What it takes to insure high-profile personalities
A Jeepney-inspired popemobile was commissioned for Pope Francis’ Philippine visit from January 15 to 19, adhering to his request to do away with doors and windows so he can “interact more with the Filipino faithful.” (READ: What's a jeepney? Pope likes what his ride symbolizes)
For his Philippine visit, Pope Francis used 3 popemobiles. The Vatican selects a popemobile depending upon the level of security needed, distance, and speed of travel.
As such, the papal visit called for an extensive security plan for the 5-day tour in Manila and Tacloban. At least 25,000 police officers were reportedly deployed in Luneta, site of the Pope's closing Mass at the Quirino Grandstand in Manila on Sunday, January 18.
Even with such high security (not to mention the Pontifical Swiss Guards, the Holy Father's "bodyguards"), the Pope is like many high-profile individuals insured against any mishaps.
Celebrities, politicians, and people of high net worth and fame do not have the same kind of coverage that everyone else does.
By the same token, high-performance cars these people travel in – like those used in Formula One races – are given a different kind of coverage.
Personal insurance and auto insurance are policies that often go hand-in-hand. At times, they may overlap in their coverage of you and your assets, but high-profile personalities or high net-worth individuals require increased coverage commensurate to their personal net worth and the assets they need protected.
For instance, Pope Francis will have a higher liability exposure owing to his position of global importance.
Personalities and their cars
It is the same case as Formula One racers who are assessed at a much higher risk than most normal individuals owing to the nature of their careers. A racer will normally have an annual global coverage from his team, along with his own personal coverage.
Coverage due to injury are often common, however, F1 insurers also provide coverage for missed or cancelled races to allow for losses to wage and revenue.
Another extra cover to racers is against acts of terrorism which makes sense considering where races are held and their high-profile nature.
These individuals may also choose to have specific parts insured owing to the nature of their careers. To illustrate, F1 racer Fernando Alonso once had his thumbs insured for 9 million pounds.
Insuring these personalities and their vehicles tend to be pricey and usually well above the coverage of most ordinary insurers.
Specialist insurers normally come into the picture at this point and in most cases will be assigned a dedicated account executive to handle all their needs.
In the case of the Pope, the vehicles that take him through the cities he visits as well as the 3 popemobiles used in his Philippine visit have exotic covers – lifestyle protection among them.
These cars are normally assessed by the insurer and advised on any additional needs for the car itself. The process is extremely detailed and undertaken by special mathematicians called actuaries. All eventualities are considered and assigned a probability.
This soon gets complicated when the outcomes are interdependent, for example, should his Holiness take an interest in Formula One racing, naturally, the risk of accident in a fast car increases.
In any case, we, the millions of Filipinos wish Pope Francis a safe travel back to Rome, as he departs the country, Monday, January 19. – Rappler.com
To learn more about auto insurance policies, read more at MoneyMax Philippines’ blog.
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