Stars of sports and entertainment are often high net worth individuals, with expensive cars on the

drive and large properties with highly valuable possessions inside. Insurance policies can feel
disproportionately expensive and it can be very difficult for celebrities to find the right policy to
suit them.
The image of the irresponsible celebrity
The media continually presents us with images of celebrities taking the work hard and play
hard ethic a little too far! We read stories about celebrities crashing cars, falling drunkenly out of
nightclubs and indulging in other reckless behaviour.
So unfortunately for your average celebrity who lives a more sensible and quiet life, they are in a
high-risk category when it comes to assessing their insurance premium. Looking at car insurance
for example, the most costly professions are motor racing drivers and footballers, with DJs and
TV presenters not far behind. Their premium can be six times as much as that for nurses,
reflexologists and bursars.
Celebrities at high risk of theft
Another reason that celebrities find it hard to get insured is that they are more likely to be a target
for break ins and burglaries due to their affluence and high social status.
Sofia Coppolas latest film The Bling Ring (pictured) may have been an exaggeration of the true
events but it was no less based upon real robberies. Between October 2008 and August 2009 a
group of seven teenagers stole about $3m in cash and belongings from around 50 homes in
Calabasas, California. These thieves would target celebrity homes, including that of Paris Hilton,
when the resident was reported by the media to be away on holiday or out at a party.
One problem that stars of sports and entertainment have is that their whereabouts is so well
publicised. Its easy to work out when a Saturday night TV presenter will be away from home,
and you can get the list of football fixtures months in advance and make a good guess as to when
their property will be unoccupied. In fact a few years back there were a spate of break-ins at the
homes of Premiership footballers while they were on the pitch.
The Premiership elite may collect weekly wages of up to 150,000, but their fame, fortune and
all-too-conspicuous consumption comes at a price, explains Patrick Barkham his Guardian
article on the away-day robberies, about a spate of break-ins at the homes of Premiership
footballers in the North-West. Not only does every fan know what cars they drive and their
favourite boutiques but, crucially, everyone knows when footballers unlike the other residents
of affluent suburbs such as Formby, Woolton, Knutsford and Bowdon are out at work.

These thefts have become so regular that bookmakers Paddy Power even offered odds on which
Liverpool star would be burgled next, before swiftly withdrawing its bad joke.
Offering bespoke renovation insurance for celebrities
At Renovation Insurance Brokers we work with a lot of high net worth individuals looking to
renovate a property, including stars of stage, screen or sports.
The project could be to develop a Georgian townhouse, or to renovate a Grade II listed building
in the country away from the fast pace of city living. Its essential to make sure that the right
insurance cover is in place for the duration of the renovation project to protect the property,
people working on the site and any valuables inside.
As with all our clients we spend time at the start of the project gathering as much information as
possible, before creating a bespoke renovation insurance package that suits the individual
project. And it goes without saying that all discussions are confidential, as we put our focus on
getting the right cover in place for these unique renovation projects.

#What kind of insurance covers have you heard of? Let's see - medical, life,
property, auto. What about body parts? Yes! Even parts are being insured by
insurance companies.
Think about this. If you were a famous pianist and your source of livelihood was
your music, then wouldn't you want to insure your hands because quite literally, it's
those hands that feed you!
Celebrities are known by one of bodily features and it serves as their means of
livelihood and fame. Therefore, it is important for them to safeguard what brings
them fame and money! Even though this kind of insurance is yet to get a hold in the
Indian market, celebrities like Lata Mangeshkar and Sania Mirza have insured their
voice and hands respectively. The Vanguard Olympic bronze medallist boxer,
Vijender Singh, is contemplating getting his hands insured in the near future from
Bajaj Allianz.

