Porn star insures most valuable asset
Celebrities have been known to insure their most identifiable body parts, but does it make financial sense?
The list of weird celebrity insurance policies gets longer by the month, it seems. Now a British porn star has insured his -- well, it's not the family jewels, but it's close -- for $1 million with Lloyd's of London.
"For insurance companies guaranteeing celebrity body parts for sky-high sums of money, the risk is high," says a story about them on MSN Money. But sometimes we wonder. These reports never seem to identify how much the insurance premiums cost. Meanwhile, the publicity for the celebrity and the insurer, quite often Lloyd's of London, is priceless.
Let's take the example of said porn star. It's unclear what exactly Keiran Lee's policy covers -- on-the-job injuries? -- but he told Xbiz, a news site for the porn industry, that the only way the policy wouldn't pay would be "if I was to lose it."
This next part from the article is telling: "The native of Derby, England, who now resides in Los Angeles, said that the idea for the policy was conceived by Kate Miller, the manager of communications and marketing for Manwin, the parent company of Brazzers," which employs Lee and, we suspect, would be the beneficiary. (Emphasis added.) Post continues below.
(While Lee seems to think he's the first to insure that particular anatomical part, Bankrate.com once said that a "British male stripper named Frankie Jakeman insured his penis for $1.6 million.")
Sometimes the risk that the insurer will have to pay out seems even more unlikely. When Head & Shoulders shampoo insured spokesman Troy Polamalu's gorgeous head of hair for $1 million with Lloyd's of London, the Pittsburgh Post-Gazette reported the details regarding the Steelers safety:
The defensive star would have to lose at least 60% of his hair to be compensated. Granted, he has a lot of hair to begin with -- reports indicate Mr. Polamalu hasn't had a haircut in more than seven years -- but that still would be a pretty major makeover.
Mr. Polamalu's hair is insured against on-field events only.
Hair loss or damage cannot be from natural causes. Hair torn out or being set on fire? Yes, of course one wonders how that might occur on the field.
See? It's great publicity for Head & Shoulders, Troy, and Lloyd's of London.
According to the MSN Money article, "Insiders speculate that insuring body parts is a way for a company to get media attention for a celebrity or ignite attention for a brand -- and to increase the overall dollar value of a highly profitable star."
And what lessons may be found here for the rest of us? Insure against possible events that could leave you or your family exposed to financial catastrophe should they occur. Another MSN Money article says: "Most people need to be concerned with insuring four areas: their possessions, their life, their health and their finances" -- not individual body parts, no matter how spectacular you think they are.
More on MSN Money:
I wish I had enough money to waste on crap like this. I guess I wish I had junk more famous then myself, too.
Well, as long as I'm rubbin the magic lamp, can I have 3 more wishes?
The Federal Reserve, banks, a corrupt Congress, regulatory and reporting agencies continue to plunge this country's middle class into failure while concurrently making the rich even richer...yet THIS is the article you choose to publish within the money section?!?
Do the American public a favor...go to Zero Hedge, find ANY number of fact based and APPROPRIATE subjects posted daily and post them.
To say this article about "porn stars" is irrelevant to the American public is an understatement and frankly is the the type of "journalism" that is giving you the reputation of a shill and corporate media outlet bought and paid for by corporate America and ONLY concerned about the bottom line rather than "real news".
I'm up to (no pun intended there ... really) 7 Viagras & 4 Cialis per day, + 2 sessions of porn for 2.5 hours each. So far just hadn't managed that extra "Magical Millimeter".
But I'm drinking lots of milk (that "for the growing boy" thing), so I'm 100% optimistic that I'll be a millionaire soon.
I suppose if "it" is your livelyhood, then... protect it.
But really... bwah ha ha ha ha ha
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Editor Bev O'Shea lives and works in the foothills of the Appalachians. A former copy editor for The Atlanta Journal-Constitution and the Orlando Sentinel, she joined MSN Money in 2007. She's a fan of sunsets, college football and free shipping, among other things.
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Mitch Lipka has been warning people about scams and shining light on questionable business practices for more than 20 years. Mitch, the consumer columnist for The Boston Globe, has also been a reporter and editor at The Philadelphia Inquirer, Consumer Reports, South Florida Sun-Sentinel and AOL. He won the 2010 New York Press Club award for best consumer reporting online and was honored in 2011 for his reporting on child product safety.
Marilyn Lewis is an award-winning writer with a passion for getting readers clear, straight information that helps them stay out of financial trouble. A former reporter for The San Jose Mercury News, she works from her home in Port Townsend, Wash. Contact her at MarilynLewis@Outlook.com.
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