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It sounds crazy, admits St. Petersburg insurance executive Stacy Warren, but the uber-wealthy sometimes have super-poor insurance.

Like the person who had layers of insurance for his multimillion-dollar home — yet didn't insure his original Picasso separately. That's a classic mistake, Warren says. “You see that a lot,” adds Warren. “It's problematic in the high net worth insurance industry.”

A onetime AIG executive, Warren, 46, is at the forefront of a new company that aims to solve that problem. The startup, Vault, is based in New York City with an operations headquarters in downtown St. Petersburg, on First Street. It's backed by a $100 million investment from reinsurance giant Allied World and Stamford, Conn.-based Hudson Structured Capital Management.