So I was at a party at MOMA the other week, and I was interested to hear how the obesity issue is starting to affect business.

The client of the person I met was seeking investment for a great business idea – but was “beyond obese”.

That made the investment more than a little risky as its brain-father could have heart problems kicking in any minute  – this was clear for all to see.

Therefore he had to take out a significant insurance policy to protect his investors – just interesting to see how “supersize” is spreading into all areas…

We loved this as we use the chocolate teapot analogy for non-specialist insurance policies!  Is your policy a chocolate teapot?  Pointless, inadequate, can’t take the heat?  But according to The Telegraph, they CAN be of some use for about 2 minutes:

A chocolate teapot is not as useless as the old saying suggests as scientists have shown it is possible to use one to brew tea – provided you do not stir it.

Scientists found that by using dark chocolate built up in layers they could create a teapot that was able to withstand boiling water to let the tea brew for two minutes before pouring.

Tasting the final brew, the team concluded it was a lovely cup of tea with a slight hint of chocolate (PA)

Master chocolatier John Costello and his team from the Nestle Product Technology Centre (PTC), in York, were given the challenge of turning the familiar idiom on its head.

Their challenge, witnessed by the BBC’s The One Show, was to develop a teapot that could withstand boiling water enough to let the tea brew for two minutes before pouring.

Mr Costello enlisted some of the PTC’s top scientists and engineers to help in its development and solved the problem after a range of experiments.

He said they found that the secret was to use dark chocolate with 65% chocolate solids, due to its fat content, and build up a series of layers using a silicon mould.

The whole process took around two-and-a-half hours.

What we found is that when we first started to look at it, we’d probably end up with with chocolate tea.” Mr Costello said.

Interestingly, if you pour the water in a certain way and you don’t stir inside, and you just let it settle, and let it brew like you would normally brew a cup of tea, and just let it stand for a little while – when you pour it, what happens is that the chocolate on the inside of the shell melts but doesn’t move anywhere.

It stays where it is. So you get a very, very small amount of residue coming up to the top.

Tasting the final brew, the team concluded it was a lovely cup of tea with a slight hint of chocolate.

The PTC in York is Nestle’s global centre for confectionery research and development and has 185 staff.

A spokesman said its scientists, engineers, nutritionists and confectioners represent 31 different nationalities.

Children’s online activities not only have implications for cyber security but can also create liability exposures.

Cyber risk has made headlines recently, and I want to draw attention to some of the private risks we face at home – in particular how children of affluent families can be at risk.

 

Personal litigation for children bullying other children is on an upswing” – Property & Casualty 360, June 2016

In the US, issues like cyber-bullying are increasingly moving to litigation – particularly where a link can be drawn to subsequent self-harm. And families with apparently deep pockets are more likely to be a target. Online activities are almost impossible to police; the best risk management lies in conversation – read on for our 10 suggested topics.

Ten Talking Points For Managing Cyber Risks

Cyberbullying can be as seemingly naive as 10-year-old Jimmy group-texting his pals that 10-year-old Maya is “ugly and stupid.” But if Jimmy continues to make such hurtful comments, and Maya physically harms herself because of them, his parents may be liable for defamation, not to mention Maya’s emotional distress, sleeplessness, anxiety and worse.

Though there are several apps for monitoring children’s social media activity, it’s almost impossible to police. But you can TALK through the risks and explain that more affluent families may be at higher risk of being sued if they’re perceived to have deep pockets. If you’re short of ideas, Google the names of the apps your kids use plus the word “dangers”…

  1. Permanence: what they post now could surface later in life when they least expect it – your online presence leaves a trail.
  2. The law: one 15-year-old boy in the US exchanged Snaps with a 14-year-old girl, some of which were topless. The boy saved them – and because the girl was 14, in the eyes of state law it was considered child pornography possession. Had the girl’s parents pressed charges, he might have ended up on the sex offender register…
  3. Privacy: the Snapchat app requires access to your contacts – are they sharing personal info on family and friends?
  4. Security: are they posting images of your home and possessions online? What could a hacker find out about your assets?
  5. Cyber-bullying could end up in court: especially if you’re perceived to have deep pockets. It’s not just saying mean things, but also sharing information and pictures against someone’s will
  6. Libel/defamation: defamatory comments about teachers could also end up in court.
  7. Grooming: online recruiting is the third most productive method for luring young women and girls into prostitution.
  8. Friend risk: even if your children are highly responsible, they may find themselves with others who are not. Know when to disengage.
  9. Filters on: online connections are real people – don’t say anything you wouldn’t say to their face.
  10. Location: are you giving away too much about where you are or where you’re planning to be? Affluent families are more exposed to ransom requests…

And discuss practical ways to stay safe, including:

Let your children teach you about the apps they like to use and why. Help them make smart decisions to keep themselves and their reputations and families safe.

