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What do celebrities consider worth insuring?

Daniel CraigClients insure their biggest assets – usually their car or home. But for the world’s most famous and glamorous, what they consider valuable may come as a surprise.

Celebrities depend on their bodies for their income and appeal, so it is only natural that they want to protect that valuable asset. According to Steve Nicastro of NerdWallet, celebrities have insured everything from their legs to their flowing locks.

Here are five of the weirdest celebrity insurance policies:

Dolly Parton: The country singer, songwriter and actress is well-known for her powerful voice, her bright blonde hair and her two ‘biggest’ assets – her famous 40DD breasts – which she first insured in the 1970s for $600,000.

Since then the practice of insuring body parts has become at least a bit more common: Holly Madison and Madonna have had their breasts insured, while Rihanna and Heidi Klum have both insured their legs.

As Parton once told Sunday Magazine: “I’m in showbiz. I look at my boobs like they’re show horses or show dogs. You’ve got to keep them groomed.”

Bruce Springsteen: The New Jersey singer and songwriter, best known for hits like ‘Born in the U.S.A.’ and ‘Born to Run,’ insured his voice with Lloyd’s of London in the 1980s. Springsteen has sold more than 64 million records in the U.S., which makes him the 15th highest-selling artist of all time, according to RIAA.

At age 64, he is still going strong, performing live across the country. If anything were to happen to Springsteen’s voice, he would be set to receive a $6 million payout, according to Time.

Troy Polamalu: The Pittsburgh Steelers’ strong safety is well-known on the football field for both his bone-crushing hits and his long hair, a tribute to his Samoan heritage. Following an endorsement deal with Head and Shoulders shampoo, the company obtained insurance on the eight-time Pro Bowler’s hair for $1 million.

“Head and Shoulders have gone above and beyond by insuring my Samoan locks for a cool $1 million,” said Polamalu. “This reinforces that my full and thick hair is unstoppable.”

Polamalu’s hair is so long that if all his hair was laid end to end, they would span 100 football fields, the company said.

Daniel Craig: The English actor insured his body for $9.5 million while filming ‘Quantum of Solace,’ the 22nd film installment in the James Bond series, according to MSN Money. Since Craig performed most of his own stunts in the film, the insurance policy was taken out for protection against injury.

Craig later starred in his third Bond film, ‘Skyfall,’ which was released in 2012, and has committed to at least two more movies in the series.

Julia Roberts: Roberts is one of the highest-paid actresses in the world, commanding $25 million per film for most of her career. She has been named to People magazine’s ‘50 Most Beautiful People in the World’ 11 times, and in 2011 she made it onto Men’s Health’s ‘The 100 Hottest Women of All Time.’

Hoping that neither her star nor her dazzling smile would soon fade, the Academy Award-winner insured her teeth for $30 million

Steve Nicastro is a financial writer for NerdWallet.com, where he covers topics such as investing, credit cards, mortgages and insurance.

Posted in: Insurance, People, Uncategorized

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Electric cars subjected to crash test

by  IBO |  31 Jul 2014

electric carFor the first time ever, the Insurance Institute for Highway Safety has released crash test data on electric cars – and there is one car that didn’t make the grade.

General Motors Chevrolet Volt passed the U.S. insurance industry’s toughest frontal crash test, earning a grade of ‘acceptable,’ while Nissan Motor’s Leaf was rated ‘poor.’

“Electric vehicles have a unique challenge in the small overlap test because of their heavy batteries,” said Joe Nolan, the institute’s senior vice president for vehicle research. “The Volt performed reasonably well.”

With people choosing electrics or hybrids in greater numbers to help eliminate or reduce the cost of paying at the pump, brokers can now take this information and better determine which vehicles offer the greatest safety to their clients.

The Volt earned IIHS’s highest rating, ‘Top Safety Pick +,’ for good results in four other crash tests and for making a frontal crash-prevention system available.

For an ‘acceptable’ or ‘good’ rating, cars have to be engineered to preserve space around the head and torso, have seat belts that keep a driver from pitching too far forward, and plenty of air bags to mitigate crash forces.

The electric cars were part of a larger group of small cars run into a barrier meant to simulate a tree, telephone pole or other car, crushing about one-fourth of the car’s front end. The test is tougher than U.S. government’s National Highway Traffic Safety Administration head-on crashes or other IIHS tests, the group said.

This is the first time the Arlington, Virginia-based safety group rated electric cars on how well they protect drivers and passengers in simulated crashes.

One other gasoline-electric model tested, Ford Motor’s C-Max Hybrid small, four-door wagon, also was given an ‘acceptable’ rating.

BMW’s Mini Cooper Countryman received a ‘good’ rating, the best in the group. Mazda Motor Corp.’s 5, a four-door hatchback, was rated poor – one of the three worst-testing small cars.

Overall, 13 of 32, or 41 percent, of the small cars tested by the insurance group in recent years earned ‘marginal’ or ‘poor’ ratings.

Posted in: Car Insurance

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Is Your House Properly Insured During Renovations?

Whether you are a do-it-yourselfeInsurance for Home Renovationsr or prefer to pay a professional contractor to renovate, you will need to consider some things before you start. Your first call regarding your renovation should be to your insurance broker; you need to clarify your existing coverage and what coverage is available to purchase during the renovations. In your conversation, different obstacles might come up with your current policy such as limited coverage for being under construction, no coverage for materials/tools or concerns around potential changes to by-laws in your area.

There are many options that you can consider to cover your home during renovations: a builders risk policy, an endorsement for coverage while under construction, added and/or by law coverage to name a few. Also, you need to understand if you are hiring a friend or a contractor, what the implications are for you as the home owner, and what the liability section of your policy will cover. What happens if a worker is injured on the job in your home?

Are you planning on increasing the footprint of your home during the renovation? It is important that your insurance broker is aware of any changes to your home, as this impacts your replacement coverage amount. For instance, your unfinished basement could cost $150 per square foot to replace while your finished basement could be $250 per square foot or higher.

Were you also aware that home renovations could affect the price you pay for insurance? Upgrading your roof, furnace, plumbing or electrical could reduce the cost of your insurance.

Remember to contact your insurance broker prior to your renovations and again after your renovation is complete to ensure that you have adequate coverage for your home. According to the non-profit National Fire Protections Association, property losses from fires in one and two family homes during construction or major renovations increase 42% to $199 million from $140 million between 2002 and 2005. You need to verify that you are properly insured and don’t leave the insurance coverage to chance.

Call us to discuss your options 1-800-603-4279.

Published by Insurance Brokers Association of Ontario
May 2014

Posted in: Home Insurance

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