Bet you didn’t know this about insurance



Once upon a time, there wasn’t insurance.  Thousands of years ago, the Greeks and Romans started “benevolent societies” in which members paid dues, and in return had their burial costs covered when the time came.  Since those first insurance groups, the insurance industry has grown and segmented, with options now for insuring almost anything.

Think you’re worth a lot? How about $201 million?  Apparently one anonymous Silicon Valley techie is, so 19 different insurance companies were involved in putting his policy together. The monthly premium on that policy is a few million dollars.  That’s every. Single. Month.

Or perhaps you are quite valuable, but too risky to insure.  That was the case for the Apollo astronauts.  No insurance company would cover them, yet they were some of the most famous – and healthy – people in the world.  Their solution was to sign “insurance autographs,” knowing those items would be worth a lot of money if the mission failed and they were killed.

Maybe just parts of you are worth quite a bit.  (Hint:  for this, it helps to be a celebrity.) How’s your smile? Julia Roberts’ is worth 30 million. Or your hair? Former Pittsburgh Steeler Troy Polamalu had his locks insured for a million dollars. (It was amazing hair – all 35 inches of it!)  Mustaches, too, have had their worth recognized: Merv Hughes, an Australian cricket player, reportedly insured his for $370,000.   If you are looking to insure a body part, Lloyd’s of London is where you’ll want to turn.  Their client list includes Keith Richards (hands), David Beckham (legs), Bruce Springsteen (voice), and Dolly Parton (take a guess).

Not only is there insurance FOR celebrities, there is insurance FROM celebrities.  Have a famous spokesperson whose gorgeous face is on all your products?  What happens if he’s caught in a scandal—and your products suffer?  Hope you had the foresight to purchase “Celebrity Product Recall Response Insurance.”  This covers product recalls caused by the death or fall from grace of an associated celeb.

Finally, you can buy insurance to cover your greatest fears: alien abductions, vampire bites, death-by-poltergeist, ghosts, and even zombie and werewolf attacks.  In the world of insurance, if you have it —or can dream it—chances are good you can cover it.

 

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