Personal Exposure and Risk Management Insurance

Exposure Identification – Personal

The first step in the risk Management process is to inventory both your assets as well as those activities that create risk. It is very difficult to create an exhaustive but general list of every item or activity that creates an exposure to loss however the following list may trigger your thought process.

Your Homes and Land

  1. Do you own a home, co-op or condominium?
  2. Do you own vacant land?
  3. Is any of the land or homes located outside of the U.S.?
  4. When was the last time a Replacement Cost estimate was developed?
  5. Have you added or improved any parts of your home such as a kitchen, bath or entertainment room since the last appraisal was performed?
  6. When was the roof on your home last replaced?
  7. When was the electrical system last upgraded?
  8. When was the plumbing last upgraded?
  9. When was the heating system last upgraded?
  10. Have you added, improved, or removed any protection such as burglar or fire alarms?
  11. How far are you from the nearest Firs Station and Fire Hydrant?
  12. Are you prone to power outages?
  13. Is there someone regularly at home during the day?
  14. Are any of your homes, co-ops or condos in an area subject to flooding?
  15. What form of heating fuel do you use and is there any form of liquid underground storage on your property?
  16. Do you have a swimming pool and is it properly fenced in to abide by local laws?
  17. Do you have a trampoline?
  18. Do you have pets?

Your Personal Property

  1. What is the value of all non-antique furnishings at your home?
  2. Do you have antiques and fine arts?
  3. What is the value of those antiques and when were they last appraised?
  4. Do you have you any jewelry, furs, fine arts, musical instruments, coins, stamps, cameras, guns or other valuable collectibles?
  5. Are they greater than the limits afforded under your homeowner’s policy?
Your Autos
  1. Do you own or lease cars?
  2. What is the replacement cost value of your cars?
  3. Are any of your cars antiques?
  4. Do you own any motor homes?
  5. Do your cars have ABS brakes, alarms and air bags?
  6. Do you drive customers in your car?
  7. Do you car pool children?
  8. Do you have children that currently drive or are about to?
  9. Do you maintain adequate limits of liability?
Other Vehicles
  1. Do you own any off road vehicles such as ATV’s, snow mobiles, golf carts or other recreational vehicles?
  2. Do you own any boats and if so, how big and what horse power engine?
  3. Do you own any jet-skis?
  4. Do you own or lease aircraft?
  5. Do any household members drive a non-owned car furnished for their use, such as a company car?
Home Business
  1. Does any household member operate a business at home?
  2. What kind of business is it?
  3. Do customers or employees visit your office on a regular basis?
  4. What is the value of the business property maintained in your home?
  1. Do you employ any permanent live-in help such as housekeepers, child-care workers, groundskeepers, etc.?
  2. Do you employ any outside workers such as housekeepers, child-care workers, groundskeepers, etc.?
  3. Do you provide them with keys for access?
  4. Do you allow them to drive your vehicles?
Volunteer Work
  1. Are you actively involved in volunteer work?
  2. Are you a Director or Trustee of any not-for-profit organizations?
  3. Do the volunteer Boards provide Directors and Officers Insurance for the Board and what are the limits?