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10 Crazy
Insurance
Policies
(That Actually Exist!)
What is insurance?
Insurance is a means of protection from financial loss. It is a form of risk
management, primarily used to hedge against the risk of a contingent or uncertain
loss.
There are several main groups of insurance. They are: life insurance, car insurance,
home insurance and others
Yes, but there are also unusual appearances of insurance that we don’t know about!
Want to know that?
Yes?
Let's start !
No?
You have to watch it
Body Part
Insurance
You would expect a NASCAR driver to
have life insurance, but did you know that
certain celebrities have specific body parts
insured for millions of dollars?
Examples
$2.2 million for Heidi Klum’s legs
$27 million for J. Lo’s butt
$10 million for America Ferrera’s teeth
$6 million for Rod Stewart’s voice
$1.6 million for Keith Richard’s middle
finger
$600,000 for Dolly Parton’s chest
$7 million for Tom Jones’ chest hair
(You read that right!)
$1 million for Gene Simmons’ tongue
$393,000 for food critic Egon Ronay’s
taste buds
Gene Simmons
Tom Jones
America Ferrera’
Career Insurance
You can’t always point to a single body part as the one thing keeping your career
afloat. That’s where some celebrities have taken out policies against their entire
careers.
Abbott and Costello’s $250,000 policy protected them against partnership-ending
arguments for five years. And if soccer star David Beckham has a career-ending
injury, his insurance carrier will pay him $151 million.
Again, for people whose career paths are their only livelihood, an insurance policy
like this makes sense. When the paychecks, endorsements, and speaking
engagements end, celebs want to receive compensation.
Ghost
insurance
The term “ghost policy” has two
definitions in the industry. While a Ghost
Policy often refers to a situation where a
business tries to cheat its way out of
proper workers’ comp coverage, some
insurance companies actually have a
legitimate “ghost insurance” policy…to
cover damage done by actual spirits.
Worried about a close encounter of the third kind?
Yep. There’s insurance for that, too.
At least three different insurance agencies (one of
them right here in Central Florida!) sell alien
abduction policies and some have even paid out
claims!
The plans range from serious to “gag gift,” but if you
live in fear of an alien abduction, this might be the
perfect policy to set your mind at ease.
When the Russians launched the Sputnik satellite in 1957, it
created a worldwide panic.
In fact, some people were so scared of pending disaster that
Lloyd’s of London actually wrote a $22,000 policy (almost
$200,000 in today’s money) protecting against accidental
death caused by “falling sputnik.”
It should be said, however, that there have never been any
recorded incidents of injury or death by a falling satellite.
Alien Abduction
Insurance
Falling Sputnik
Insurance
Multiple Birth Insurance
More strange Insurances
“Buy One Get One Free” is a great deal at the grocery
store, but a little more intimidating when it comes to
pregnancy.
Multiple birth insurance would
reimburse pregnant mothers for the
added costs of an “unexpected”
arrival. (Diapers are expensive enough
for one baby, let alone two.)
While not available in the U.S. (yet?)
“twinsurance” is fairly popular in the
U.K.
"Coldest Feet"
Insurance
We’ve written about wedding insurance before
and believe it to be well worth the cost
(especially if you’re getting married during
hurricane season).
But what if the Irma that calls off your wedding isn’t
a storm’s name, but your fiancée’s?
One company offers “Change of Heart” insurance if a
bride or groom calls off the wedding.
The catch? The bride or groom cannot collect on
this, only an “innocent party financier.” So if Melissa
calls off the wedding, her parents can get back the
cash they shelled out on the dress, venue, and
flowers.
When political unrest began stirring in Thailand
back in 2010, the country’s tourism numbers
dropped by eight percent.When political unrest
began stirring in Thailand back in 2010, the
country’s tourism numbers dropped by eight
percent.
In an effort to boost the tourism industry, the
Thai government offered $10,000 coverage on
tourists who were injured as a result of a riot
during their visit. Travel delays caused by riots and
political demonstrations were reimbursable up to
$100 a day.
Thailand Riot Insurance
Bed Bug Insurance
Treating a bed bug
infestation costs the
typical homeowner
around $1,000-2,000, but
if you own an apartment
building, those costs
could skyrocket.
Many people think their
homeowner’s or renter’s
insurance is
comprehensive, only to be
disappointed when they
make a “non-covered”
claim.
In Florida, you might
be aware that flood
damage isn’t covered,
but did you know that
bed bug remediation
isn’t either?
Bed bug coverage would
get your tenants the help
they need without
bankrupting you.
You might not rely on a perfect sense of
smell to do your job and you might not
worry about a ghost affecting your
business. But odds are, you have gaps in
your insurance coverage that are making
you financially vulnerable.
Protecting
Your Life
Thank you for your
attention
Though they might sound ridiculous, these crazy
insurance policies exist because someone, somewhere,
feared losing something valuable.
I hope you liked my presentation
♡
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