Many specialists, for example, will do complimentary background checks on household help where there is a potential for employment practice liability. It's not unusual for household workers to sue their employers, so anyone employing nannies, maids, chauffeurs or other types of domestic help has this type of exposure.

There may be situations where a client erroneously believes his liability issue is covered or does not exist. McVicker notes that a number of scenarios can be "overlooked by even the most sophisticated advisor."

For example, he says, "Your client moves from a state where worker's compensation coverage for his domestic help is a required part of the home owner's policy to a state where it is not. Unknowingly, he does not secure a separate worker's compensation policy and is consequently exposed to a potential liability payout."

In yet another example, he says, "Your client's wife operates an interior design company where her employees come on the household premises to work. Clearly excluded by every home owner's policy in the land (umbrella also) are business pursuits.

Your client is exposed big time." Examples like these are common in the lives of the affluent and must be factored into the protection side of wealth management. Does this mean that a wealth management firm has to know all the possible scenarios to which its clients will be exposed? Of course not, but the firm should seek advice from a specialist on the types of questions to ask to uncover potential problems.

A few more hidden liability issues merit mention. Many high-net-worth individuals have exposures as a result of serving on various boards. "One of the first questions I ask my wealthy clients is what boards they serve on," says Gary Rathbun of Private Wealth Consultants. Directors & Officers (D&O) insurance is relatively new, but is gaining popularity in protection planning.

Another area of liability is when someone serves as a family trustee, which is why Fireman's Fund launched an insurance policy several years ago to cover family members who serve in such a role.

Advisors need to be aware that the list of scenarios where liability is lurking will continue to grow and will require vigilant oversight.

The Property Component
The proper insuring of hard assets such as homes, yachts, jewelry and collections is the second area of critical importance. While the topic is broad in scope, a few general rules apply. As mentioned earlier, your client will likely need a specialized insurer to sufficiently cover such assets. The reality, however, is that many affluent individuals don't have enough property insurance, as it is estimated that as many as one-half to three quarters of the affluent are insured by mass-market carriers. As with the liability side, there are several scenarios where clients believe they are covered when in fact they are either grossly underinsured or not covered at all. One example is flood insurance. The National Flood Insurance Program provides flood insurance but with a $250,000 limit on home damage and $100,000 on contents. An affluent client seeking to insure a desirable coastal home would likely need an excess policy offered by a specialty insurer to be adequately covered.

Conclusion
The inclusion of property and casualty insurance in wealth management services will become more mainstream in the coming years. How can you speed up the process in your own practice? Visit the Web sites of specialty insurers for the lists of representatives in your area. Interview them to learn their particular knowledge and specialties. If you select an agent you want to use as a consultant, find out what documents he will want clients to bring to a meeting. Find out who at the agent's firm will greet the client and what the process will be like. You may elect to have the initial meeting at your office to break the ice.  You may wish to explain to your clients the advantage of using one insurer for price saving. You might also set the stage for the insuring of assets and liabilities not yet acquired by building in a review process at the outset. Finally, you can educate your client on the importance of evaluating as well as covering property and casualty risks.