NEW YORK--(BUSINESS WIRE)--National insurance brokerage firm, Frank Crystal & Company, today announced the launch of its online excess liability quiz, www.whatsmyliability.com. The first of its kind, this tool allows individuals and their financial advisors to assess their risk exposures and make an informed decision regarding their excess liability coverage.
“Financial advisors and wealth managers are constantly coming to us with questions regarding liability,” says Jonathan Crystal, executive vice president of Frank Crystal & Company. “This tool is an innovative approach to a common problem.”
Affluent individuals often don’t know how much liability insurance they need, and up until now there has been no way to quantify it. Too often decisions are determined based upon one’s net worth, however net worth is only one of the many factors that need to be taken into consideration.
The risk factor quiz guides users through a series of 15 questions all designed to determine each user’s individual risk. After answering all of the questions users are instantly presented with their suggested number, up to $100 million. The answer depends upon each family’s unique profile, financial position, lifestyle and the risk of exposure associated with their family.
“Liability insurance is a probability game, there is no right answer but this tool creates the framework needed to formulate an appropriate amount of coverage," says Paul Funk, executive managing director of Frank Crystal & Company.