Insuring Body Parts: The Unusual Practice

Insuring body parts is a real thing, and while it may seem like a gimmick, it is a way for celebrities to protect their livelihoods. Celebrities often insure body parts that are integral to their careers, such as singers insuring their vocal cords or athletes insuring their arms and legs. It's not just about vanity; for example, a chef or wine expert who loses their sense of taste or smell could lose their business. The cost of such policies puts them out of reach for most people, and they are not offered by standard insurance companies. However, anyone can get in touch with insurance companies to discuss their requirements.

Celebrities insure body parts for high sums of money

In the case of Playboy star Holly Madison, she insured her breasts for $1 million (£614k) in 2011. Madison stated that her body was very much a part of her career, and damage to it could be financially detrimental. She told People magazine, "If anything happened to my boobs, I'd be out for a few months and I'd probably be out a million dollars. I thought I'd cover my assets... They're my primary money makers right now."

While $1 million may not be a substantial sum to a celebrity, the insurance is a safeguard against financial loss. Most celebrities insure body parts with surplus lines insurers, which handle unusual risks not covered by standard insurance companies. Lloyd's of London is the most prominent provider in this category and has been offering body-part-specific policies since the 1940s. They have insured body parts for celebrities such as America Ferrera's smile, Keith Richards' fingers, and Bette Davis' waistline.

Other celebrities who have taken out insurance policies on their body parts include:

• Bruce Springsteen insured his voice for $6 million (£2.6m)
• Kylie Minogue insured her bum for $5 million (£3.6m)
• Tom Jones insured his chest hair for $6.9 million (£3.5m)
• Julia Roberts insured her smile for $30 million (£21.5m)
• Taylor Swift insured her legs for a rumoured $40 million (£25.9m)
• Cristiano Ronaldo insured his legs for $90 million (£59.9m) each
• David Beckham insured his legs for $195 million (£111m)

It's not just celebrities who insure body parts

For example, members of the Derbyshire Whiskers Club in the United Kingdom insured their beards against "fire and theft", and a soccer fan insured himself against psychic trauma if England lost the World Cup. In the United States, a supermarket company insured the taste buds of its senior wine buyer for more than $10 million as a publicity stunt, and sales of its wine increased by 19%.

That being said, insuring a body part is typically done through specialty insurance providers like Lloyd's of London, and the high premiums make it unaffordable for most people. These policies are highly personalised and created from scratch, specific to the individual's needs. For this reason, they are not accessible to the general public and are not recommended for most people.

The purpose of body part insurance is to supplement lost income if a body part is damaged, injured, scarred, handicapped, or lost. This type of insurance is particularly relevant for celebrities whose livelihoods depend on their physical appearance or specific body parts, such as athletes and performers. However, it can also be useful for business owners whose ability to run their business could be compromised due to damage to a body part or function. For instance, a chef or wine expert who loses their sense of taste or smell could lose their business if those senses were compromised.

Body part insurance is a form of income protection

While it may seem like a gimmick or a publicity stunt, body part insurance serves a practical purpose for those who can afford it. In the entertainment industry, physical appearance is often directly linked to career opportunities and income. For instance, a model with a distinctive feature, such as Holly Madison, a former Playboy model, insured her breasts for $1 million. She justified this decision by stating that if anything happened to her breasts, she could be out of work for months and lose a significant amount of money.

Athletes and sports stars also commonly take out body part insurance to protect their income in the event of an injury that could impact their performance. An example of this is footballer Troy Polamalu, who insured his hair for $1 million.

However, body part insurance is not limited to celebrities and athletes. Business owners, such as chefs or wine experts, may also take out this type of insurance to protect their livelihood if they lose a sense or function that is crucial to their work.

Specialty insurance providers, like Lloyd's of London, offer tailored policies for body part insurance. These policies tend to be highly personalized and created from scratch to meet the specific needs of the individual. As a result, the premiums for such policies can be extremely high, making them inaccessible to most people.

Body part insurance is highly personalised and costly

Body part insurance is a highly specialised and niche form of insurance. While anyone can technically insure a body part, the high premiums associated with such policies put them out of reach for most people.

Body part insurance is highly personalised, and policies are often created from scratch to fit the needs of the individual. This means that the insurance is tailored to the specific body part and the person's circumstances. For example, an actress may insure her legs for a film where they are a prominent feature, but not for another role where they are not.

The cost of body part insurance is influenced by a wide range of factors. The valuation of the body part is project-specific and depends on the individual's career and livelihood. For example, a singer may insure their vocal cords for a world tour, while a model may insure their legs. The policy amount would need to cover the potential lost income if the body part were damaged, injured, scarred, handicapped, or lost.

The high cost of body part insurance is also due to the specialised nature of the coverage and the need to purchase from a specialty provider. Lloyd's of London is the most prominent provider of body-part insurance, and they handle unusual risks not covered by standard insurance companies. Because Lloyd's of London does not have to submit their rates to the state, they can offer unique policies with high premiums.

While body part insurance may be a novelty or a publicity stunt for some, it can also serve a practical purpose for those whose livelihood depends on a specific body part. However, due to the high cost and specialised nature of this type of insurance, it is generally not recommended or accessible to the general public.

Body part insurance is a form of PR for celebrities

For example, when Holly Madison, a former Playboy model, insured her breasts for $1 million, she knew it would be a talking point. It's a way to get people talking about her, and it worked. Similarly, Mariah Carey's rumoured $1 billion leg insurance policy made headlines, with people discussing the value of her lower extremities.

This strategy is not limited to celebrities; companies also use it to generate press. A supermarket chain insured the taste buds of its senior wine buyer for over $10 million, and as a result, wine sales increased by 19%.

While body part insurance may have started as a publicity stunt, it also has a practical layer. Celebrities' bodies are their livelihoods, and any damage or change to their famous features could be detrimental to their careers. For example, if something happened to Madison's breasts, she could be out of work for months and lose a significant amount of money.

However, it's important to note that body part insurance is not just a PR stunt for celebrities. It is a legitimate form of insurance that anyone can purchase if they are willing to pay the premium. Specialty insurance providers like Lloyd's of London will create custom policies for individuals looking to insure specific body parts.

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