Holly Madison Insures Her Breasts for $1 Million

September 29, 2011 Updated Sep 29, 2011 at 1:58 PM EDT

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Holly Madison (left)

September 29, 2011 Updated Sep 29, 2011 at 1:58 PM EDT

According to People Magazine, reality television star Holly Madison has taken out a $1 million insurance policy. ... on her breasts.

Madison -- the former girlfriend of Playboy founder Hugh Hefner who stars in the Las Vegas production "Peepshow" -- recently took out the policy with Lloyd's of London, according to the report.

Madison tells People that she took out the policy to protect herself and the rest of the "Peepshow" cast, saying, "I thought I'd cover my assets."

Read the People Magazine story HERE.