When phrases like “umbrella insurance,” “gap coverage” and “additional liability insurance” get thrown about by legal professionals, it’s easy to feel buried beneath the flood of jargon. But guess what?! I’m here to throw you a life preserver, and pull you out of the waters of legalese.

And speaking of life preservers, there’s a big one out there, and it’s being offered to medical and other professionals by XINSURANCE. It’s called Asset Protection.

Jacob Stein, a University of Southern California attorney who specializes in teaching asset protection, writes about the necessity for orthodontists, doctors, attorneys, real estate agents and other professionals, calls asset protection “a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments. The goal of all asset protection planning is to insulate assets from claims of creditors without concealment or tax evasion.”

So, in normal people language, asset protection is like a veil around your assets. Or, even easier to understand, it’s like a moat. With a fence around that moat. And a Doberman Pinscher. A Doberman with a black belt. Click here to read more »

If you’re like most people, you own a decent amount of stuff; stuff that holds sentimental value, monetary value, or both. Losing it all, in a fire or flood for example, is what common nightmares are made of. But what if it wasn’t a natural disaster at all, but rather a team of movers that came to steal everything you owned away? Believe it or not, it’s a common scene across this great litigious land that we call America. It’s so common in fact, that we’ve now developed ways to protect ourselves against man-made disasters the same way we do against the natural sort. It’s called Asset Protection Insurance.

So what is it precisely?

Asset Protection Insurance was created to protect professionals, their spouses, and beneficiaries (when applicable) vulnerable to catastrophic lawsuits. This coverage helps protect the professional’s property interest by insuring 90% of the loss in fair market value of the property caused by a legal judgment.

Here’s an important thing to note: Asset Protection Insurance is NOT malpractice or professional errors & omissions insurance. Malpractice policies generally cover only the first $1,000,000 of a catastrophic claim. Asset Protection Insurance is designed to protect personal assets when a rendered legal judgment exceeds existing insurance limits – an outcome that is becoming increasingly common. When a judgment causes personal assets to be lost (home, property, cash, securities, etc.), the Asset Protection Insurance policy will replace up to 90%* of the loss in value of the assets to the named beneficiaries.

So next time you wake up in a cold sweat over a fictional fire or flooding, you might want to think about asking your insurance agent if they would also recommend Asset Insurance Protection for your situation. Click here to view more information.