“Bad Breaks”: RJ Mitte talks to millennials about insurance

RJ Mitte — star of the hit television series “Breaking Bad” — talks about insurance in a new series of video shorts called “Bad Breaks” which are designed to raise awareness in millennials about the importance of insurance. The series is part of the National Association of Insurance Commissioners’ (NAIC) Insure U. If you aren’t familiar with Insure U, check it out it’s an informative, objective user-friendly resource for reliable information about insurance. It’s designed to help educate insurance consumers about various insurance products and how to avoid being scammed. It also offers tools and resources from state insurance regulators.

RJ’s Bad Breaks: Auto Accidents Aplenty is the first release – two more are planned.

The $10 million dollar smile: celebrity body part insurance

Your Mom may think of you as a million dollar baby and your friends and family may find you priceless … but what price would an insurer put on your body parts? Could you command $10 million for a smile? $1.6 million for a finger? $1 million for your flowing tresses? Probably not, but some celebrities have insured body parts for millions.
We also point you to a related past post about an amusing spoof video featuring Kobe Bryant touting ankle insurance.
You can learn more about how body part insurance works. This article explains that, “You don’t have to be a celebrity to insure your body parts–anyone can order up some specialty insurance if he thinks he needs it. As long as you’re willing to pay the premium, you can get insurance for the body part of your choice. In the United Kingdom, the members of the Derbyshire Whiskers Club insured their beards against “fire and theft,” and a soccer fan insured himself against psychic trauma if England loses this year’s World’s Cup.”
10 of the weirdest insurance policies
Insurance issues for the rich & famous

Insurance Issues for the Rich and Famous

F. Scott Fitzgerald once wrote, “Let me tell you about the very rich. They are different from you and me.” Thanks to Eric Gilkey of PropertyCasualty360.com, we learn that the Insurance Issues for the Rich and Famous are very different from yours and mine. In an amusing slide show, he looks at insurance issues that have surfaced related to a variety of celebrities – Charlie Sheen, Tiger Woods, Lindsay Lohan, Michael Jackson, and others.
While some of these scenarios are pretty remote from the issues that face most businesses and individuals, there are a few things to be learned. Business owners take note and wedding planners alike should take note of event cancellation insurance. And while the reputation risk management issues discussed relate to celebrity endorsers run amuck, every business has some exposure related to reputation management.

Insuring body parts?
It’s hard to talk about celebrities and insurance without discussing all those stories you hear about film and rock stars insuring some part of their anatomy for millions of dollars. Many of these reports are not true – contrary to the online rumor mill, Tom Jones did not take out a multi-million dollar policy for his chest hair. At Slate, Daniel Engber talks about body part insurance and notes that while some cases are true, many are not. He speculates that some of these false stories may have been circulated by public relations staff eager to get some buzz for their clients. We featured one jokey insurance product that was a cute promotional stunt.

Whether it’s body parts or other celebrity-related risks, Lloyds of London holds the crown for some of the weirdest insurance policies ever issued.

If you are a basketball player, Kobe Bryant advises ankle insurance!

This is a jokey video to promote a brand of sneakers, but the idea of insuring specific body parts is not totally farfetched … celebrities have been known to insure body parts … Jimmy Durante had a $50,000 policy on his distinctive nose and Betty Grable had a million dollar policy on her famous legs. Larry Getlen has an amusing article on the topic at Bankrate: Celebrity body parts: Million-dollar thighs and smiles

Insurance issues related to Michael Jackson’s cancelled tour – and your next big event…

In the wake of Michael Jackson’s untimely death at a relatively young age, much is riding on the results of his autopsy and a ruling on the cause of his death. Anschutz Entertainment Group (AEG) is estimated to have about $40 million at stake, depending on the cause of his death. According to Billboard, about three-quarters of a million concert tickets had been sold and AEG plans ticket refunds of about $85 million.
As part of the event planning, AEG sought and secured event cancellation insurance from Lloyd’s of London. This type of insurance is particularly important to protect all parties against unforeseen losses due to any number of problems – sudden unavailability of a venue, catastrophic weather that might force a cancellation, or ill health on the performer’s part, to name a few examples. In the past, Jackson has canceled shows in the latter parts of his tour for ill health or exhaustion. Earlier this year, when AEG was arranging for insurance coverage, Jackson had to pass a four-hour medical exam attesting to his health.
But like any insurance policies, there are exclusions. If Jackson’s death was due to a reason that was excluded in the policy – such as a pre-existing medical condition or a substance abuse problem – the promoters could be left holding the bag. While autopsy results so far have been inconclusive, ongoing investigations into Jackson’s death are occurring. And with the amount of money at stake, it wouldn’t be unusual for an insurer to conduct their own investigation.
Business insurance for large events
Rock concert promoters aren’t the only parties that might need event cancellation insurance. This is a common type of insurance sought by corporations and businesses that sponsor major events, conferences, and trade shows and depend on revenue for those events. Determining whether of not cancellation insurance is needed and how much is generally a matter of scale, based on the number of people involved and the amount of financial and other risk involved in the event.

“Whether planners should invest in cancellation insurance depends upon how important an event is to an association or corporation financially and what kind of risk it is assuming. “If you’re holding a board of directors meeting for 65 people that wouldn’t generate income and was inexpensive to hold, there’s no point,” explains James M. Goldberg, an attorney with Washington-based Goldberg & Associates. “But if it’s a big annual event for 3,000 people that’s a major source of revenue, definitely think about insuring.”

Event insurance can cover unforeseen problems, and “… perils that are beyond the control of a planner, such as inclement weather, a principal speaker dropping out, strikes, outbreaks of disease and so on.” But experts caution that it will not cover poor planning or poor attendance.
Personal events such as weddings may benefit from insurance, too
Beyond businesses, private events can also sometimes benefit by similar types of coverage. As the average cost of a wedding climbs – in the U.S., it is between $20,000 and $30,000 – wedding insurance is increasingly common. Wedding insurance can cover costs for cancellation due to weather, illness, or venue unavailability. It can also cover losses if gifts are stolen, damage or loss of photos, rings, gowns, and the like, and other unforeseen problems. If you are planning a costly reception, you may want to discuss wedding insurance options with your agent. In addition to insurance for cancellation or other problems, your reception venue may require liability insurance. You should also be sure to verify that your wedding venue and your vendors are properly insured, and learn exactly what and how their insurance might extend to cover any problems you might experience.