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People: at the Epicenter of Risk.

Human Capital Risk

CEOs and Entrepreneurs

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The common denominator of all successful companies is their key personnel as the foundation of their driving success. All of that can disappear in an instant if the leader is disabled. Tragic stories are all too common in the news. The man credited with elevating and enriching the YMCA in San Antonio was severely injured in a bicycling accident. The CEO of Sara Lee suffered a serious and disabling stroke at the age of 56. A CEO of a tech company was diagnosed with a fatal cancer at a critical moment for his company’s IPO. Steve Jobs took an unexpected leave of absence prior to his untimely passing.

In these cases, and so many more, a key person disability policy would have given the company the financial resources to recruit and retain an interim or replacement CEO. Many of us remember the damage done to Donald Trump’s Atlantic City casino empire after three executives were killed when their helicopter crashed onto the Garden State Parkway. CEOs seem to migrate toward exciting and extreme sports. An avid rock climber, community leader, and executive director of the American Alpine Club plummeted 70 feet during a group climb. Fortunately he survived, but his injuries included broken bones, a collapsed lung and punctured diaphragm. He was forced to undergo numerous surgeries, keeping him out of the office for an extended period of time. Believe it or not, he could have been underwritten for accidental death and accident disability coverage.

Most recently the president and CEO of the family-owned Arriba Mexican Grill restaurant chain and three others were killed when their helicopter went down in Arizona. It was scheduled to be a quick trip from Sedona to Phoenix. The chain was thrown into turmoil. Frequently the coverage doesn’t have to be ongoing, but can just be written for the duration of the extreme adventure- whether it is scuba diving, piloting, mountain climbing, or just a brief helicopter trip. We can provide long term disability for executives or short term accident and disability protection for specific events or short time periods. This precaution can be just as important in preserving a company, its shareholders and its resources, as it is in protecting the executive and his or her personal wealth.

 

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