If you had $450.3 million, what would you purchase?

Recently, Leonardo da Vinci's “Salvator Mundi” sold at auction for $450.3 million, "shattering the high for any work of art sold at auction".

For more, read here: https://www.nytimes.com/2017/11/15/arts/design/leonardo-da-vinci-salvator-mundi-christies-auction.html

The enormous amount sparked conversations about what else one could purchase for such a large sum. A couple options, according to the NY Times:

  • Gawker Media Group and seven rare Bugattis 
  • Over 450,000 iPhone Xs
  • The New York Islanders
  • The cost to restore electricity to Puerto Rico

The options are as endless as they are eclectic. 

If you find yourself the proud owner of a rare, valuable painting, our Private Client Advisors can assist in making sure your art is properly insured. You earned it, we protect it.

Welcome Generation Z!

Is Your Personal Insurance Program Keeping Up With Your Teen?

Generation Z.jpg

Millennials have been the buzz the past eight years, but a new force is coming of age - the children of Generation Z.

Born between the mid-to-late 1990s and 2010, the elders of the group are just beginning to graduate from college. According to independent research company Zacks, “Gen Z has already impacted the market with $44 billion annual purchasing power with their pocket money alone”.

Most parents of Gen Z are very familiar with their little darlings' wants and needs but are often ill-equipped to respond financially to the growing perils and exposures that come with raising this next generation. Gen Z is described as ambitious, individualized, and practical while placing importance on value. All good qualities, to be sure.

To perpetuate those qualities in our Gen Z generation, parents should review their personal insurance programs and carrier resources, to guarantee the best coverage for every situation, including travel, cyber, and liability.

Travel for this generation is no longer a luxury, but expected and essential to make them feel complete. Trips abroad are becoming more experience driven, with volunteer opportunities to help make an impact on the world. Destinations are becoming more remote and putting families at an increased risk of kidnap and ransom. Your private client advisor can guide you through options for consultations and training for ways to avoid or minimize situations that place your family in danger. Worldwide travel protection can also assist with everything from tracking lost luggage to arranging emergency medical transportation for your teen.

Online personal brands and social media presence are at the forefront of Gen Z decision-making choices. Millennials were the beta testers of technology, but Gen Z has instant and efficient information within seconds from the internet in their pocket. With this open back door to the internet, many families are now more vulnerable to phishing scams. Cybercriminals are brazenly exploiting vulnerabilities to home networks ranging from monitoring home cameras to confidential files containing social security and financial information. Cyber-extortion is also on the rise for families appearing to be successful and capable of paying ransoms with Bitcoins. Family CyberEdge coverage is becoming more popular as an optional coverage added to a homeowners policy to help keep up with the growing online exposure and dependency from Gen Z.

Liability has changed. Most parents understand that teenage underage drinking is illegal and can lead to criminal consequences for their teens. Many parents are not aware that most states are now imposing legal consequences on adults who serve alcohol to teenagers, or who allow teenagers to drink while in their homes whether they are home or not. Parents don't have to serve, or hand a teenager a drink to be held liable. The mere fact that a teenager was drinking with an adult present may cause the adult to be liable. Presence ordinances are also being strictly enforced. If underage drinking is happening at a social event then ALL persons present are assumed to have been drinking. This can lead to heavy liability exposures for the homeowner under social host liability laws. Personal umbrella policies are designed to provide defense, but many families don't realize their limits may not be adequate if their teen decides to host an impromptu party in their home. Your private client advisor will help you navigate ways to responsibly host and insure social gatherings with special event policies that limit your liability as a homeowner when hosting parties.

Generation Z is savvy, and you need savvy coverage to protect your family, and the assets and lifestyle you worked hard to acquire. There are many challenges and issues outside of travel, cyber, and liability that you, as a parent, must navigate. Do you feel confident you have a handle on the numerous areas where you could be liable?

Our Brown & Brown Private Client Advisors offer complimentary coverage reviews. Contact us to schedule yours. You earned it, we protect it.

Author: Suzette Mann