Lindsay Lohan's 'Liz & Dick' producer Larry Thompson bought 'incarceration insurance'

lindsay-lohan-lounging-liz-and-dick.jpgHiring Lindsay Lohan to play Elizabeth Taylor on "Liz & Dick," was a huge risk for the producer of the Lifetime biopic.

So Larry Thompson covered all his bases with insurance policies -- including incarceration insurance.

Is there really such a thing? "Yes there is -- and I found it," he confirms to Zap2it. "And believe it or not, the incarceration insurance was underwritten by Lloyds of London." (They're the famous agency whose high-profile policies include Keith Richards' fingers, Holly Madison's breasts and Mariah Carey's legs.)

"We tried to insure ourselves against things that could and, in fact, did happen," said Thompson.

That includes the troubled starlet's car accident en route to the "Liz & Dick" set and "exhaustion."

In fact, Thompson told us, he's the one who summoned medical help after what she describes as a "nap."

So considering Lohan's infamous behavior, why hire her?

"The very thing that the media can't seem to get enough of -- which is that sense of the unexpected that comes from her daily. While her behavior and antics may be unorthodox, when the camera catches it, it is magic.

"If you make a movie about Elizabeth Taylor and Richard Burton you better have some magic, because that's what they had," reasons the seasoned producer. "I couldn't just cast anybody who'd be good -- I had to cast someone who had the potential to be great and magical, who also could bring me a younger generation who don't know who Elizabeth Taylor and Richard Burton are.

"When Lindsay read the script she immediately identified with Elizabeth Taylor: They were child stars, they were hounded and hunted by the paparazzi, they lived life to the fullest, including being excessive about many things that they did, they defied the norm, they lived by their own rules.

"We eventually decided to take the risk, and I think the result is exactly what we set out to do. We've got magic in the can."

"Sometimes making the right decision is easier than living with the right decision," concludes Thompson, "but it still was the right decision nonetheless."

"Liz and Dick" premieres Sunday, Nov. 25 at 9 p.m. on Lifetime.
Photo/Video credit: Lifetime