In the exciting world of entertainment insurance, the spotlight often falls on glamorous red carpet events and chart-topping musicians. However, there's a segment within the industry that is frequently overlooked—authors and publishers. Beyond the glittering facade, these individuals face unique challenges in protecting their earnings, requiring tailored solutions often found in the global marketplace, specifically through Lloyd's of London.
Innovative insurance solutions overseas are accessible through Lloyd's of London, facilitated by coverholders. These coverholders can unlock extraordinary benefit limits for those in the entertainment industry, particularly the publishing and writing sectors, leveraging their relationships with Lloyd’s capital providers.
Authors and publishers present a distinctive challenge for U.S. disability carriers due to the volatility in their earnings history. Consequently, disability insurance from the Excess Lines market, such as Lloyd's of London, becomes a crucial resource for this niche.
Within this specialized market, two primary insurance solutions cater to the unique needs of authors and publishers—high limit disability income protection and key person disability insurance. High limit disability income protection, through Lloyd's of London, serves as the primary source for those who publish and write. This coverage often includes an "own occupation" definition of disability, providing a nuanced level of protection.
For publishers with Key Authors integral to their financial success, a corporately owned Key Person Disability Insurance program from Lloyd's of London offers a customized policy structure. This program provides publishers with benefits in the event their key person/author faces injury or illness, mitigating potential financial setbacks.
A recent success story sheds light on the importance of income protection for authors and editors. In this case, a critically acclaimed author and editor in their mid-40s, with an annual income exceeding $2 million, recognized the need to safeguard their future earnings against unforeseen accidents or illnesses. Balancing dual roles as a writer and editor, the client sought a tailored solution to fortify their income stream.
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There are effective strategies available for safeguarding your clients in the publication industry who may not be in the spotlight during premier nights but are equally deserving of protection. While they may not grace the red carpet, their significance should not be underestimated. As an advisor committed to looking out for your clients, these individuals require your support.
If you are interested in learning more about how to access this group and learn about best practices, please schedule a meeting with our business development team.
