Versace was insured for $21 million at Lloyd’s of London
LONDON (AP) _ Gianni Versace was insured for $21 million at Lloyd’s of London, according to a spokesman for the insurance market, who said the money will go to the slain designer’s Italian fashion house.
Versace’s life was covered under what market professionals call a ``key man″ policy, which protects businesses from the loss of a vital employee, said Lloyd’s spokesman Nick Doak.
The policy provides that the money will be paid out regardless of the cause of death. It is intended to help his company weather any short-term problems such as canceled events.
Versace had used an Italian broker who got the policy set up through Lloyd’s underwriters.
Doak said Tuesday the risk had been spread out among various brokers at Lloyd’s so no one broker would suffer too much of a loss.
Versace was slain last week in Miami Beach, Fla., and his Milan-based fashion house now is controlled by his brother Santo and sister Donatella.