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Find Out How Bill Cosby Screwed Things Up For Other Big Celebs

Find Out How Bill Cosby Screwed Things Up For Other Big Celebs

They're paying the price.

Published May 16th

Bill Cosby's downfall is having an impact on many other celebrities who don't appear to have anything to do with the scandal.

According to TMZ, the former TV dad's legal mess has scared insurance companies away from protecting other entertainers and athletes from lawsuits.

Sources in the insurance industry report that, until recently, insurance companies offered people in the public eye "umbrella policies" to protect against potential legal judgments. Now, though, these companies are a lot more cautious and hesitant about protecting their famous clients since learning what Cosby's insurance company may be required to pay out to his alleged victims.

Umbrella policies typically cover celebrities from $20 million to $30 million in lawsuit judgments. Insurance companies, in recent years, have reportedly had second thoughts about writing umbrella policies for big names in the business — particularly athletes — because they often become direct targets of opportunists trying to shake down stars for cash.

Though not many are saying Cosby is the victim of a shakedown, as a result of the multiple lawsuits the actor is facing, these companies seem to be realizing that protecting a celebrity may not be such a great gamble.

Check out a rundown of the Cosby scandal in the BET Breaks video above.

BET.com is your No. 1 source for Black celebrity news, photos, exclusive videos and all the latest in the world of hip hop and R&B music. 

Written by John Justice

(Photo: William Thomas Cain/Getty Images)

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