The Buyt Desk
Many of us know only about standard home, health, auto and life insurance which protects us from unforeseen incidents. But these do not cover every single risk we may have in life. The world is full of fears and every human is always scared of losing something in life or life itself. Insurance companies catch this fear and create different types of insurances. It is common to see people in fear are ready to insure their health, cars, trucks, buildings and families by paying an insurance company. Also, there are many unusual insurance policies that you might have never heard of or thought of. Fear can make people go weirder and insure their body parts or even their wedding. Yes, it sounds funny and weird but sad too. Insurance companies find different ways to make money by offering a variety of insurances and even cross all limits by creating something unimaginable.
Ill effects of weird policies by Insurance Company
Bizzare Insurances are becoming an excuse to make money by buying insurance. People have bought Halloween Insurance and can you imagine what they have done to claim it? People have given their children lethal candy for Halloween to get some insurance money. Sad but true. Insurance companies are deceiving people and in turn, people are conning the company.
Let me introduce you to a few of the world’s bizarre insurances-
Kidnap and Ransom (K&R) insurance
K&R insurance provides ransom settlement, repatriation coverage and more in the case of kidnapping, extortion, hijacking or ransom situations. This is basically for the business (corporate) employees travelling abroad to the places that have high-risk or are kidnap-prone regions. Even individuals can go for this insurance if they think they can be kidnapped. Kidnappers mostly target executives and high-profile employees, as they can ask for large sums of ransom to release them safely. Kidnap and ransom travel insurance even cover the financial losses that occur in the businesses due to employee extortion abroad. A team of negotiators is deployed by the insurance company and the amount to reimburse the ransom is decided as per your policy limits.
Bed bug insurance
Bed bugs are one of the hardest and costly pests to control. With an insurance policy landlords and vacation, rental property managers can confidently manage a rental property. The word beg bug from the tenants is a huge and expensive problem to tackle. Adding bed bug insurance to your existing renters or homeowners insurance policy is always helpful and handy. The cost of replacing infested furniture is huge without insurance. If you are a frequent traveller then bed bug insurance is a must for you as these pests are picked up outside the home.
Multiple Birth Insurance
Couples planning to be parents can now opt for multiple birth insurance which gives them a cash disbursement in case they have more than one baby. A new child in your life has an enormous impact on your bank account and having twins or triplets will make it difficult to manage funds. Mom to be and Dad to be can uphold themselves by buying a policy that will help them support their child care.
Infertility insurance
Infertility insurance is medical insurance that covers the couple’s infertility treatment including artificial insemination and IVF (In vitro fertilization). As fertility treatments are way costly and not covered in general medical insurance, couples having issues conceiving should buy Infertility insurance.
Wedding Insurance
Wedding insurance covers the financial losses if the event is cancelled due to a natural disaster or personal tragedy, like a death in the family. Buying this policy is a must if the wedding is planned outside a traditional venue as it covers damages by severe weather, alcohol liability and injuries or mishaps. Some wedding insurance also covers the cancellation of a couple’s honeymoon. And some policies are known as “change of heart” or “cold feet” cover whole wedding charges when one of the partners change their mind to get married and ditch the wedding.
Body Part Insurance
Other than life insurance, any part of your body can be insured be it limbs, face, hair and even taste buds. Many athletes and sportspersons insure their legs. Few actors and actresses have insured their dimples. Some have even insured their chest hair. David Beckham’s legs and face are insured for $195 million and are one of the highest insured body parts in sporting history. P&G has insured Troy Polamalu’s famed hair for $1 million, as he was an ambassador of their shampoo commercial. For $30 million, Julia Roberts insured her killer smile.
Paranormal Insurance
Paranormal Insurance covers you in case you are attacked by a vampire, werewolf or spirit. Many paranormal enthusiasts and paranoid home/business owners have opted for this insurance to cover themselves from death caused by the paranormal, injury caused by the paranormal, Damage to personal property caused by the paranormal and attacks by vampires and/or werewolves.
Alien Abduction Insurance
Alien Abduction Insurance is also known as UFO insurance covers a kidnap of a human by extraterrestrials. To claim this insurance, one must get kidnapped by UFOs and then released by them to return back to the earth to file a claim. This is a way to trick people and make money. Believe it or not, there are over 30,000 Alien Abduction Insurance policyholders in Europe alone.
