Broadway Brokers Take Final Bow

Broadway Brokers Take Final Bow

By Sam Friedman

NU Online New Service, Sept. 18, 11:08 a.m., New York?On Broadway, they say the show must go on, but for the first time in decades, it will have to go on without "the First Couple of theatrical insurance brokerage," Robert and Margery Boyar, who retired from their posts at Marsh this week.

Mr. Boyar began his career as a theatrical insurance adviser in 1948. Ms. Boyar joined his agency in 1973. The R.A. Boyar Agency was acquired by Marsh & McLennan in 1987, where Mr. Boyar became a senior vice president.

Mr. Boyar is widely acknowledged as a pioneer in the theater insurance industry. The son of a general manager in the theater community, he developed the business interruption market for Broadway shows while still a young broker, Marsh noted, writing a program to reimburse producers forced to cancel productions for causes outside of their control.

He also worked with syndicates at Lloyd's of London to write "nonappearance" coverage to reimburse producers for money lost when stars cannot perform. Twenty years ago, he was invited to write the Theatrical Production Insurance Program for Chubb Insurance Group, one of the market's leading underwriters to this day, Marsh added.

Among the more unique risks handled by the Boyars?the computer that operates the elaborate sets for "Les Miserables," as well as the chandelier that falls from the ceiling in each production of "Phantom of the Opera."

The Boyars took their final bows on Broadway by arranging the insurance programs for two new productions?"Little Shop of Horrors" and "The Boy From Oz."

Marsh honored the Boyars at a reception at Sardi's, the landmark restaurant in the heart of the theater district, where Mr. Boyar has the distinction of being the only insurance broker to have his caricature hung in the restaurant's famous portrait gallery.

"I was born in the theater, and grew up in it," said Mr. Boyar. "It has been our job to make sure that the requisite insurance for each production was always available and written by underwriters who would pay all legitimate claims without litigation."

Taking over for the Boyars will be a team of brokers in the Marsh Entertainment Division. Introduced as the lead broker was Linda Badgett, who has been in this niche for over 20 years, and who joined Marsh in 1997. She has been responsible for handling the insurance program for Cameron Mackintosh, Inc., including "Phantom of the Opera."