#Normally body part insurance is more than Rs 50 lakh to Rs 1 crore or more. These
are no traditional policies, as they are customised according to individuals.
The general insurance arm looks into this type of insurance and, usually, the policy
is for a year and renewed thereafter.
Though this kind of insurance is still in its nascent stages in India and insurance
companies do not normally have ready policies for such insurance requests, this
kind of insurance has been available in the West for a very long time.
The insurance scene there is dominated by movie stars and singers and the
foremost among insurance companies has been Lloyd's of London.

#Body Part Insurance: A fast growing segment

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You might have heard about various insurance schemes covering property, life, health and
automobiles, but until recently, nobody would have thought of having separate body parts
insured. Today, it is possible to have your body parts insured with an insurance company. If you
are a tea taster, you can insure your nose and your tongue as both body parts are aiding you to
earn your bread and butter. This policy is usually taken by celebrities all over the world as they
can afford the high expenses associated with it.
Places where body part insurance is popular
Body part insurance is widely popular in developed countries. However, insurance companies
are now offering body part insurance in developing countries as well. Although it is in an initial
stage in India, it is gaining pace as several celebrities have already insured their body parts. The
policy does not contain any conventional ideas; it varies from one individual to another. The
biggest hurdle in availing this type of policy is the exorbitantly high premium. This policy
remains valid for 12 months and on completion of the term, you need to renew it.
Who is going in for it?
Several celebrities have insured their body parts. In India, Lata Mangeshkar has insured her
voice while Sania Mirza has got her hands insured. Olympic medalist Vijender Singh would also
soon get his hands insured by Bajaj Allianz. Internationally, famous footballer David Beckham
has got his legs and feet insured for $70 million. American singer-songwriter Mariah Careys
legs are insured for $1 billion while Bruce Springsteen insured his voice for $6 million. German
super model, Claudia Schiffer insured her face for $5 million to be compensated in case anything
happened to it.
Policies undertaken by the middle income group
Is this policy for the middle income group? May be not as insurance companies would not
entertain requests for body part insurance until it is a celebrity. This kind of policy is adopted by
companies mainly to popularize their brand through celebrity clients.
- See more at:
http://flame.org.in/KnowledgeCenter/BodyPartInsuranceAfastgrowingsegment.aspx#sthash.qlTp
ndqx.dpuf

Buying Insurance for Parts of your Body

Body parts insurance

Currently in modern society it is possible to insure any manner of things which if lost will have a
financial implication on the life of that individual. The insurance of body parts is something
which may sound unusual, but is perfectly legal and is steadily on the increase.

What is meant by body parts insurance?

Body parts insurance is a type of insurance which is most commonly related to the celebrity field
but it is not something which is strictly limited to that industry. It is a form of insurance which
can offer financial cover and protect an individuals livelihood if they rely on a specific part of
their body to earn a living.
What is the purpose of body parts insurance?

The purpose of body parts insurance is in paying out financial compensation for any accidental
damage or disfigurement caused to the insured body part. The key point to note here is that the
insurance policy will only pay out if the damage to that body part results in a loss of work and
thus income.
What kinds of people take out body parts insurance?

Body parts insurance is available to anyone who requires a specific part of their body to be able
to carry out the job which they make their living from. Accordingly the following individuals are
likely to take out body parts insurance:

Performers this can include musicians, singers and actors

Artists

Surgeons

Athletes and other sports people

What body parts are usually the subject of body parts insurance?

Body parts insurance was first heard off when fashion models began to insure their limbs. Since
the regularity has increased there has been more bizarre body parts being insured such as the
taste buds of a sommelier.
All that needs to be shown in order to gain this form of insurance cover is whether it can be
proved that a loss of this body part would lead to a significant loss of work and income.
Why did models first start to take out this kind of insurance policy?

Individuals who work as models have a career based almost entirely on appearance and could
therefore lose out on significant income if a form of disability has prevented them from winning
future modelling contracts. As a result a model may decide to insure several different parts of
their body ranging from their legs, their breasts and even their smile.
Does body parts insurance apply to the whole body?

Body parts insurance is not designed to insure the whole entire body of a particular individual.
The intention behind it is to cover only selected body parts.

