A Light-Hearted Look At Insurance

Every week we provide a new article looking at various aspects of insurance from the perspective of the Local Insurance Broker Tasmania needs, RSM Tasmania.

When I sat down to write the article for this week, this thought crossed my mind “I wonder what are some of the strangest things that insurance companies cover, around the world” and the article was born.

So here is a ‘light-hearted’ look at the more unusual side of the insurance industry.

Which are real and which are not? Be prepared to be surprised.

Alien Abduction Insurance

While it might sound fictitious, the Saint Lawrence Agency in Florida offered a policy in the unlikely event that you were abducted by aliens.

Of course, this type of insurance is more likely offered as a novelty or promotional stunt, but in this case, they even claim to have paid out on the policy.

In 2021, a website called “The Leaders Edge’ (read the full interview here) interviewed the then 73-year-old Mr Mike St Lawrence of the aforementioned agency on this insurance cover.

They had then sold close to 7000 policies which had reached a cost of USD 19.95 for the 10 million dollar coverage. Asked if he had ever paid out on it he said they had done this twice, although people understood when they bought the policy that it was to be paid out at $1.00 per annum for 10 Million Years.

Paranormal Accident Insurance

This is more on the fictional side. However, a website called ‘Martin Insurance Agency’ does record that The Royal Falcon Hotel in Lowestoft, England insured its staff and customers against death and disability caused by ghosts, poltergeists and other abnormal activity.

I guess it MIGHT have been a marketing ploy.

Taste Buds Insurance

This is genuine. Professionals, particularly those in the food industry, whose livelihoods depend on their sense of taste (like wine tasters or food critics), have been known to insure their taste buds.

According to CNBC Hayleigh Curtis, a “chocolate scientist” in the UK Confectioner Cadbury’s Innovation team, had her taste buds insured with specialist insurers Lloyd’s of London for 1 Million Pounds, sterling.

Body Part Insurance

This is also a genuine thing. Celebrities, athletes, and performers often insure specific body parts that are critical to their careers.

Famous examples include Tina Turner and Heidi Klum insuring their legs, David Beckham’s legs and face for almost 200 Million and Bruce Springsteen insuring his voice for 3.5 Million.

Immaculate Conception Insurance

According to Pacific Prime Insurance in the UK, around 30 years ago, 3 sisters from the city of Inverness, Scotland, took out coverage from Essex-based britishinsurance.com to insure themselves against the costs of immaculately conceiving and raising the second Christ.

As you can imagine the Catholic church was remarkably unimpressed but the company insisted this was done with the best of intentions.

Lottery Winner Insurance

There is a legitimate product known as Group Lottery Insurance.

Companies can take out such policies to protect against operational disruptions if a significant number of employees win a lottery pool and resign simultaneously.

In 2018 a group of workers won a Mega Lottery worth $543 Million so I guess the chance of them all quitting on the same day (or close to) is quite legitimate. 

Zombie Apocalypse Insurance

This is fictitious and is more of a promotional or gag insurance product than a genuine offering. After all, who would be left to pay out the claim?

Wedding Insurance

This is genuine. Many insurance companies offer policies to cover various aspects of weddings, including cancellations, vendor issues, or damage to the wedding dress.

There is actually a website called dreamweddinginsurance.com.

Fantasy Football Insurance

This is also a real product. Given the rise in the popularity of fantasy sports, some insurance providers offer coverage for significant league entry fees in the event a key player on a fantasy team gets injured.

Vampire & Werewolf Protection

You would think that this is something insurance companies would have got their teeth into but I am sorry to say this is fictitious and falls into the category of novelty insurance products.

There are some unusual insurance policies. This list only really touches the sides.
Hope you enjoyed a bit of fun.

For real insurance help, talk to Roger Hosie from #RSMTasmania today.
Call Now! (03) 6244 7854, or email roger@rsmtasmania.com.au 

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