Celebrity body part insurance policies have to be among the strangest insurance policies ever written (Australian cricketer Merv Hughes insured his moustache for £225,000), though perhaps they’re not the most unusual insurance policies available because there’s alien abduction coverage, multiple birth coverage and comedy routine insurance to contend with.
Whilst you mightn’t consider taking out alien abduction insurance with the St. Lawrence Agency in Altamonte Springs, Florida – the first insurer to offer alien abduction insurance – there are a few not so common insurance policies you might need to look into.
Here are five uncommon insurance policies you might find yourself in a position to consider.
- Key person insurance
It’s actually not at all uncommon for employers to take out ‘key person insurance’ on their key workers. This insurance policy covers people crucial to the health of the business, for example a designer at a fashion firm, the lead scientist at a research lab and the owner of a small business.
Here’s how this insurance policy works. The business takes out a life insurance policy on the individual, names itself as the beneficiary and pays the premiums. If the individual dies, the business receives the insurance pay-out.
This insurance policy is often essential because the death of a key employee could result in the end of the business. Therefore, key person insurance is often essential because it helps the business survive the death of a key person.
- Dog bite insurance
If your dog bites someone on your property you should be covered under your home insurance policy, though the standard coverage limits mightn’t prove adequate if you’re sued.
According to statistics, “More than 50 per cent of them (dog bites) happen on an owner’s property, and they account for one-third of all homeowner’s insurance liability claims.”
Due to the litigious society in which we live, if you’re worried about being sued because Fido decides to take a nibble on your neighbour’s arm you might need to consider this insurance policy.
- Wedding insurance
Seeing that weddings are expensive it’s probably not a bad idea to consider wedding insurance if you’re planning a big wedding.
Practically every aspect of the wedding is covered here, from mistakes made by the caterer to the dressmaker experiencing financial problems and closing up shop before completing your wedding dress.
Although not as common as insurance policies like car or motorcycle insurance, if there are large sums of money involved it might be worth looking into.
- Flood insurance
Surprisingly enough, or perhaps not at all, floods aren’t usually covered in standard home insurance policies though natural disasters like fire, hail, storm and wind damage are.
With the violent storms we’ve seen in recent years and the heavy rainfall that’s caused serious flooding in the south of the country, taking out a separate flood insurance policy might prove astute.
- Scheduled personal property insurance
If you have valuables at home then scheduled personal property insurance is a policy you might have a need for. This is seen as a ‘floater’ policy added on to your home insurance policy and assigns precise values to your valuable possessions, such as artwork, designer clothes and jewellery.
Whilst you’ll need an appraiser to value the items you insure with this policy, those with valuables often take out this policy because they recognise that if their valuable possessions were damaged or stolen they wouldn’t receive full compensation because the coverage limits in regular home insurance policies are usually much lower than the actual value of the items.
Whilst uncommon, these are five insurance policies you might need to investigate further.
About the Author:
Carole Nash is a company in the UK dedicated in providing not only quality and appropriate motorcycle insurance but also great value to their clients. To know what kind of models they cover, contact a representative.