Program Offers Coverage to Managers for Property of the Stars

September 24, 2009

A Los Angeles broker has designed an insurance program specifically marketed to those who manage and attend to the glitterati.

Richard Rutkin, president of L.A.Xcess Insurance Brokers, Inc. recently announced a new, exclusive program for the entertainment industry. The Celebrity Red Carpet Program is designed for business managers, attorneys and accountants who manage the day to day fiduciary responsibility for their celebrity clients. Up until this program became available, those managers have had limited or little protection against loss by their clients during media and red carpet events.

The new, exclusive program extends protection to the business manager, attorney or accountant for property in the temporary possession of their celebrity clients. Property is described as: jewelry, (costume or precious), furs, footwear, clothing and accessories, handbags designed to carry small personal articles, fine art and musical instruments.

Coverage is further extended to include loss while in possession of the loan designee’s spouse, domestic partner or professional security personnel. Coverage is automatic and temporary while the property is in their clients’ possession. The program is available nationally.

According to Rutkin who has been in the insurance industry for 35 years, “I’ve spent the last 15 years of my career specializing in entertainment business and you never know when an expensive piece of jewelry might be stolen or damaged, an expensive handbag left behind or a spilled drink ruins a borrowed dress. The selective memory of celebrity clients has caused many a business manager to be at risk. It especially becomes critical when a red carpet event comes and goes. It is only after the event that the business manager is apprised of the loss, let alone know of the item being loaned to the celebrity. With L.A.Xcess’ new exclusive program, business managers will be protected against loss or damage to property loaned to the celebrity for use during televised or media events.”

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