celebrities insurance

[maverick_ronnie]

hii friends i think this is one of the tough topic in insurance sector

n now dayz imp too lets discuss abt celebrities insurance policies

[priyanka1987]

hey thanx maverick_ronnie 4r making such nice thread on such a good topic.....

well im posting some articles on the topic which are lil funny too....

well more informative data is expected in this thread

Good work..... keep it up.......

Regards Priyanka

[priyanka1987]

Article


http://money.guardian.co.uk/insuranc...871032,00.html

Perhaps it was prompted by the untimely death of crocodile hunter Steve Irwin. TV stars Ant & Dec, best known for hosting a television series amid the creepie-crawlies of the Australian jungle, have insured each other's lives for a reported £2m.

Dec, 30, told the Radio Times: "I just know if he [Ant] kicks the bucket, I get a massive payout."

But if the £2m figure is true, it puts Britain's biggest top entertainment duo a long way down the celebrity valuation list. Back in 1940, movie star Betty Grable's legs alone were insured for $1m, or close to £25m in today's money. Even comedian Ken Dodd's teeth were insured for £4m, while singer Gareth Gates' hairstyle briefly enjoyed an insurance tag of £1m.
But the top celebrity insurer at Lloyd's of London, Jonathan Thomas of underwriting agency Creechurch, says the £2m price on the heads of Ant & Dec is just the starting point. ITV, whose ratings have been in freefall, has a huge amount staked on the success of Saturday Night Takeaway, starting this weekend, and the next series of "I'm a celebrity ..." in November. It will have insured Ant & Dec for millions themselves. Even the managing agents - who typically take a 15% cut of a star's earnings - are likely to have a policy that pays out on either's lives. In total, the duo probably add up to an insurance risk at Lloyd's running into eight figures rather than seven.

"First of all we establish the income stream of each individual, then we estimate how much it would be diminished if one or the other could not perform," Thomas says. "So if the two are insuring each other, then £2m sounds about right."

Partners insuring each other is big business. Legally, only spouses and civil partners can buy a life insurance policy on each other (the Victorians had a nice line in gambling on unconnected people's deaths until it was outlawed in the early 1900s. It produced rather too many incentives to bump people off). But individuals can buy a life insurance policy on a non-related party if they can prove they will lose out financially on that person's death. So, for example, Tiger Woods' caddy has a policy to protect against his master's early death. Las Vegas magicians Siegfried and Roy had policies on each other - which came in rather useful after Roy Horn's tragic on-stage accident when he was mauled by their trademark pet tiger.

The more eccentric policies - on celebrity posteriors, fingers and noses - are, however, virtually all publicity stunts. Two years ago a Hollywood agent contacted Thomas to buy a £1m insurance policy for his star client's chest hair. The story "leaked", earning acres of coverage for hairy stars everywhere - the Hoff, Tom Jones, Tom Selleck, even Sean Connery. But the true name of the star was never revealed - and whoever it was never bought a policy.

How much do these policies cost to buy? The premium depends entirely on the amount of cover bought, but Thomas says if I want to insure my typing fingers for £1m, it will set me back £30,000. Which seems a steal to me.



Regards,

Priyanka

[maverick_ronnie]

Sports teams take an all-or-nothing approach. Why just insure a part when you can insure the whole package? These teams, rather than insuring their main attractions' body parts, just take out special disability insurance on the athlete himself -- like the St. Louis Cardinals did with a $12 million disability policy on now retired Mark McGwire.

Even in this area, though, teams take wildly divergent approaches to insurance. Over the past few years, The San Francisco Giants insured only one player -- Barry Bonds. That policy wasn't renewed in 2001, however, because at that time Bonds was in the last year of his contract, and the deductible was more than the premium. Other teams, such as the Seattle Mariners, insure no one as their draw is more dependent on fan loyalty at this point than on any one superstar.

[maverick_ronnie]

And sometimes, players take on the insurance burden themselves. Outfielder Juan Gonzalez, for example, while a free agent, purchased a $50 million personal disability policy that was transferable to whichever team signed him in order to reassure teams concerned about his history of back trouble

[maverick_ronnie]

And in football, where there are no guaranteed contracts, the insurance risk falls solely on the player, leading superstars such as Rams quarterback Kurt Warner to purchase policies for themselves as soon as they take on major roles. Warner bought his when he took over the starting quarterback position.

Of course, some athletes are so successful -- and so rich -- that they are beyond insurance. Golfer Tiger Woods, for example, makes so much money that to insure himself against injury would cost him $10 million to $20 million a year, more than he made in 2002 from golf. Most of his money, more than $69 million a year, comes from endorsements.

But luckily, non-sports celebrities do not have these restrictions, and keep themselves "covered" from head to toe.

[priyanka1987]

well marverik And in football, where there are no guaranteed contracts, the insurance risk falls solely on the player, leading superstars such as Rams quarterback Kurt Warner to purchase policies for themselves as soon as they take on major roles. Warner bought his when he took over the starting quarterback position.

[priyanka1987]

some athletes are so successful -- and so rich -- that they are beyond insurance. Golfer Tiger Woods, for example, makes so much money that to insure himself against injury would cost him $10 million to $20 million a year, more than he made in 2002 from golf. Most of his money, more than $69 million a year, comes from endorsements.

lolzzzz

[pranayjain]

thnx a lot for all da trivia ! this topic cud work well for da 100 marx projct too !