Having an insurance policy in place allows you to potentially save thousands that could otherwise be paid out to cover for damage, defence and other unfortunate events against you. When many of us think of an insurance policy, we tend to think about the policy that we hold for our car, our home, our business or, in some instances, for our health. These policies are some of the most common and popular policies on the market, but little is known about the huge array of other unexpected policy types available out there. In this article, we’ll look at the top 5 Unexpected Types of Insurance. The obscure, the weird and the downright bizarre…
1) “Change of Heart” Wedding Insurance
This type of wedding insurance would be heartbreaking to even invest in, but even more so if it had to be utilised. Protecting those that fund a wedding, this policy kicks into action if money has been spent on a couple’s big day for thing to then go pear-shaped and end up being cancelled. Those that helped finance the wedding, for example, a parent or a family friend would have their money reimbursed if the wedding is cancelled over 365 days away from what would’ve been the bride and groom’s big day.
2) Prize Indemnity Insurance
Ever win £15,000 from those “hole in one” competitions at a fair which offered the ultimate array of crazy and expensive prizes for any lucky individual who wins such a challenge? Okay. Probably not, as those games are made with less than 1 in 5000 chance of winning, but did you know there’s insurance to protect the vendor for if there is a winner? Dubbed “Prize Indemnity Insurance”, this policy sees the insurance provider work out the statistical probability of somebody winning your game and, after a calculated decision, chooses whether they’d be willing to fund the prize if won. A policy such as this is how charities and small businesses host events with crazy prizes, removing the need for an individual to lock away £15,000 in a vault for such a rainy day.
3) Kidnap and Ransom Insurance
You might not expect it, but kidnap and ransom are a real risk that may need to be covered for. With dangers more prevalent in some countries more than others, those that work abroad or want a right frame of mind when sending those that you know to a prevalent crime area may choose to opt in to such an insurance policy. This type of policy can cover you for incidents like disappearances of the individuals covered, hijacks, extortion, kidnaps, hostage situations and much more.
4) Body Part Insurance
Some body parts bring about an individual’s success – a footballer’s legs, a chef’s taste buds, a model’s smile… With any chance of these body parts being out-of-order, it is no wonder that those managing them would like to ensure that their livelihood is protected against the risks. When carrying out the policy, a risk assessment is performed to see whether your usage of the body part (be it too many injuries with your legs on a leg policy, or burning your tongue one too many times on a policy for your tongue) will qualify for an appropriate amount of coverage and protection.
5) Zombie Insurance
Although a more freakish fear than a devilish definitely, zombie insurance policies can come in both a legitimate and a playful form – with an array of jokey and indeed respectable insurance agencies willing to protect you against the (hopefully!) unlikely zombie invasion. With a strong list of zombie policies covering you for anything from zombie bite treatments, infections, quarantine and household personal property damage, this policy can be surprisingly cheap! But, with the odds against a zombie apocalypse being so low, no wonder.
So that completes our listing of 5 Unexpected Types of Insurance; policies that the high majority of us aren’t ever going to take out. If you’re interested in business insurance or landlord insurance though, we’ll happily cater to that.