Risk Analysis

for Non-Billionaires

Who will come to your rescue?

Is the owner of Gucci your good buddy who will write a check if your building burns down?  Do you have a different billionaire you can call when you loose it all?  No? Well, I do have an alternative that I can share with you.  It’s called being insured properly.

The Notre Dame Cathedral was not insured.  Since 1905 the French government has had an arrangement with the Catholic Church which leaves the French government responsible for Notre Dame and many other historically significant churches in France.  They have chosen to self-insure these historical properties and are now looking at an estimate of over 1 billion dollars to rebuild. Wow.

Several French billionaires have stepped in to pledge over $500,000,000.  They include the owners of Louis Vutton, Gucci and several banks.   That is nice for them to do.   Can you and I expect them to come our rescue if we loose our building to a fire.

Fortunately, there is a bucket of money for you to tap into if your building is damaged or destroyed.  Insurance.  

Just the other day I was talking with a new client in the Identify Exposures phase of our 360 Roadmap process and he thought he had enough property coverage.  Turns out he did not. He had not considered the fact that a fire or other disaster in his business had a high risk of causing damage to neighboring businesses for which he would be financially responsible.  His current policy limit only accounts for his space.

These are some of the questions that come to mind as I read about Notre Dame not being insured. 

  1. Do you have enough insurance to rebuild? 
  2. Is your General Liability policy enough to cover losses incurred to others if the destruction of neighboring businesses results from your company’s activities?
  3. Will your insurance policy cover you and your neighbors’ lost revenue? How about compensating your employees and yourself while the rebuilding is happening?
  4. Does your property insurance include your valuable items inside the building and are they properly scheduled (listed) on your policy?
  5. Did you know that damages you are legally responsible for could go beyond your policy limit?
  6. Are you under insured?

Learn the lessons from the Notre Dame fire and examine your insurance policies to be sure you have access to an adequate amount of funds if you lose your building.

As a risk consultant, we review all of your exposures with our proprietary system called 360 Roadmap and make sure that you have adequate coverage in case of a loss. 

If I am wrong and the owner of Gucci is your friend, how about an introduction!

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