Factors contributing to social inflation include:

1. Litigation Funding: Private equity firms and investors are funding personal injury cases, allowing them to drag on and increase costs. These funding companies take significant risks, but they receive substantial payouts when cases win.
2. Increased Medical Costs: Some doctors and medical providers treat patients on a lien and charge significantly higher rates for their services when treating personal injury cases compared to regular health insurance rates.
3. Attorney Advertising: Plaintiff attorneys are skilled at publicizing their settlements and verdicts, sharing their strategies and techniques within the plaintiff bar, which creates a more unified approaches to securing higher settlements.

The discussion also covers strategies for mitigating nuclear verdicts, including accepting responsibility, personalizing corporate clients or individuals, arguing pain and suffering, and demonstrating empathy to jurors.

Towards the end of the episode, they highlight the importance of considering higher policy limits, especially in states and regions with a greater risk of nuclear verdicts.

The episode provides valuable insights into the complex factors contributing to social inflation and nuclear verdicts in the private client space and offers practical advice for risk mitigation.

Resources:
https://www.tysonmendes.com/
https://www.tysonmendes.com/attorneys/christopher-schon/
https://www.tysonmendes.com/nuclear-verdicts/

In this engaging podcast, Kurt Thoennessen, CAPI, the host of the Private Client Risk and Resilience Podcast, invites Susan Schoenfeld, CEO and founder of Wealth Legacy Advisors, to explore the intricate world of family governance and communication within high-net-worth families. Kurt explains his role as a certified advisor in personal insurance, emphasizing the importance of addressing risks and challenges faced by wealthy clients. Susan, a self-proclaimed "recovering attorney" and CPA with an MBA, shares insights about her firm, Wealth Legacy Advisors, and its mission to guide ultra-high-net-worth families in navigating the human aspects of wealth.

The discussion delves into the concept of family governance, highlighting its role in shaping how affluent families make decisions, establish structures, and plan for future generations. Susan's real-world examples illustrate the significance of family governance in preventing potential conflicts and chaos as families grow and evolve. She describes various techniques, such as family councils and family assemblies, which provide frameworks for decision-making and representation within wealthy families.

The conversation emphasizes the critical role of effective communication in addressing complex issues related to wealth, legacy, and family dynamics. Susan and Kurt explore the challenges faced by affluent families, from raising children in an atmosphere of wealth to navigating philanthropy and addressing concerns about potential heirs' marriages and creditor claims.

Throughout the transcript, Susan underscores the value of addressing these "soft issues" in wealth management, demonstrating how caring about clients' holistic well-being fosters lasting relationships. This podcast transcript offers profound insights for advisors, highlighting the importance of focusing on the human aspects of wealth when assisting high-net-worth families in building legacies and maintaining family harmony.

Personal Risk Advisor at Ericson Insurance Advisors and CEO of RiskRevu, Kurt Thoennessen, CAPI and Director of Project Development, Zack Secilmis of Reis Contracting have an in-depth discussion about high-end home/apartment renovations in New York City, the Hamptons and Los Angeles. They discuss the changes the construction industry is battling after Covid-19,  technologies role in construction, integrating risk management into the construction process, the ever increasing cost of construction materials and the shortages for specialized labor.  Join them for this amazing conversation and learn more about the unique process that high-net-worth and ultra high-net-worth individuals and families experience when taking on a major renovation or construction projects.

Links:

Reis Contracting

NYU Schack Institute of Real Estate

Fordham University School of Professional Studies 

Personal Risk Advisor at Ericson Insurance Advisors and CEO of RiskRevu, Kurt Thoennessen, CAPI and Paul Buse, CEO of Real Insurance Solutions Consulting  have an in depth discussion about how to use standard insurance industry data to create a competitive advantage. Join them for this stimulating conversation and learn how to use industry data to find insights and grow your agency.

Personal Risk Advisor at Ericson Insurance Advisors and CEO of RiskRevu, Kurt Thoennessen, CAPI and SVP of e2Value, Skip Coan have an in depth discussion about the impacts on the replacement cost of property yesterday, today and tomorrow. From supply chains and inflation to the labor market and natural disasters, Skip shares his perspective on these and other areas that impact the replacement cost of property around the world. Join them for this stimulating conversation and learn why the costs are what they are.

Episode resources:

E2Value website - e2Value.com
London Instech Podcast - https://www.instech.co/podcast/instech-london-podcast-12-todd-rissel-ceo-e2value-us-property-data
National Association of Home Builders - NAHB.org

Personal Risk Advisor and CEO of RiskRevu, Kurt Thoennessen, CAPI, OP Almaraz, CEO of Allied Disaster Defense, and Tim Bauer Senior Vice President of Allied Disaster Defense's Private Client Group  have an informative conversation about the strategies being used today to harden homes against the threat of wildfire in California. In this episode OP and Tim share what they have learned from their extensive experience helping high net worth individuals, celebrities and entertainers recover from disaster. One of the most important lessons they share in this episode is  the best way to protect yourself from  wildfire is by taking steps to protect your property before the wildfire even starts. They talk extensively about home hardening, what it is, and how homeowners can harden their homes. They give advice on the most important steps to take and steps to avoid. This episode is a crash course in home hardening and wildfire defense that will give you the insight you need protect yourself or your clients from the threat of wildfire. 

Resources mentioned:

• https://www.alliedrestore.com/
• NFPA.org - National Fire Protection Association
• IBHS.org - Insurance Institute For Business and Home Safety
• https://www.usfa.fema.gov/wui/ - Wildland Urban Interface
• California Building Code - https://up.codes/viewer/california/ca-building-code-2016/chapter/7A/sfm-materials-and-construction-methods-for-exterior-wildfire-exposure#7A
• First regulation to enforces nation’s first wildfire safety regulation to help drive down cost of insurance - http://www.insurance.ca.gov/0400-news/0100-press-releases/2022/release076-2022.cfm#:~:text=Commissioner%20Lara's%20regulation%20is%20the,with%20state%20emergency%20preparedness%20agencies.