When people think of the Excess & Surplus Lines Market, they often envision insuring fabulously well-known celebrity body parts, whether it's JLo's well-photographed derriere, Dolly Parton's trademark DD's, or soccer star David Beckham's legs - once insured for a $100 million.
It's all well and good to protect celebrity's individual body parts, but what happens if that celebrity has a stroke and only has his vocal chords insured? As savvy insurance advisors, it's imperative to provide your clients with comprehensive coverage that protects the A-List entertainers' whole body from the event of injury or illness and not just one body part.
Due to the nature of the entertainment business, domestic disability income protection markets will not insure those in the entertainment business. Fortunately, there are alternative insurance solutions in the Excess & Surplus Lines Market. The underwriting process for entertainers is not so different than from high income earning executives, entrepreneurs, lawyers, hedge fund managers, etc... Both parties need to provide an application, medicals and financials, however, an underwriter will research an entertainer's work history, future projects announced or in production, and any ancillary income streams, i.e. a musician that also acts, when assessing the risk.
Outside of the High Limit Income Protection for those in the entertainment business, other coverage available through the Excess & Surplus Lines Market include Non-Appearance/Event Cancellation Insurance, Contingency, Disgrace, Contractual Indemnification and Kidnap & Ransom. And don't forget about the folks behind the camera! Executive Producers, Directors, Authors & Publishers are all a part of the Entertainment Industry and therefore need to look outside the domestic carriers for coverage.
For those in front (and behind) the camera, their ability to perform is their greatest asset. If you are interested in learning how to deliver a broader and richer insurance portfolio to your star clients, we encourage you to download our Entertainment Brochure.
