When we talk about Celebrity insurance, it conjures images of dazzling personalities with all their attention and wealth and an assumed fact that their insurance policies are all marketing gimmicks rather than a required facility.
This can be partially true as most celebrity body part insurance is sponsored by agencies and networks to provide a marketing and promotional angle to the celebrity’s personality.
But in many cases, it is the celebrity who feels their unique body part is worth insuring against future loss. A typical policy indemnifies the celebrity against any business loss due to damage or injury to the body part.
Famous examples of body part insurance are
In India, Amitabh Bachchan has insured his famous baritone voice, so has Rajnikant insured his unique voice and got a copyright on its usage. Our own nightingale Lata Mangeshkar has insured her voice for an undisclosed amount.
Similarly, sports persons namely Sania Mirza, Vijendra Singh have insured their hands against any injury or loss.
Internationally, body part insurance dates back to early 20th century when the than famous comedian Ben Turpin insured his crossed eyes for $20000, in case they became uncrossed.
Today we have many film personalities like Daniel Craig, who has the Bond movie series banking on his shoulders, insuring his whole body for $9.5mn.
Julia Roberts famous pretty woman smile is insured for $30mn, Singer Mariah Careys legs are insured for $1bn, Jennifer Lopez famous derriere has be insured for $300mn and the list goes on.
Even famous food and wine tasters have insured their talent and ability to taste and smell against any business loss, in the event that their qualities are compromised. Lloyds of London had insured the nose of famous wine taster Ilya Gort against loss of either his nose or sense of smell.
Insurance Companies – In India, United insurance company, New India Assurance company, ICICI Lombard and Bajaj Life insurance are few companies providing such customised policies.
Internationally Lloyds of London provides all such specialty insurance products.
What are the aspects that an insurer looks at before writing these specialty products.
An insurer usually looks at the financial capacity and popularity of the celebrity, their future earnings and the importance of the body part or talent to be insured.
Is the specialty line or body part insurance available for everybody?
Any person can go ahead and take these yearly insurance policies. The only difficulty is that, since it is a totally customised product, the premiums are very high and so is the sum assured which starts from anywhere between $5mn to $10 mn.
And most importantly, the insurer needs to be convinced about the need to insurer a body part or talent.
When should a person go for specialty line insurance?
Unless your business depends on your unique ability, like being a famous chef or wine taster , you should better go for other types of insurance like total or partial disability insurance , which covers all types of disabilities and loss of income therewith. Also the terms of claim payment are also very stringent.
So, in case you feel you are a budding celebrity or a rising star in your field, do go ahead and check for specialty insurance for yourself. Otherwise, personal accident policies are always available aplenty.