Lloyd’s of London is the insurance company that many celebrities turn to when they need a specialized, unique, type of insurance coverage. It seems that the insurer doesn’t cover absolutely everything, though. They turned down Bill Paxton when he requested life insurance coverage for an underwater voyage to the actual Titanic.
Lloyd’s of London has become well known for the variety of bizarre insurance policies that they have issued. In the 1940’s executives at Twentieth Century Fox went to Lloyd’s of London for a policy that would cover actress Betty Grable’s legs. Each leg was insured for $1 million. In 1980, Bruce Springsteen insured his voice for $6 million. Lloyd’s of London has, in the past, issued insurance coverage for Santa Claus.
It might appear that Lloyd’s of London will write an insurance policy for absolutely anything, especially if a celebrity is involved. That assumption, however, would be incorrect. It turns out that the insurer denied coverage on a policy that was requested by actor Bill Paxton. He talked about this when he appeared on a recent episode of the “Life With Kelly!” television show.
The story requires a little bit of background. Bill Paxton was in the 1997 movie “Titanic” that was directed by James Cameron. He played the role of Brock Lovett, a treasure hunter who was searching for Rose’s locket many years after the Titanic had sunk to the bottom of the ocean. The movie “Titanic” turned out to be a huge blockbuster.
Some years after the movie was made, James Cameron planned an expedition to the bottom of the ocean to view the actual wreck of the real Titanic. He invited Bill Paxton to join him.
It is easy to see how something like that could be risky. What if something went wrong? This is the type of situation where it would be a good idea to get some extra life insurance coverage. Obviously, a regular insurance company isn’t going to carry that type of coverage. So, Bill Paxton contacted Lloyd’s of London for coverage.
Bill was married and had young children at the time that the expedition was planned. Life insurance is designed to provide some financial assistance to the spouse and children of a policyholder after the person has passed away. Unfortunately, Lloyd’s of London refused to issue a life insurance policy to Bill Paxton when he requested it. He went on the trip to visit the Titanic with James Cameron anyway!
Image by Vanessa Lua on Flickr