YMCA CEO Hit By a Car, Now In Critical Condition
YMCA CEO Hit By a Car,
A man credited with elevating and enriching the YMCA of Greater San Antonio as its CEO for 7 years, was severely injured in a bicycling accident last week, reported the San Diego Union-Tribune. Baron Herdelin-Doherty, 51, was hit by a swerving SUV as he was cycling along the side of the highway.
Mr. Herdelin-Doherty suffered severe injuries, including broken hips, ribs, and arms, and was in critical condition. In the same accident, a Sapphire Energy executive, Nick Venuto, 41, passed away at the scene, further stressing the need for comprehensive key person planning. The tragic and sudden accident has had a tremendous effect on both YMCA and Sapphire Energy.
All successful companies, no matter the size, have key personnel as the foundations driving success. What happens if those rainmakers become disabled?
WHAT IF? What if the company's trusted insurance advisor secured a $5 million Key Person Disability policy on Mr. Herdelin-Doherty? The YMCA would then have immediate financial resources to recruit and retain an interim CEO.
Stop and take a look at your TOP corporate clients. Are they protected?
For Mr. Herdelin-Doherty, the risk of disability was tragically real. While many advisors utilize life insurance to mitigate the risks associated with the loss of key executives, adding High Limit Key Person Disability insurance coverage is an appropriate solution to provide a benefit to the company that can be used to cover overhead expenses, add key staff, and recruit and retain an interim CEO if needed. Key Person coverage is designed to keep business moving forward and to stabilize finances in the event a top executive suffers a disability. Managing risk on all levels is a critical component to driving and protecting company value.
Exceptional Risk Advisors, a Managing General Underwriter for Lloyd's of London, can design, underwrite and bind Key Person Disability coverage with limits up to $125 million on any one insured.
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