Unexpected Insurance Policies

Home, health, and car insurance are common to everyday life. You can’t live with them and you can’t live without them. They become a fact of life once we enter that glorious stage of adulthood. It’s been apart of our lives for over 250 years. The very first American Insurance company was founded by Benjamin Franklin in 1752, according to the Encyclopedia Britannica. When we got to 1820, there were over 17 state life insurance companies in New York State alone! The idea of insurance has roots even older than Mr. Franklin, though, dating back to 4000-3000 BCE. These early forms of insurance were known as Bottomry Contracts. These contracts were a loan given to merchants who, if they lost the wares this loan bought by being lost at sea, they wouldn’t have to repay the loan!

Today, companies offer insurance bundles, new opportunities, and savings galore to protect and preserve anything and everything under our roof. But, do you know just how much is and can be insured across the county and around the world? We’re sure you’ve seen those goofy insurance commercials where they play fun at insuring some strange things. In all actuality, you might be surprised at some of the very silly and strange things that can and are covered under certain insurance policies today. With that in mind, we wanted to share some of the most unique and interesting insurance policies around!

ALIENS! Curious just how real Ancient Aliens really is? First off, don’t watch too many reruns of that show, or you might just get beamed up. If you do, and you feel like you have a future threat from little green men, there is an insurance policy out there for you. Just like any incident that requires proof to get a claim filed, alien abduction is no different. Lloyd’s of London, known for all kinds of unusual insurance policies, has sold over 30,000 alien abduction insurance policies throughout Europe, according to GEICO. But Lloyd’s isn’t the only firm that sells this kind of policy, multiple companies across Europe do. You do need to be returned to earth by the aliens to receive the policy, of course, and the claim to file is pretty extensive. You need to provide the signature of an authorized alien that was on board the ship you were abducted to, you have to pass a lie detector test, provide video footage of your abduction, and more! If you can get your claim approved, you’ll get a payout of up to $10 million. The catch is, you will only receive your money in installments of 1 dollar every year.

BODY PARTS! Certain limbs have made our celebrities and athletes very famous, helping them do what they do best. Famous Golden Age dancer, singer, and actress Ann Miller insured her precious gams for $1 Million. She made sure her dancing days were only over when she decided they were. At the height of his career, KISS frontman Gene Simmons is rumored to have insured his lewd and shocking tongue for $1 million. Bruce Springsteen even insured his voice for $6 million at one point in his career! Superstars and athletes get paid top dollar for what they do and how they do it. For the everyday person who loves to sing in the shower or play catch in the backyard, these policies might seem a little strange. But, for superstar household names, it’s just a part of their workday. They may be a little over the top, but that’s what happens when you land in Hollywood.

WEDDINGS! This might sound strange, but ask any couple who planned a wedding for 2020, and they might have to disagree with you. Even before the pandemic, wedding insurance was becoming more common with plans up to (if not more than) $20,000. They were created to cover things like a bankrupt event space, cancellation due to sickness, natural disaster, or a personal tragedy, and even a missing officiate. Some companies, according to AllState, can even cover the cancellation of a honeymoon. This insurance, however, doesn’t end there. According to BankRate, Firemans Fund Insurance company also covers something called “change of heart”. This is when a bride or groom is left at the altar, and even covers services to help deal with a broken heart. The coverage only applies if the jilted party is left hanging 180 days before the wedding and not the day of. So, don’t get any funny ideas in your head when you’re hearing wedding bells!

Other strange insurance policies include:

Are you in the market for new insurance? When you talk with an agent or a broker, find out if your potential new provider can offer you a little something out of the ordinary. The results might surprise you. You might even surprise yourself with what might interest you. Do you have unique insurance coverage? Share it with us by commenting below! Don’t forget friends! Never hesitate to contact us with any questions or concerns. We are here to help you develop excellent software for your insurance company. Continue to stay safe out there everyone. We will see you next time.