Unusual and Totally Interesting Insurance Coverage

September 23, 2021

Purchasing insurance coverage is a typical occurrence. One wants to protect the money invested in an asset, therefore he insures it. Simple? But here’s the amusing part: people have insured bizarre, if not outright ridiculous, items!

The insurance industry has existed for hundreds of years and provides coverage to cover practically every risk. Although many types of insurance have actual value and protect against the hazards that come with everyday life, some people carry insurance for risks that may seem ludicrous, humorous, or even weird to others.

Spouse who has vanished!

It’s not uncommon to get cold feet immediately before the wedding. So, what happens to your parents’ hard-earned money that they spent on your beautiful wedding? To your relief, you can purchase an insurance policy to reimburse you for the money you’ve already spent if your partner decides to leave!

Cigar

It can appear sophisticated to smoke a cigar like a hero from a Hollywood western. Is it, nevertheless, a good idea to insure a cigar? Obviously, it does. As long as it’s a 12-foot-long, monstrous beast of a cigar! A record-breaking cigar is on display at the Skansen museum in Stockholm, and it’s fully insured for all the right reasons!

Parts of the Body

If it’s worth something, it’s worth insuring! Celebrities have started insuring their body parts. Heidi Klum’s legs were insured for $2.2 million once the fad began a while back. Ben Turpin’s eyes were sold for $20,000, Merv Hughes’ mustache was sold for $370,000, and America Ferrera’s grin was sold for $10 million, among other things.

Death by Laughter

People in the early 1900s were overconfident in their sense of humor. So much so that Lloyd’s of London, a British insurer, has provided a $1 million coverage for moviegoers in case they die from laughing too much.

Alien Abduction

Many people, it appears, are terrified of being abducted by aliens. If you are one of those folks, Lloyd’s of London (yes, they are known for ensuring such things!) can help. To date, more than 20,000 Alien Abduction Policies have been purchased.

The Myth of ’Nessie

The Loch Ness Monster, sometimes known as ‘Nessie,’ has long been a popular legend among locals and tourists. Cutty Sark, a Scottish whisky firm, sought to cash in on the mythological beast in 1971, offering a £1 million prize to anybody who could capture it.

The whisky firm broke out in a cold sweat at the possibility of handing out the prize, ensuring that the competition would continue. (The underwriters stipulated that if Nessie was successfully captured, the monster would have to be confirmed by the National History Museum’s experts and would then become their property.) Nessie is still on the loose.

Lottery Winner’s Insurance

Pay attention, small business owners. Did you know that there is a lottery winner’s insurance policy? Consider your weekly sweepstakes: what happens if (or when, if you’re lucky!) Do any of your employees win the lottery and decide to never work again?

Lottery Winners Insurance is intended to cover expenses such as temporary staffing and new employee training. Unfortunately, it only covers you if two or more of your employees leave work at the same time as a result of a win – the chances are clearly stacked against you.

Falling coconut insurance

Dr. Peter Brass claimed in 1984 that 150 individuals died each year as a result of being hit in the head by falling coconuts. A UK travel company took up an unusual policy soon after: “injury by falling coconut insurance.” After being hit in the head by a falling coconut while on vacation in Sri Lanka, one of their customers successfully filed a claim.

Reimbursement for Ransom

Multinational firms have been known to get kidnapping insurance in case their executives are kidnapped while on a business trip in another country. Individuals, on the other hand, can obtain this insurance if they so wish. What is the mechanism behind it? The insurance company will send a team of negotiators to your location and reimburse you for the ransom up to your policy limitations.

Werewolves, vampires, and ghosts aren’t to be forgotten

Do you have an unhealthy obsession with the HBO series True Blood? It’s no problem. There’s also a policy in place for you. For example, the Royal Falcon Hotel in Lowestoft, England, insured its employees and guests against death and injury as a result of ghosts, poltergeists, and other paranormal activity.

Mentions of Merit

These regulations didn’t quite make the cut, but we couldn’t leave them out because they’re so bizarre. The honorable mentions are listed below.

Employers can get their star employee insured.
If you planned for one child and got a surprise of multiple, you can get insurance to pay for the expenses.
You don’t have to insure your full body all of the time. When Kiss was at its peak in the 1970s, Gene Simmons, the famed bassist, reputedly insured his tongue for $1 million.
Winemaker Ilja Gort took out an $8 million coverage on his nose after hearing about a man who lost his sense of smell in a vehicle accident. He is prohibited from riding a motorbike, working as a knife thrower’s assistant, or working as a fire-breather, among other things, under the rules of the policy.
Insurance for Food Trucks

What is it that is worth insuring?

With all of the strange and amazing insurance policies available, protecting our retirement income in case we run out of money appears to be a tedious task. However, it’s far more probable that you’ll file a claim for this than for getting kidnapped by aliens or catching Nessie on your fishing line.

When you consider what some people wish to safeguard, it becomes clear that conserving money in retirement is a good idea. Whatever form of insurance you require, there are a number of variables to consider before selecting a provider. You must first identify all of your needs and desires while keeping your budget in mind.