Lloyd’s Of London, Where Income Is King With Robert Clark

EPISODE SUMMARY

In this episode of Your Business, Your Wealth, Paul and Cory welcome Robert Clark to the show. Robert is the regional Vice President at Petersen International, the largest cover writer of surplus lines of Lloyd’s of London. Paul, Cory and Robert discuss the history of Lloyd’s of London, the world’s leading specialist insurance market. They talk about some of the largest risks and policies Lloyd’s has ever insured. Finally, they delve deep into the importance of disability insurance to high-income earners and entrepreneurs.  

WHAT WAS COVERED

01:34 – Today’s topic: Insurance and Surplus Lines

02:24 – Introducing today’s guest, Robert Clark

03:06 – Robert provides some history on Lloyd’s of London

05:45 – The craziest thing Lloyd’s of London has ever insured

09:08 – The largest premium Robert has ever seen a client pay for insurance

10:23 – Why a high-income earner or entrepreneur should be protecting their income against sickness or injury

12:38 – The difference between how doctors and entrepreneurs view disability insurance

18:05 – What clients should look for in a disability insurance policy

22:24 – Paul interrupts the podcast to provide the audience with a special offer

23:45 – The most common mistake insurance advisors make when it comes to income protection

27:44 – What the ideal candidate looks like for Petersen’s and Lloyd’s

29:03 – Instances where substandard clients come into play 

30:53 – Types of insurance companies can get for their executives without underwriting

34:08 – Paul leaves the audience with some actionable advice

35:35 – Paul announces a special giveaway to those who leave a podcast review

TWEETABLES

Every time we get one of these requests for body part only coverage, we always tell the client and the agent, ‘It is the same exact price to insure their entire body.’

At the end of the day, disability insurance is – I hate to think of it like a gamble – it’s more of a ‘Do you want to guarantee that your personal balance sheet will hit the goals that you’ve outlined to achieve over a certain amount of time.

I’m a big believer in ‘Buy what you sell. Sell what you own.’

So, basically, a disability insurance underwriter if they insure one person, that’s pretty high risk. If they can now spread that risk out to ten or twenty people, they feel a lot better about accepting the right amount of premium for an expected amount of loss.

When we own appropriately secured, properly thought out insurance coverage, we’re not speculating.

To listen to the full episode, and read show notes, which includes a FREE PDF of the transcription, visit: https://sfgwa.com/ep154.

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