We work with a number of specialist advisers in the cyber risks arena – do let us know if you need any assistance. To talk through the Liability and Legal Expenses cover in your home insurance, just or call me – Charlene Gill on 646 665 7737, or email [email protected]

La Playa Private Client: Insurance with Intelligence

People like you like us. Passionate. Discerning. Independent.

A circus training school has been accused of a total of 127 different sexual and physical abuse offenses against children. The New York Metropolitan Opera’s longtime conductor stepped down after having been accused of sexually abusing teens decades ago while he was the director of a Michigan school of music’s summer program.

Arts organizations around the world offer programming for young people that provide benefits to both the participants and the providers. For the children, engagement in performing arts and fine art programs promotes creativity and cultivates self-expression. It can inspire and nurture burgeoning talent and provide a new way of viewing the world, while the organization can benefit from the infusion of enthusiasm and energy – as well as the financial boost. But with all of the rewards provided by intergenerational engagement, there are also risks. Young people can be vulnerable to the same types of injuries that adults are, but the program offering them access has a higher degree of responsibility for their welfare. Equally concerning is the risk of abuse, molestation and sexual harassment. As a result, organizations need to be proactive in the assessment of their risk, and in managing it. This means having both a risk management program in place and ensuring that your insurance policy is comprehensive.

Having a risk management program in place is an explicit recognition that young people are not considered capable of reasoning like an adult, and that the elements of risk that they bring are recognized by your organization. These risks can be from peer-on-peer interactions, student/employee interactions, premises exposure and more. In the face of litigation, having policies in place is a demonstration that you care and worked to prevent harm from taking place. Your risk management program not only protects your reputation, but also works to prevent the types of losses that can result in rate increases or non-renewal of insurance policies, and should include:

Beyond policies, it is also essential that your insurance policy specifically addresses the unique liabilities involving children. Coverage to be considered includes:

La Playa insurance specializes in providing comprehensive insurance coverage for the arts. Our understanding of the needs of this sector means you can have full confidence that you will be protected against the unique risks presented in your environment.

That’s why it is so important that you make sure that you do everything you can to protect them, and that includes making sure that you have the right insurance policy.

 

Schedule Appraisals of Your Items Regularly

Nobody likes to think about loss, and that’s why people often procrastinate about insurance. This is a mistake, and so is failing to pursue intermittent updates on insurance once it’s in place. As insurers of items of remarkable value, we frequently hear about art insurance claims where  the loss was exacerbated by coverage that fell short of the owner’s expectations. More often than not, this has been the result of failing to pursue current appraisals that are an accurate reflection of value.

Every insurance policy is based on the Agreed Value of the insured item. Art and collectible insurance policies contain detailed inventories that list and describe each item and the latest professional valuation. It is recommended that these appraisals be performed every three to five years in order to make sure that your coverage is in keeping with changes in market value. After all, why pay to insure art or antique furniture that may have dropped in value? You can have these valuations done by an auction house, or hire a professional appraisal firm.  It’s a mistake to assume that your policy will automatically reflect value inflation: those that do often cap the amount to which a valuation can be assumed to have increased, and this can fall short of what the lost piece may have been worth.

How to Address Multiple Items That Require Insurance

The idea of obtaining multiple appraisals to cover large collections may seem tedious, but is usually worth the time and expense. Insurance policies that cover antiques and art generally have an established umbrella limit under a “total unspecified value,” and that can provide adequate coverage for smaller items. These policies usually limit that unspecified value at between $15,000 and $20,000 apiece, and do not cover items that are above that value: policies sold to cover a dedicated collection will be have a higher per item value limit of approximately $35,000 to $40,000 for each piece. Any individual item that is considered to be worth more than the policy’s unspecified value limit requires a listing on a separate schedule, citing its appraisal value as provided by the firm providing your valuation.

If you’d like to review your current coverage, contact La Playa today to set up an appointment for a personal consultation.

Children’s online activities not only have implications for cyber security but can also create liability exposures.

Cyber risk has made headlines recently, and I want to draw attention to some of the private risks we face at home – in particular how children of affluent families can be at risk.

“Personal litigation for children bullying other children is on an upswing” – Property & Casualty 360, June 2016

In the US, issues like cyber-bullying are increasingly moving to litigation – particularly where a link can be drawn to subsequent self-harm. And families with apparently deep pockets are more likely to be a target. Online activities are almost impossible to police; the best risk management lies in conversation – read on for our 10 suggested topics.