What should I do if I wish to insure my entire body?

If an individual wishes to insure their whole body it may be more suitable for them to take out a
comprehensive life insurance policy.
Will this kind of insurance be available to me?

Body parts insurance is available to anyone who requires a certain body part to undertake the job
by which they make their living. However, in reality it is an extremely expensive form of
insurance which is why it is often left to the celebrities, sportspeople and top surgeons.
How do celebrities afford to take out these kinds of policies?

Obviously celebrities and sportspeople earn huge amounts of income which enable them to take
out these policies, but often they will be done with a certain promotional aspect in mind. Often
celebrities or sportspeople will be sponsored by certain companies which will pay for an
insurance policy in this manner to be taken out to promote both the individual and the brand.
Is this something which has happened recently?

During 2010 a Formula 1 motor racing driver had his thumbs insured for a total of 9 million.
The insurance policy was paid for by one of his sponsors which has a banking and financial
sector.
Clearly thumbs are essential for an individual to drive a car meaning that if the individual was
unfortunate enough to lose one or both he would no longer be able to carry on his profession and
his loss of income would be covered by the insurance policy.
The sponsor also felt that thumbs and his thumbs in particular, represent a sign of victory and
that everything is under control and well protected. The sponsor thought that this symbol also
represented their company which is why they wished to associate themselves with that particular
body part of that particular driver.

Ever watched a celebrity gossip news show? Come on, be honest!

Ever read a celebrity gossip magazine? Still lying to yourself?
Okay, how about youve stood in a checkout line at the grocery store and seen the cover of a
gossip magazine? Gotcha!
Then youve probably seen a headline about a celebrity buying an insurance policy on a part of
their body. For many years, celebrities have garnered press attention for taking out such policies

among many other things. Youve probably heard of singers insuring their vocal cords, athletes
covering arms/legs, supermodels insuring facial features, and the list goes on.
You can see some of the most mind-blowing body-part insurance examples here:
http://www.celebuzz.com/photos/insured-celebrity-bodyparts/.
Why a Specific Body Part?

At a glance, it may seem like just another celebrity extravagance. But such an insurance policy
makes perfect sense to the people who can afford to buy it.
The purpose of such coverage is to supplement lost income if a body part is damaged, injured,
scarred, handicapped or lost. Consider the following quote from TV star Holly Madison, who
recently made headlines for insuring herlets just call it upper torsofor $1 million. If
anything happenedId be out for a few months and Id probably be out a million dollars,
Madison told People magazine. I thought Id cover my assets Theyre my primary money
makers right now.
Are Only Celebs Eligible?

Is insuring body parts only a luxury reserved for the rich and famous? It may seem that way if
youre reading the news.
Body part insurance similar to that purchased by celebs typically is not something offered by
standard insurance companies. Therefore, you likely must find a specialty insurance provider
such as Lloyds of London to provide the policy. Such a policy can be created from scratch
specific to an individuals needs. This personal attention, coupled with having to purchase from a
specialty provider, can result in a premium not affordable to many folks.
That said, celebs are not the only individuals who seek out this type of insurance. Some business
owners will look to a specialty insurance provider for a policy designed to help keep the business
open if their ability to run it is compromised due to a damaged body part or function. For
example, a chef or wine expert who loses the ability to taste or smell could easily lose his or her
business and livelihood if those senses were compromised.
Some insurance companies offer coverage for death and dismemberment resulting from an
accident. While not as glamorous as a policy on a movie stars legs, such an insurance policy
may be an affordable way for people to supplement income due to the inability to work after
losing a body part. However, for such a policy to apply, a body part typically must be lostthese
typically dont cover lost income due to injury or slowdown.
Conclusion

Sure, celebrities make all the headlineshence why theyre called celebs. But insuring a body
part also can be a good business decision for the not-so-rich-and-famous. To learn more about

covering your assets and insuring body parts, call your Trusted Choice independent insurance
agent.