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The player is famous for his instantly recognizable locks, which reportedly haven't been cut in more than seven years.
Officials with Lloyd's, which also insures celebrity assets including Jennifer Lopez's behind and actress America Ferrara's smile, said the policy will cover on-the-field hair damage, but not natural events such as male pattern baldness.
"Besides having that iconic hair, Troy is a wonderful and genuine person," said April Anslinger, North American Head & Shoulders brand manager. She said the insurance policy was "a brilliant idea, because at the end of the day, we know hair, and we want to protect our (spokesman's) best asset."