Ten Talking Points For Managing Cyber Risks

Cyberbullying can be as seemingly naive as 10-year-old Jimmy group-texting his pals that 10-year-old Maya is “ugly and stupid.” But if Jimmy continues to make such hurtful comments, and Maya physically harms herself because of them, his parents may be liable for defamation, not to mention Maya’s emotional distress, sleeplessness, anxiety and worse.

Though there are several apps for monitoring children’s social media activity, it’s almost impossible to police. But you can TALK through the risks and explain that more affluent families may be at higher risk of being sued if they’re perceived to have deep pockets. If you’re short of ideas, Google the names of the apps your kids use plus the word “dangers”…

  1. Permanence: what they post now could surface later in life when they least expect it – your online presence leaves a trail.
  2. The law: one 15-year-old boy in the US exchanged Snaps with a 14-year-old girl, some of which were topless. The boy saved them – and because the girl was 14, in the eyes of state law it was considered child pornography possession. Had the girl’s parents pressed charges, he might have ended up on the sex offender register…
  3. Privacy: the Snapchat app requires access to your contacts – are they sharing personal info on family and friends?
  4. Security: are they posting images of your home and possessions online? What could a hacker find out about your assets?
  5. Cyber-bullying could end up in court: especially if you’re perceived to have deep pockets. It’s not just saying mean things, but also sharing information and pictures against someone’s will
  6. Libel/defamation: defamatory comments about teachers could also end up in court.
  7. Grooming: online recruiting is the third most productive method for luring young women and girls into prostitution.
  8. Friend risk: even if your children are highly responsible, they may find themselves with others who are not. Know when to disengage.
  9. Filters on: online connections are real people – don’t say anything you wouldn’t say to their face.
  10. Location: are you giving away too much about where you are or where you’re planning to be? Affluent families are more exposed to ransom requests…

And discuss practical ways to stay safe, including:

Let your children teach you about the apps they like to use and why. Help them make smart decisions to keep themselves and their reputations and families safe.

We work with a number of specialist advisers in the cyber risks arena – do let us know if you need any assistance. To talk through the Liability and Legal Expenses cover in your home insurance, just or call 646 665 7737 or email [email protected]

La Playa Private Client: Insurance with Intelligence

People like you like us. Passionate. Discerning. Independent.

Philadelphia resident’s home was broken into by robbers specifically asking for jewelry. A critically-acclaimed actress’ Oscar dress, purportedly sewn with thousands of dollars worth of pearls, is stolen from her hotel room. Millions of dollars’ worth of rare Indian jewels are stolen from an exhibition at the Palazzo Ducale in Venice. What do the three thefts have in common?

All three had received an enormous amount of attention on social media before the thefts occurred.

People always enjoyed showing off their gems and jewelry, but the advent of the social media-driven lifestyle has meant that people are going far beyond enjoying the privilege of owning remarkable assets. They are broadcasting their ownership, as well as where they are wearing them, who they are with, when they are away from home, and more information that is providing potential thieves with all the incentive and information they need to engage in luxury item crime.

Perhaps the best known example of this dynamic befell reality start Kim Kardashian, who was heldpup in Paris in 2016 after having posted numerous photos of herself wearing extraordinarily expensive jewelry on Instagram, including her 20-carat diamond engagement ring. When the celebrity was alone in her private hotel room, gunmen terrorized her and took the ring, two Cartier diamond bracelets, diamond earrings, a gold and diamond necklace, and a gold Rolex watch. All told the theft represented $10 million in jewels, and in the aftermath it became clear that the theft was relatively easy to perpetrate. She had posted photos of herself wearing the jewelry constantly during her trip, as well as updates on where she was and where she was going to be. She had even commented on the identity of her personal bodyguard, thus making it clear who he was and allowing the thieves the ability to confirm that he was elsewhere and that she was unprotected.

According to Christopher Hagon, a former Scotland Yard officer who now runs a security consulting firm, “Kardashian was letting the world know what she owns and where was going at virtually every moment. I mean, how much do you hear about Jeff Bezos traveling around? How often do you see pictures of him standing in front of his own jet?”  The temptation to report on every new acquisition has been fed by social media and is being blamed for more and more theft involving high value assets. Similarly, many burglary victims are learning after the fact that posting photos of their fabulous vacations gave burglars the all clear sign for breaking into their empty homes.

According to security company ADT, 78% of burglars are now using social media as a resource before pursuing their crimes. Make sure that you are judicious in your use of today’s technology. To make sure that you have the insurance coverage you need in case your valuables are targeted, contact us today to make sure your assets are protected.

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