Tag Archives: Celebrity Risk

Going Gaga For Insurance

Insurers are known for helping us prepare for Mother Nature’s surprises, but did you know that insurers also have to evaluate the risks of Mother Monster, aka Lady Gaga–and other celebrities?

MarketWatch reports that Gaga, due to headline the Super Bowl halftime show on February 5, wants to perform on the top of the dome that covers the NRG Stadium in Houston.

Event organizers are working on how to keep the performer safe as well as securing insurance for the spectacle, according to the New York Post. Reports suggest such a stunt could cost over $100,000 to insure.

Specialist insurers (see our earlier post here) have a long history of protecting the stars — and the companies that promote and sponsor them — by providing appearance/event cancellation coverage, celebrity body parts insurance, and death and disgrace policies.

The Lloyd’s insurance market has insured a long line of celebrities and celebrity body parts. For example, Rolling Stones guitarist Keith Richards’ hands were insured for $1.6 million and Marlene Dietrich insured her voice for $1 million.

Insurance Insider recently reported  that the death of Star Wars actress Carrie Fisher is likely to trigger a $50 million “contract protection” policy underwritten in the Lloyd’s market that would cover Disney in the event that Fisher was unable to fulfil her obligations to act in the new Star Wars films.

Each celebrity risk profile comes with its own unique set of risks, according to the individual’s occupation, health, lifestyle and associated risks.

So, next time you go to see your favorite band, sports star or top chef perform, just think: there’s probably celebrity insurance for that.

Covering All Manner of Celebrity Falls

As a longtime Madonna fan and as a parent of two young cape-wearing superheroes, I was concerned to read of the 56-year-old star’s fall on stage — view here — during the closing performance at the UK’s Brit Awards earlier this week.

The Queen of Pop apparently suffered whiplash in the incident as she was dragged backwards when the tightly tied Armani cape she was wearing wouldn’t come undone.

Madonna managed to go on with the show, but it’s good to know that if she hadn’t there’s insurance for that.

From providing appearance/event cancellation coverage, to insuring celebrity body parts, to writing death and disgrace policies, specialist insurers play a major role in providing protection to the stars — and the companies that promote and sponsor them.

For example, through the years the Lloyd’s insurance market has insured a long line of celebrities and celebrity body parts.

This Lloyd’s article notes that Rolling Stones guitarist Keith Richards’ hands were insured for $1.6 million, while Marlene Dietrich insured her voice for $1 million and actress Bette Davis once insured her waistline against expansion to the tune of $28,000.

More recently, in 2006, soccer giant David Beckham’s legs were insured for £100 million and in 2007, Ugly Betty television star America Ferrera’s smile was insured for $10 million.

Whether a musician, sports star, TV personality, or a top chef, each celebrity risk profile comes with its own unique set of risks, according to the individual’s occupation, health, lifestyle and associated risks.

Another type of celebrity fall from grace is covered by  a recently launched product from AIG’s Lexington Insurance Company. Known as Celebrity Product RecallResponse, the new product covers companies in the event of a celebrity endorser’s public fall from grace, scandal or unexpected death.

Basically, the product covers certain costs incurred by companies to recall products bearing a celebrity endorser’s name and image.

AIG says the insurance is triggered when “significant news media coverage of an endorser’s actual or alleged criminal act or other distasteful conduct that results in (or is likely to result in) public contempt for the individual and a significant adverse impact on a company’s product.”

As Jeremy Johnson, president and CEO of Lexington Insurance Company, notes:

In this age of social media and instant news, reports of indiscretions by celebrities or high profile athletes can spread worldwide instantly, with swift, adverse implications for products or brands associated with the individual.”

Just another example of how innovative insurance can be.