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PROPERTY & CASUALTY
JUN 28, 2017
In Honor of Insurance Awareness Day: Fun Insurance Facts
It’s not very often that the words “insurance” and “fun” are found in the same sentence. In honor of Insurance Awareness Day this June 28, 2017, Amerisure thought we’d change that perception. Even though this observance isn’t an official industry holiday, it does pop up on numerous calendars online, so we figured we’d at least mention it in a blog article!
The History of Insurance
Insurance is something all of us use both personally and professionally, but how many of you actually know where it all began?
– Merchants in Babylon and ancient Greece had what they called bottomry contracts. These were loans granted to merchants that stated if their shipment was lost at sea, their loans didn’t need to be repaid.
– Due to the huge losses from the Great Fire of London in 1666 (over 13,000 houses), the Insurance Office for Houses was created. Located at the back of the Royal Exchange, it initially insured 5,000 homes, becoming the first instance of property insurance.
– Benjamin Franklin helped to create the first American insurance company called the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. A few key insurance practices were developed here including property inspection, rates based on risk assessment and buildings having to meet specific building codes before they could be insured.
Fun Insurance Facts
So, here’s the fun part. We’ve all heard how Betty Grable’s legs were insured for $1 million, but other contemporary celebrities have had similar coverages:
– Since we’re talking about legs, Grable isn’t the only one with insurable appendages. Model and Project Runway star Heidi Klum insured her legs for $2.2 million. Interestingly, since her left leg has a small scar it was insured for $1 million while her right leg was worth $1.2 million. Tina Turner’s legs were also insured – for $3.2 million.
– Many celebrities are known for their high-wattage smiles. Julia Roberts’ smile has been insured for $30 million and Aquafresh had Ugly Betty’s America Ferrara’s smile insured for $10 million as a promotion to raise money for the charity Smiles for Success.
– Many famous singers have had their pipes insured: Boss Bruce Springsteen for $6 million, songstress Mariah Carey for $35 million and rocker Rod Stewart for $5.5 million.
– Soccer icon David Beckham’s legs and feet aren’t the only insurable parts of his body. Since his good looks get him endorsements as well, he’s been insured for $195 million – supposedly the largest personal insurance policy in sports history. Since becoming 007, Daniel Craig had his body insured for $9.5 million (for Quantum of Solace) due to his insistence on performing many of his own stunts in the James Bond films.
– Due to federal regulations, Apollo 11 astronauts Neil Armstrong, Michael Collins and Buzz Aldrin weren’t insured by NASA when they took flight July 16, 1969. To make sure their loved ones were covered if they didn’t make it home, they autographed hundreds of envelopes which are now known as insurance covers. They had a friend get them postmarked on the day they launched and the day they landed on the moon to add to their value. The covers were divided among the three families so, if needed, they could sell them. The crews of Apollos 12 to 16 all signed insurance covers as well. Nowadays, these insurance covers are getting upwards of $50,000 at auction.
History and trivia aside, if your business has other insurance questions,
click here to contact Amerisure