Her rooftop stunt may be flashy and exciting but it can also bring massive profits to insurers.
On February 5, Lady Gaga will headline the Super Bowl halftime show and will require a substantial event insurance policy for the performance. She intends to perform on top of the NRG Stadium cover dome in Houston.
Organizers are scrambling to assemble plans to safely put her on the dome in the first place.
While it’s clear that every measure will be taken to ensure Lady Gaga will be safe the entire time, it will certainly add a hefty amount to the event insurance policy cost. The performer has already been practicing for the show on her backyard’s tented dance floor. She has been building hype about it through Instagram posts teasing fans.
The majority of insurance companies would typically turn down the chance to cover that type of stunt. This, according to Gaspar Insurance Services owner Tim Gaspar. “Insurance companies are not in the business of taking risks, though it seems like they are,” he said.
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That said, event insurance policy providers can charge a very high fee for begin willing to take the risk.
Gaspar, whose agency operates out of Los Angeles, explained the potential benefits for an insurance company. While the insurer does need to face a certain sizeable and potentially costly risk, it can offset the size of the peril with a notably higher premium. According to Gaspar’s estimates, the event organizers and producers will need to pay somewhere between $100,000 and $200,000 for the whole halftime show.
That said, this is assuming that the organizers come up with a way to get Lady Gaga onto the roof that insurance companies will deem acceptable. After all, if something truly dramatic were to happen – such as if she were to be dropped onto the fabric dome of the roof after flying in and jumping down from a helicopter, it is unlikely that any insurer would be willing to face that risk. Even firms with the highest risk tolerance might balk at that.
The star has yet to decide exactly how her performance will play out. What is known is that it will have a direct impact on the event insurance policy fee to cover it.