Quora Answer: What Insurance is Good for a Wealthy Person?

The following is my answer to a Quora question: “What insurance is good for a wealthy person?” 

Insurance is a means to mitigate loss by engaging a third party to guarantee an amount to compensate in the event of specified loss.  Logically, it then follows that the more assets someone has, the more expensive those assets, the greater the need for compensation in the event of loss.  The wealthier someone is, it logically follows that the more insurance they need. 

They need to be compensated in the event that they are unable to earn an income due to death, disability or illness, of in the event that they are precluded from partaking in their profession.  If they own a business or any revenue-generating entity, they require compensation in the event of loss due to force majeure, litigation, accident, fraud, and dozens of other things.  For a wealthy person, all insurance is good for them, and the more they can get, the better.