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Weirdest Insurance

7 Of the Weirdest Insurance Claims Ever

People frequently carry various kinds of insurance policies including health, automobile, homeowners, and life. Businesses also buy insurance as well, for instance property, liability, and commercial auto. These policies are standard within the insurance industry.

However, companies occasionally write policies that attract attention due to their unusual nature. Here’s a list of some of the weirdest insurance claims.

1. Body Parts

Insuring parts of the body isn’t exactly new, with the practice dating back as far as the 1900s. However, it’s a bit strange for the average person.  You’ll discover that celebrities have different needs and standards when it comes to their insurance choices.

For instance, Troy Polamalu-a pro bowl player who’s known for his athletic prowess and hair, which flows down his back. After Procter & Gamble signed him on in 2010 to endorse its shampoo product, the company took out a $1 million dollar insurance policy to guard against hair loss.

Other celebrities with similar policies include Mariah Carey who insured her legs for $1 billion and David Beckham who insured his legs for £100 million in 2006.

2. Cold Feet

As wedding costs grow, interest in policies that cover a couple’s nuptials is also increasing. Today, wedding insurance has become common, as the wedding cost in the United States has increased to $29,000 on average.

Fireman Fund has been providing wedding coverage since the early 90s. It offers the nonrefundable costs, including cancellation because of a serious injury, a missing caterer, or extreme weather. The company has since included “change of heart” policy for the stranded groom or bride at the altar.

A rider also exists to cover the cost of expert counseling to help deal with the broken heart. Bear in mind that the coverage is only applicable if the wedding’s cancellation takes place 180 days in advance and only covers cash spent by “innocent financiers” such as the parents.

3. Improbable Insurance

A baby can be a costly blessing, and tripling or doubling the costs owing to triplets or twins is enough to set the parents back financially. Several expectant mothers have taken out multiple-birth coverage against the economic impact of an extra mouth or two.

However, this policy isn’t accessible to couples who have gone through fertility treatment. Lloyd’s also provides coverage to employers against two or more of its workers winning the national lottery and leaving work. The policy helps the employer substitute them.

4. Indispensible Senses

For those who make their livelihoods with their senses, insurance can be a lifesaver. In 2008, IIja Gort-a Dutch winemaker, insured his nose for $8 million with Lloyd’s.

Gort asserts that his nose can differentiate millions of varying scents, unlike the tongue, which merely has five taste areas. As a condition of the policy, Gort can’t participate in winter sports or boxing.

5. Alien abduction

If you believe in aliens, some insurance companies provide coverage, with policies typically costing approximately $150 per $1.5 million in coverage.

Around the nation, companies have written over $10 million in alien abduction coverage, with higher payouts accessible to those abducted frequently. Bear in mind that you must prove abduction occurred before collecting.

6. Kidnapping Insurance

Aside from the associated trauma, kidnapping can get very expensive considering the ransom costs, the costs of expert negotiators, and travel arrangements.

As a result, numerous wealthy families and companies with staff members overseas carry kidnap and ransom insurance to cover themselves. The insurance offers risk mitigation, protection, and crisis management for a wide array of crisis-related risks.

7. Werewolf/Zombie/Vampire Attack

While numerous persons believe a zombie apocalypse is looming, some people still express concerns over attacks from creatures such as vampires and werewolves. Lloyd’s has supposedly sold policies to protect clients in the event of such attacks.

Final Thoughts

Most people have insurance of one type or another-life, auto insurance etc. For the most part, insurance offers some financial security in case of a tragic event such as a car wreck.

However, some persons are concerned with unusual circumstances in which case they need insurance that you wouldn’t ordinarily find in a carrier’s portfolio. With that in mind, here are some unusual policies that you probably weren’t aware of.