Top 7 Most Unbelievable Insurance Policies
The Top 7 Most Unbelievable Insurance Policies Ever Written
An Insurance policy is meant to provide someone with financial security and peace of mind in the event of the worst case scenario. The average person is usually content with policies like home, auto and life insurance but over the years there have been some insurance policies that range from odd to just flat out outrageous. Here is a list of the most unbelievable insurance policies written for people who were worried they needed more than coverage for a fender bender.
1. Taste Buds:
Egon Ronay was revered as one of the most distinguished food critics and restauranteurs in the world. In 1957, he wrote and published the first edition of the Egon Ronay Guide to British Eateries. His Guides were so influential that they could either make or break any restaurant and were responsible for launching the careers of many celebrity chefs such as Gordon Ramsey. Roney was able to take out an insurance police on his taste buds for $400,000. The policy covered his sense of taste, and was guaranteed payment if he had lost it.
2. Lottery Winner Insurance for Employers:
In the United Kingdom, employers are able purchase insurance in the event that their employees quit because they won the Lottery. In order to file the claim, at least two of your employees must leave due to winning, each one winning at least $150,000 and have left their jobs within two weeks winning. The odds of this policy paying out are actually worse than winning the lottery. Strangely enough, last year all ten of the employees at a recruitment agency in the UK failed to show up to work the day after winning $50 million in the National Lottery from a collective pool. Unfortunately for the recruitment agency, they did not have a Lottery Winners Insurance policy.
3. Who wants to be a Millionaire?:
The American game show, “Who Wants to Be a Millionaire,” is actually insured by the Goshawk Syndicate, a group of brokers at Lloyds of London, a British insurance group against the possibility of a contestant winning. Goshawk agreed to cover the award payments to anybody winning either $500,000 or $1 million. Buena Vista, the producer, has to pay a deductible of $1.5 million, but after that the Lloyd’s brokers are liable.
4. Fantasy sports insurance:
The Fantasy Sports Trade Association (FSTA) estimates that 41 million people play fantasy sports a year. Fantasy sports allow fans to create their own teams and provide owner simulation through a season as a sports fan chooses players and wins or loses according to player statistics. These fantasy leagues are more often than not played for money. With expensive entry fees, it’s not surprising that fans might want to insure their investment throughout a season that may cost $200 or more.
One of the most expensive policies taken out in Fantasy Sports Insurance was on NFL running back Adrian Peterson for $1,500. The policies generally cost 10% percent of the insured amount, there for the price was $150. Unfortunately for that fan the insurance didn’t pay out, but on the bright side Peterson placed fifth in the league, with 1,298 rushing yards so his fantasy team probably did well.
5. Free Thailand Riot Insurance:
Thailand is a wonderful vacation destination full of rich culture, unique foods, breathtaking natural scenery and the occasional anti-government protest turned revolt. The fear of being in a dangerous riot on your vacation has caused tourism to the country to suffer. For a country that values the importance of tourism they turned to Insurance to solve their problem. The Policy has been put in place for short periods of time most recently between October 2013 and April 2014.
Any tourist affected through harm or loss of property in the event of riots, natural disaster or terrorism can claim up to $10,000 each. Specifically the policy covers $10,000 per person for the Loss of life, limbs, sight or permanent disabilities. $1,000 per person but not exceeding $10,000 per person for hospital expenses as incurred and hospital stay, if necessary, for a maximum period of 10 days. Any losses or damage caused by travel interruption of more than eight hours will be compensated for $100 per person per day, but not exceeding $10,000 per person.
However on the off chance that Thailand is invaded by a foreign country, whether war is declared or not, your Free Thailand Riot Insurance coverage will be denied.
6. Heidi Klums legs:
Heidi Klum is one of the world’s most famous super models since 1999, serving as the face of Victoria’s secret and then starting her hit reality Television show Project Runway. Apparently she felt her legs were so important to her career that she had an insurance policy taken out. “Basically, I was in London, and I had to go to this place where they check out your legs. They would look at them and I had one scar here from when I fell on a glass, so this [left leg] isn’t as pricey and this [right] one.” Together her legs are insured for $2 Million.
7. Alien Abduction Insurance:
As weird as it sounds, it is actually very possible to purchase insurance against alien abduction and more frequent then you would expect. There are over 20,000 people in the United States that pay a premium for Alien abduction insurance. Of course in order for an insurance company to pay out on this policy which is similar to life insurance, you will need to prove that you were actually abducted.
There are a couple companies that offer alien abduction insurance, with normal policies costing around $150 per $1.5 million in coverage. The St. Lawrence Agency in Altamonte Springs, FL is one particular company that offers a lifetime premium of $19.95. In the event that you are abducted and are able to prove it, they will pay you $1 per year for 10 million years or until you die. Apparently in their 23-year history they have had to pay out two claims, both in New York State.
Feel free to contact us Here at Lawley where we are able to provide a personalized policy and help you with all of your insurance needs, unless of course you are looking for something like alien abduction insurance.
