If you thought about what types of insurance you have, we could probably only think about the most common ones. We all think about health, life, homeowner’s, auto, motorcycles, collectibles and boat coverage. Most of us don’t know it, but you can get insurance on just about anything for a premium.
Have you ever thought about celebrities? They’re insuring body parts. Yes, insurance companies offer policies that pay if something damages the appearance or functionality of a body part. I think we would all have to seriously ask if insuring a body part was worth it. For most of us, the answer is undoubtedly no. But if you’re Peyton Manning, maybe he would think it was worth it to have an insurance policy on his right arm. Celebrities have also been known to insure their voices. Wonder what the cost to insure would be?
Golf games are often insured. If you’ve ever participated in a game of golf or a tournament, then you’ve probably seen a hole-in-one prize. The person lucky enough to win the hole-in-one shot during a game will win money, a new car, etc. So, every time someone makes the shot they are losing money. The people/companies offering the prize take out insurance against someone showing up and making that once in a life time shot. The event sponsor pays a premium to an insurer, and if someone makes the shot wins the prize, the policy pick up the tab.
The well-to-do and workers in high risk areas have often purchased a ransom insurance policy. These policies offer indemnity coverage for any loss incurred by whoever pays the ransom. The losses will include the sum of the ransom, any money lost in transit, expenses of the team to deliver the ransom, the hiring of professional such as negotiators, and the rewards offered for the same return of the victim.
Did You Know?
- Betty Grables’ legs were insured for $1 million each.
- Who Wants to Be a Millionaire is actually insured against the possibility of a contestant winning.
- Keith Richards, the guitarist for the hit rock band The Rolling Stones, has his middle guitar finger insured for more than 1.5 million dollars.
To insure or not insure is entirely up to you. Do you have any unusual things you want to insure?
By Robin Price (Vice President of Sales, Insurance)