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Insurance can be confusing. There are so many options and nuances depending on which market you are in. What coverage do you need? Are you getting a good value? It's different for everyone. We hope to help you better understand how it all works. Please reach out if we don't address your questions here. If nothing else we hope we can make insurance interesting.
When one hears a headline that Jennifer Lopez's gluteus maximus or David Beckham's face is insured for tens-of-millions of dollars skepticism naturally arises. How does someone value that? And can insurance companies actually insure for these things?
There are a few key tenets that need apply in order for insurance to be written.
- It cannot be a speculative risk, meaning that a risk has both the possibility of a gain and a loss such as a game of blackjack. It must be a pure risk which involve only the possibility of a loss.
- It must be unexpected.
- The loss must be calculable
According to a 2013 report, Chritiano Ronoldo had his legs insured for 103 million Euros. This insurance policy qualifies because there is pure risk, the worth of his legs are directly tied to his contract and an injury would be clearly unexpected. In the event of a catastrophic accident while playing soccer he would be covered under a workers compensation policy. If the career ending injury were to happen off the field, its hard saying if his legs would be covered. Inferring on this article- http://www.insidespanishfootball.com/88696/cristiano-ronaldo-has-his-legs-insured-for-e103-million/ it is likely that this is a workers compensation policy since the policy is through the club. It's doubtful that he would be payed 103,000,000 Euros if it happened in a car accident or shark attack, but without seeing the insurance policy we can't be too sure.
As for J-Lo's backside...doubtful.