Celebrities have unique needs in just about every realm of insurance. They are often quite wealthy and have a great deal of property to insure. Furthermore, they often fall prey to malicious lawsuits and need extensive liability insurance. Any disfiguring injury could end their careers, so top-notch insurance is needed for medical costs and for income protection.
Surprisingly, insuring the rich can often be a difficult undertaking. Why? Because many rich people don’t focus on all the different risks in their lives. The condition is called “insurance dysfunction” and it’s estimated that 90 percent of the wealthy suffer from it. The fabulously wealthy are not like the rest of us, they need to worry about risks due to:
- Their homes scattered around the globe
- Their collection of priceless automobiles
- Their magnificent collections of paintings, sculptures and other pieces of art
- Scheming housekeepers and dog walkers who are looking to take advantage of them
- Sneaky agents who somehow live as well as their clients
- Collateral damage from hanging out with the wealthy, often dysfunctional, celebrity crowd
In short, the world is envious of the rich, and will do everything it can to try and get some of their money away from them.
To combat the barbarian hordes, a sophisticated set of insurance policies is absolutely required. Fame and wealth can make celebrities a target – insurance is one of their best defenses. The most important kind of insurance for the wealthy is liability insurance, because law suits can come from anywhere. Protection begins with homeowners policies – celebrities must make sure each estate has a generous amount of liability coverage. Then they will need personal liability protection in case they are accused of some particularly hideous act (wrongly, of course). The policy limits should be very high, because lawsuits ask for outrageous sums of money nowadays.
Some cases would be funny if not so shocking. There is the famous story of a Broadway actress, a brilliant performer, who was so addled when it came to insurance that her $10 million condo had a rental policy. Can you imagine? Rich people, please – wake up and pay attention. You need special coverage, so go out and get it before it is too late! Otherwise, you are only one misstep away from the same abject poverty you experienced during your days waiting tables.
Insurance agents who have interesting or unique products might want to make contact with particular celebrities and movie stars. If this seems like a daunting task, it’s probably because you aren’t aware of specialized websites, such as bookingagentinfo.com, that handle these kinds of requests. It’s important that you research the individual needs of particular celebrities before you contact them. Armed with that information, you just might be able to get your foot in the door.