In this episode, we dive into the world of property and casualty insurance for high-net-worth families with Landon Davis from NFP. We examine the evolving risks and market shifts that make insuring valuable property particularly challenging. We also talk about Landon’s journey into the insurance field and how great brokers do more than manage policies—they become trusted advocates when challenges arise.
Takeaways:
This podcast episode emphasizes the critical importance of insurance within the oil and gas profession, highlighting strategies for optimizing investments and minimizing tax burdens.
Listeners are encouraged to engage with their insurance brokers actively, particularly during claims processes to ensure they receive adequate support and service.
The discussion reveals that the insurance landscape has experienced significant changes due to increased climate risks, leading to rising premiums and stricter underwriting standards.
The episode elucidates the difference between admitted and non-admitted carriers, explaining how this distinction affects the range of insurance options available to high-net-worth clients.
It is noted that high value assets, such as luxury homes and exotic vehicles, require specialized insurance coverage to adequately protect against unique risks.
Lastly, the speakers convey the notion that exceptional service in the insurance industry is paramount, as many clients have expressed dissatisfaction with their current brokers' responsiveness and attention.
Chapters:
00:05 - Introduction to the Podcast
04:49 - The Changing Landscape of Insurance
10:23 - The Changing Dynamics of Insurance
17:30 - Understanding Umbrella Insurance
23:00 - Navigating High-Value Insurance Claims
26:23 - Understanding the Role of Independent Brokers
Disclosure: This information is for informational purposes only. Nothing discussed during this video should be interpreted as tax, legal, or investment advice. If you have questions pertaining to your specific situation, please consult the appropriate qualified professional.
Brownlee Wealth Management is a fee-only financial planning firm in The Woodlands, TX that provides exceptional advice for a select number of families coming from oil & gas companies.
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