Lifestyles of the Rich and Famous

Don’t we all want a taste of “champagne wishes and caviar dreams?” As a I child I watched Robin Leach cavorting aboard million dollar yachts, waltzing through celebrities’ mansions. And of course, I told myself that when I grew up, I too would have a 100′ yacht of my own, complete with all of the amenities any wealthy person would have. Caviar, however, never exactly appealed to me.

Funny how behind all of the glitz and glamour, when it comes down to it, rich people are not so different from us. Well, maybe a little, but they still need the basics in life like we do—food, shelter, and of course, insurance.

Rich people really need insurance. Think about it—they have much more at stake than your normal Joe Schmoe. They need to protect their assets—assets that have more value than I’ll probably ever earn in this lifetime. And the rich and famous are favorite targets for litigation. After all, you wouldn’t put all of your time, effort and own money into a lawsuit against a defendant who couldn’t pay out, would you?

No doubt there are several challenges an agent or broker faces when it comes to insuring the affluent. On page IV in our National Section, Andrea Ortega-Wells discovers the ins and outs of insuring wealthy clients in “They’re in the Money! Targeting and Insuring the Very Rich.”

We’ve also got an interview with Washington Insurance Commissioner Mike Kreidler on page 17. Kreidler talks about the medical malpractice crisis and its impact on Washington State. And for those of you considering adding employee benefits to your repertoire, David Comer, of Benefit Resources Group, discusses the growing need for long term care insurance in our Employee Benefits feature on page 38.

In other news, I’m pleased to announce that a new staff writer has joined Insurance Journal’s editorial team. Dawn Love, former IJ marketing coordinator, is our newest reporter and she will be based right here in San Diego. Love has a degree in communications from the University of California San Diego, where she graduated magna cum laude in 2001. During the past year, she has assisted the editorial team with several assignments, including writing a news articles on IT modernization efforts in the industry. Prior to IJ, she worked for a law office and in the math department at a local university.

By the way, we would love to hear your thoughts on the new format of Insurance Journal West. Do you like it? Hate it? Any suggestions on things that could be changed? Do you even read the Editor’s Note? Please let us know!