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NOT SO SMART HOME, continued .................................................................................................................................... PITFALLS OF TRANSFERRING HOME
OWNERSHIP, continued
have had difficulty keeping a
computer or tablet connected will enable us to properly assess each risk
to their home WiFi network, it and help structure coverage that reflects the
is easy to imagine the greater specific exposure:
challenges of connecting
disparate and critical home Who will occupy the property?
appliances with one another. How will the property be used?
After all, few homeowners can In addition to the entity owner, what other
be expected to understand how
to navigate the IoT’s several parties have an insurable interest?
competing connection standards Does the entity own other real property?
that must work together to avoid a communications conflict. Who are the parties to the trust, LLC, LLP,
So, what is the result of smart devices that cannot communicate with each or other entity?
other? Consider a smoke detector that cannot shut off your oven, a car that
is unable to open your garage door, or a hot tub thermostat that cannot send Protect ALL Parties
a signal to the hot water heater. Think dumb home, not smart home.
Protecting the insurable interests of all
Proceed with Caution parties connected to an entity-owned
personal residence requires careful planning
Interviewed by CNET, Lee Ratliff, an analyst with IHS Technology, explains and execution. This often involves protecting
that early adopters will likely have to deal with the “wild west period of smart- the interests of people and entities. For
home connectivity.” This could involve the need to install multiple network example, we consider:
routers to bridge the different communications standards and replace some
smart home devices that do not work together. The trust (including those individuals
acting as a beneficiary, trustee, or grantor)
While industry insiders can foresee technologies will evolve to meet the
current communications challenges, the future remains unclear. For those The LLC (and individuals acting as
who remember the prolonged battle between Betamax and VHS, having members)
competing technologies agree upon a common format will likely take a while.
Or, the family limited partnership (and
Until a communications protocol is established that enables all smart individuals who are managing partners and
devices to connect with one another, we recommend doing a lot of limited partners)
research before committing to a smart home, and we recommend starting
with the article by CNET. All of this in addition to the individuals who
occupy and/or have personal possessions
located at the residence.
Please contact our office immediately if we
are placing coverage for a residence owned
by an entity.
Private Client Founded in 1984, Lyons Companies is a private and independently-owned
Practice Group insurance brokerage firm. We manage the total cost of risk for clients with
employee benefits, property and casualty, human capital management and HR
Founded in 2014, the Assurex Global Private Client Practice Group consists of & employer compliance consulting services. Lyons is recognized nationally for
over 30 Partner firms that collectively leverage their resources and industry alternative risk financing expertise (group captives).
influence to better meet the personal protection needs of high net worth The tagline found on our logo, “Accessible Expertise.” summarizes the Lyons
clients. Through this Group, Assurex Global Partners are able to provide philosophy of accountability, industry experience and resources. We partner
their private clients with access to proprietary insurance solutions, specialty with clients to learn about their organizations and employees, their goals and
programs, and the collective thought leadership that can only be achieved in a challenges, in order to provide strategies and solutions that work for them.
culture of collaboration among best in class personal risk advisors.
Lyonsinsurance.com
a3ssurexglobal.com
OWNERSHIP, continued
have had difficulty keeping a
computer or tablet connected will enable us to properly assess each risk
to their home WiFi network, it and help structure coverage that reflects the
is easy to imagine the greater specific exposure:
challenges of connecting
disparate and critical home Who will occupy the property?
appliances with one another. How will the property be used?
After all, few homeowners can In addition to the entity owner, what other
be expected to understand how
to navigate the IoT’s several parties have an insurable interest?
competing connection standards Does the entity own other real property?
that must work together to avoid a communications conflict. Who are the parties to the trust, LLC, LLP,
So, what is the result of smart devices that cannot communicate with each or other entity?
other? Consider a smoke detector that cannot shut off your oven, a car that
is unable to open your garage door, or a hot tub thermostat that cannot send Protect ALL Parties
a signal to the hot water heater. Think dumb home, not smart home.
Protecting the insurable interests of all
Proceed with Caution parties connected to an entity-owned
personal residence requires careful planning
Interviewed by CNET, Lee Ratliff, an analyst with IHS Technology, explains and execution. This often involves protecting
that early adopters will likely have to deal with the “wild west period of smart- the interests of people and entities. For
home connectivity.” This could involve the need to install multiple network example, we consider:
routers to bridge the different communications standards and replace some
smart home devices that do not work together. The trust (including those individuals
acting as a beneficiary, trustee, or grantor)
While industry insiders can foresee technologies will evolve to meet the
current communications challenges, the future remains unclear. For those The LLC (and individuals acting as
who remember the prolonged battle between Betamax and VHS, having members)
competing technologies agree upon a common format will likely take a while.
Or, the family limited partnership (and
Until a communications protocol is established that enables all smart individuals who are managing partners and
devices to connect with one another, we recommend doing a lot of limited partners)
research before committing to a smart home, and we recommend starting
with the article by CNET. All of this in addition to the individuals who
occupy and/or have personal possessions
located at the residence.
Please contact our office immediately if we
are placing coverage for a residence owned
by an entity.
Private Client Founded in 1984, Lyons Companies is a private and independently-owned
Practice Group insurance brokerage firm. We manage the total cost of risk for clients with
employee benefits, property and casualty, human capital management and HR
Founded in 2014, the Assurex Global Private Client Practice Group consists of & employer compliance consulting services. Lyons is recognized nationally for
over 30 Partner firms that collectively leverage their resources and industry alternative risk financing expertise (group captives).
influence to better meet the personal protection needs of high net worth The tagline found on our logo, “Accessible Expertise.” summarizes the Lyons
clients. Through this Group, Assurex Global Partners are able to provide philosophy of accountability, industry experience and resources. We partner
their private clients with access to proprietary insurance solutions, specialty with clients to learn about their organizations and employees, their goals and
programs, and the collective thought leadership that can only be achieved in a challenges, in order to provide strategies and solutions that work for them.
culture of collaboration among best in class personal risk advisors.
Lyonsinsurance.com
a3ssurexglobal.com
