Almost all of us have some assets worth insuring — our homes, our cars, our health. But the insurance business goes far beyond the basics. If your possessions are worth a bit more, you might have separate policies for your jewelry or art. Businesses take out insurance to protect their executives against lawsuits. And when they consider certain employees to be vital to their bottom lines, they may even take out life insurance policies on them.
Celebrities are no different. They take out insurance to protect their most important assets — themselves.
If your living depends on a specific body part, be it your hands, legs or smile, you can’t take chances. You can take out a policy.
This unusual segment of the business has been around for quite some time. Movie stars Betty Grable and Fred Astaire both had insurance policies on their legs in the first half of the 20th century. Astaire’s $150,000 insurance coverage wasn’t much compared to Grable’s cool $1 million policy. These days celebrity insurance regularly covers much more than that.
So who’s doing it today? 24/7 Wall St. has compiled a list of nine of the largest and most interesting insurance policies taken by or on behalf of celebrities.