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Weird and wonderful insurance policies
As it is January I thought I would start the year on a light hearted note.
Lloyds of London is an insurance marketplace founded in a London coffee shop over 300 years ago. Today it is the world’s leading market for specialist insurance, from large maritime risks to space satellites.
Here are some of the more interesting and obscure insurance policies put in place over the years.
· David Beckham insured his legs with Lloyds for £100m in 2006
· Dolly Parton has insured her 40dd breasts for £3.8m
· Rolling Stones guitarist Keith Richards hands are insured for $1.6m
· Michael Flatleys legs were insured for $47 Million. The policy was only in effect when he was touring and forbade him from dancing except on stage.
· James Dean took out a life policy for $100,000 just a week before his tragic death at the age of 25
· The actor Richard Burton purchased a 69.42 carat diamond from Cartier for $1.1 Million in 1969 as a gift for Elizabeth Taylor. It was the world’s most expensive diamond at the time. Once Lloyds had insured the diamond they specified that Taylor should wear it in public for only 30 days a year and even then be protected by security guards. The diamond was sold in 1978 for an estimated $5 Million which would equate to roughly $19 Million today.
· According to novelist and inventor Arthur C Clarke, director Stanley Kubrick wanted to take out insurance with Lloyds to protect himself against losses in the event that extra-terrestrial intelligence was discovered before his movie, ‘2001: A Space Odyssey’ was released. Lloyds refused to quote for this one.
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