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Weird and Wacky Alternative Insurance Coverage

Weird and Wacky Alternative Insurance Coverage

Insurance is serious business. The right policy can often mean the difference between financial survival for individuals and businesses, or financial ruin in the event of an accident.

However, insurance does have a lighter side. There are certain types of insurance coverage available for purchase that cover weird, wacky and sometimes amazing things.

One caveat: while the coverage may be available, it is always in your best interest to carefully research both the coverage and the insurance provider. There are scams out there, so buyer beware!

Body Parts Insurance

Health, disability and life insurance are common enough coverage, but what if you made your living because of one (or two) specific body parts? The loss of your money-making appendage could be devastating to your personal economy.

Lloyd’s of London and some other insurers have offered the following coverage:

  1. Bassist for the band Kiss, Gene Simmons, reportedly insured his ubiquitous tongue for $1,000,000.
  2. While NFL player Troy Polamalu was the spokesman for Head & Shoulders shampoo, Proctor & Gamble insured his hair for $1,000,000 to protect their investment.
  3. A Dutch winemaker insured his nose for $8,000,000. This policy includes both the loss of the nose and/or the sense of smell.

Models, artists, athletes and actors insure their legs, hands, voices and other body parts to protect their livelihood. The companies who hire them may also insure against loss of use.

Policyholders must take extra precautions, so skydiving, boxing, flamethrowing and other hazardous activities are discouraged and may even result in cancellation of coverage.

Alien Abduction

Whether or not you believe in space aliens, you may want to be insured in the event of an invasion. One insurance company in the UK has been offering alien abduction insurance for decades and sells roughly 30,000 of the policies a year. At around $150 per year, it’s almost too good to pass up.

Another company in Florida offers a certificate of coverage for $10,000,000 if the policyholder is abducted by aliens. The certificate pays double indemnity in the event the abductee is impregnated (male or female) by an alien life form or was considered being used as a food source.

The certificate will pay claimants who have proof of abduction a whopping $1 per year for 10 million years. The lifetime premium for this coverage is $9.95 for a digital download and $19.95 by mail, but the underwriting requirements are stiff.  Do you have a sense of humor? This might be the coverage for you.

Twins, Triplets Or More

As of 2015, it is estimated that the cost to raise a child from birth to age 18 in the United States is about $245,000. That’s just one child!  Twins or triplets can double or triple that cost, or even more.

What if you could insure yourself financially in the event you or your significant other gives birth to more than one child at a time? Well, you can!

The policy has a fixed amount, and pays in the event that more than one child is born of the same pregnancy. The following are underwriting criteria:

  1. Parents cannot know that they are already expecting multiples.
  2. Family history of multiples will result in a higher premium.
  3. The usage of fertility drugs or other means of conception will result in a higher premium.

Policy funds may be used to cover additional expenses associated with multiples from food to clothing to medical care and more. The funds can even be used for college savings.

Weather Phenomena

Rain on your wedding day? Unusual amount of snow affecting your fair weather business? Lack of snow affecting your ski lodge?  There’s an insurance policy for that.

Weather insurance can be purchased for special short term events such as weddings, concerts or festivals, photo shoots or filming. It can also be purchased on an annual or seasonal basis for businesses that operate on those schedules and may be affected by adverse weather conditions. The coverage is available as a standalone policy or packaged with other types of event coverage.

There is a wide world of insurance out there beyond the normal policies. Should you wish to insure against the strange or unusual, talk to your Hayes Broker to find out if coverage may be available.

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