The Role of P&C Insurance in Exit Planning: Playing for the Defense. John E. Rogers Gurry & Rogers. Step 1: Owner’s Objectives Step 2: Business and Personal Financial Resources Step 3: Maximizing and Protecting Business Value Step 4: Transfers to Third Parties
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John E. Rogers
Gurry & Rogers
Step 1: Owner’s Objectives Defense
Step 2: Business and Personal Financial Resources
Step 3: Maximizing and Protecting Business Value
Step 4: Transfers to Third Parties
Step 5: Transfers to Insiders
Step 6: Business Continuity
Step 7: Personal Wealth and Estate PlanningWhere Does P&C Insurance Fit in the Exit Planning Process?
What about fears? Defense
First, we find out what they want to do.
Next, delve into their dangers.
What do they worry about?
What keeps them awake at night?Step One: Owner’s Objectives
Policy Declaration Pages
Certificates of Insurance
Policy Summary Pages
Recruit the Broker as Part of the “Team”Step Two: Business and Personal Financial Resources
Replacement Cost Insurance Limits & Deductibles for Contents
Earthquake & Flood Insurance Limits & Deductibles
Estimated Market Values for Mobile Equipment (e.g. Bulldozers)
Business Income/Business Interruption Insurance Limits
Employee Dishonesty Insurance Limits
General & Professional Liability Insurance for all activities & entities
Auto Insurance Liability Limits and Deductibles
Employment Practices Liability Limits & Management Procedures
Personal Auto, Home, Boat, (etc.) and Personal Umbrella
Worker’s Compensation: In State/Out of State/Out of Country
Business Life & Disability for Buy Sell/Key Person/Estate PlanningThe Business Owner’s Insurance Checklist
Match the “Worries and Concerns (step 1) to the insurance summaries.
Involve the broker as part of the team.
Review and discuss all of the items with both the business owner and the broker.Step Three: Maximizing and Protecting Business Value
Correct Transfer of all Entities Buildings
Watch for Real Estate
Tail Professional and Product Liability Exposures
The Broker will Love You!Step Four: Ownership Transfers to Third Parties
Personal Insurance Reviews for Insiders Buildings
Personal Umbrellas for Insiders
Bring in the Broker
She will Love You!Step Five: Ownership Transfers to Insiders
Business Income Insurance Buildings
Protect Business Operational Overhead
Protect Business Net Income
Loss of PowerStep Six: Business Continuity
Important P&C Insurance Issues Buildings
Personal Liability Limits (Personal Umbrella)
Real Estate and Personal Property
Children of the InsuredStep Seven: Personal Wealth and Estate Planning
Employment Practices Liability Buildings
Kidnap and RansomEmerging Markets: “I Mean Risks”
John E. Rogers
Gurry & Rogers