Public Company Information:
NYSE: ACE
PHILADELPHIA--(BUSINESS WIRE)--Tangible assets, such as fine art, wine, jewelry, antiques, sports
memorabilia, classic cars and other valuables, have finally been
recognized as an asset class in their own right. Yet high net worth
individuals have too often neglected to manage and protect their
treasures as carefully as they manage their financial investments or
businesses. Now, individuals and families with substantial tangible
assets have access to innovative technology and service solutions that
make it significantly easier to track, value, protect and enjoy their
assets.
The” blind spot” in managing assets – as well as the solutions coming
into focus - are addressed in a new white paper released today by ACE
Private Risk Services, the high net worth personal lines business of
the ACE Group, and Trōv,
a technology leader in helping people collect and benefit from the
information about everything they own. The white paper, Breakthroughs
in Managing Tangible Assets: Completing the Picture of Wealth,
explores the issues surrounding tangible asset management and
presents seven steps for addressing them. These issues include:
determining value and authenticity, keeping proper documentation,
maintaining adequate insurance, and optimizing estate and tax planning.
“Tracking the value of everything you own on a regular basis has long
been too cumbersome for most people, but without that information to
share with your advisors, you’re likely to make important decisions
incorrectly,” said Gary Raphael, Senior Vice President, Risk Consulting,
at ACE Private Risk Services. “For instance, in a survey ACE conducted
among wealthy collectors, nearly 40 percent did not have all of their
precious items insured against property loss with a valuables policy.
Many also fail to employ proper loss prevention techniques to protect
their collections. One family mentioned in our white paper had a $70
million painting hanging by a single nail. Fortunately, new technology
is making the tracking process more manageable and allowing ACE to
develop innovative services that will help clients and their advisors
craft tailored protection at a reduced cost.”
“Secure, cloud-based technology and new mobile applications are making
it vastly easier to collect, update, and share information about your
tangible assets on a daily basis,” said Scott Walchek, Founder and CEO
of Trōv. “Armed with this information, insurance advisors and carriers
can better recommend the types and amounts of coverage required, as well
as provide timely advice about preventing damage and theft. If a loss
does occur, the claims process goes much more smoothly because all the
documentation, including updated values, is readily available.
Similarly, family offices, tax advisors, and estate planners can
anticipate issues that arise with buying, selling, lending, and gifting
valuable items, and recommend appropriate strategies – just as they do
with financial assets. It’s a chance, finally, to complete the picture
of total wealth management.”
The white paper and its findings also draw on the insights of industry
experts, including representatives from Berus Law Group, Bonhams, The
Conservation Center, The Family Wealth Alliance, Handler Thayer LLP,
Pall Mall Advisors, Ronald Varney Fine Art Advisors and Rothstein Kass.
The need for high net worth families and their advisors to better manage
and protect their tangible assets is underscored by new data included in
the white paper. ACE Private Risk Services and Trōv have been
collaborating on a program in which specialists have examined the
contents of more than 3,000 homes of high net worth families. Among the
findings: nearly 50 percent of the homes evaluated did not have enough
insurance to cover their contents, and the average amount of
underinsurance exceeded $415,000 per home. Through this program,
homeowners and their insurance agents can for the first time make
decisions about the amount of insurance required based on customized
replacement cost estimates of personal property at policy inception.
About Trov Inc.
Trōv creates applications that help people collect and benefit from the
information about everything they own. The data is stored in a personal
Trōv - a private online digital locker where their information is
organized, valued, securely accessible, and selectively sharable.
Members receive unique benefits from Trōv partners, including the
world’s leading insurers, wealth managers, luxury retailers, financial
services, auction houses, appraisers, and more. Trōv is privately
funded, and headquartered in the San Francisco Bay Area with offices
throughout the U.S. For more information, visit www.Trov.com
or follow us on Twitter @myTrōv, or call Jennifer Deitsch, Director of
Corporate Communications, at (925) 498-7811.
About ACE Private Risk Services
ACE Private Risk Services is the ACE Group’s high-net-worth personal
insurance business, which provides specialty coverage for homeowners,
automobile, recreational marine, umbrella liability and collections
insurance for individuals and families with emerging and established
wealth. Policies issued by Bankers Standard Insurance Co. and ACE
Insurance Co. of the Midwest. Additional information can be found at: www.aceprs.com.
The ACE Group is one of the world’s largest multiline property and
casualty insurers. With operations in 53 countries, ACE provides
commercial and personal property and casualty insurance, personal
accident supplemental health insurance, reinsurance, and life insurance
to a diverse group of clients. ACE Limited, the parent company of the
ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a
component of the S&P 500 index. Additional information can be found at: www.acegroup.com.
"Secure, cloud-based technology and new mobile applications are making it vastly easier to collect, update, and share information about your tangible assets on a daily basis"
Contact:
ACE North America Communications
Carla Ferrara, 215-640-4744
carla.ferrara@acegroup.com