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| Source: | PR Newswire |
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CHICAGO and NEW YORK, Sept. 14/PRNewswire/ — Family Office Exchange and national insurance brokerage firm Frank Crystal & Company today announced the release of a nationwide study of insurance practices among wealthy families and family offices. Much has been written in the past few years about managing the risks to a family’s investment assets, but little has been said about the substantial risks to a family’s assets from lawsuits, natural disasters, identity theft, and other insurable exposures.
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“Our family office clients often ask us how other family offices approach insurance,” says Jonathan Crystal, executive vice president of Frank Crystal & Company. “This study provides our clients and other family offices with benchmarks from which to compare their practices with those of their peers and with tools to assist them in adopting the best practices that are most relevant to their unique circumstances.”
The six-month study entitled “Insurance Matters: A Case for Strategic Insurance Planning” – the first of its kind – surveyed more than 100 participating family offices to assess their attitudes and behaviors toward insurance, as well as the ramifications for sustaining wealth across multiple generations.
“Families and family offices take a wide range of approaches to insurance. Those that are strategic, however, achieve significant benefits – enhancing their coverage, reducing the potential for loss and lowering their costs,” says Bill Fride, research analyst for Family Office Exchange and lead author for the study.
Four best practices for managing non-financial risk among families and family offices that approach insurance strategically:
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“Every family office is charged with the dual responsibilities of preserving and enhancing family wealth,” says Paul Funk, executive managing director of Frank Crystal. “While investment and financial planning has long been a central focus for almost every office as a key means of wealth enhancement, we are hopeful that more offices and families will recognize the full value of insurance as an essential tool for wealth preservation.”
To request a copy of the study please visit www.foxexchange.com/insurance/ or http://www.frankcrystal.com/InsuranceMatters/.
About Family Office Exchange
Family Office Exchange is a definitive source of knowledge and best practices associated with the business of managing family wealth. Founded in 1989, FOX provides industry knowledge and wealth owner education to more than 500 members in 22 countries from offices in Chicago and London. For more information, visit www.familyoffice.com.
About Frank Crystal & Company
Founded in 1933, Frank Crystal & Company is one of the largest privately held insurance brokerage firms in the United States. Headquartered in New York City, the company has more than 400 employees and regional offices in Miami, Houston, Palm Beach, Philadelphia, Portland, San Francisco, Southampton, and Washington, DC. As the alternative in insurance brokerage, Frank Crystal provides industry-leading insurance services, solutions, and counsel to corporations as well as individuals. The company provides a highly consultative approach, leveraging its insurance advisory, claims management, risk control engineering, and administrative expertise to the benefit of its clients. For more information, please visit: www.frankcrystal.com.
SOURCE Family Office Exchange
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