If you think the rich and famous aren’t that different from the rest of us, you should read their insurance policies.
Welcome to the world of specialty lines insurance.
When clients want to cover extraordinary possessions, like high-value luxury items, collections or body parts vital to their livelihoods (think you-know-who’s legs insured for 1 million dollars), they don’t just drop into the local insurance office and sign on the dotted line.
Instead, an individual might purchase a separate policy, often called a rider, to cover the item. And, if the situation is really unique, it might be handled by a company’s specialty lines department.
One winemaker even insured his nose for $7.8 million.
And this isn’t off-the-rack coverage. Insurance agents who work in this area often develop a special talent for troubleshooting and problem solving, which comes in handy when policies are custom-tailored for out-of-the-ordinary items and situations.