One interesting thing about insurance is that it basically exists for… everything. Most people think of the home and auto when they think of insurance and these days with the news also health insurance.
But the reality is that that the insurance industry is pretty much all encompassing. Nearly any type of physical property can be insured for against loss. Liability types of policies also extend well beyond slip and fall protection for a physical property and auto liability coverage if you cause an accident.
So besides the basics (auto, home, life and health) there are hundreds if not thousands of different types of insurance policies that people or businesses obtain. Here is just a sampling of some off the beaten path types of insurance coverages:
- Wedding Insurance – Basically protects the loving couple in case of unexpected loss such as vendor issues, liability such as injury if someone gets hurt and even against extra expense in case it rains. No coverage though for out of control “Bridezilla’s.”
- Personal Articles Policy – A policy for a specific item of value. Could be for a Rolex watch, expensive Persian Rug, antique furniture or expensive baseball card collection.
- Sweepstakes Insurance – Let’s say a car dealership wants to sponsor a hole-in-one promotion at a golf tournament. On the chance that someone may win despite the long odds, they can purchase insurance.
- Employee Dishonesty – Actually fairly common… it protects businesses against employees with their hands in the cookie jar.
- Oil & Gas – A whole line of insurance policies specifically written for the complex energy industry.
- Crop Insurance – Usually through the government, this is insurance against damage to growing crops in case of loss such as fire, maybe hail, drought, etc.
- Vineyard and Winery Insurance – Insurance policies with specific coverages for the wine industry. I’ve actually handled many claims for wineries despite the fact I don’t like wine.
- Body Part Insurance – Lloyds of London is famous for insuring all kinds of stuff like the arms of famous quarterbacks, vocal cords of singers, etc.
- Entertainment Insurance – This is for television and movie productions. I used to handle these claims when at a former carrier that was one of the major “Entertainment Insurance” policy writers. A movie could have a policy that insures the actors and actresses for millions of dollars if for some reason they can’t fulfill their obligations. These policies also cover equipment on-set or in transit and also props and wardrobe. I once handled a claim for a lost suitcase of clothes for the show “Supernanny.” One suitcase of her custom made on-screen clothing costs more than you might think.
- Financial Institutions and ATM Coverage – This is what I currently handle. These are policies and coverages specifically designed to protect the various risks associated with running a financial institution.
- Key Person Insurance – This would be for a company that has employees that are so valuable to the company, they can get insurance against them leaving or dying. Guessing that if your company has a policy on you sticking around, you’ve got some leverage to ask for a raise.
- Travel Insurance – Covers the policyholder against unexpected cancellations so they don’t loose their money but also for loss during a trip such as illness or lost luggage.
- Student-Athlete Disability Insurance – Let’s say you’re the next Kobe Bryant and expecting to get drafted in a year. Just hope you don’t get hurt or your dreams of playing in the NBA and making millions could be lost. But not to fear… you can get an insurance policy to protect against potential future earnings loss in case you get injured and can never return to the court.
- Cell Phone Insurance – Everyone is offered them, and they protect your phone against stuff like dropping it and breaking, theft or dropping it in the toilet on accident.
- Kidnapping & Ransom Insurance – Yes, this exists. Although individuals can buy this it’s usually bought by companies for employees. The most common example is coverage for ransom to get captain and crew rescued if their freighter was captured by pirates. Travelers even has an interesting little video about the coverage: CLICK HERE
And the list can be never ending. So year, auto insurance could be pretty boring but think about if you’re the adjuster handling a claim for millions of dollars in ransom money being paid to Somali Pirates. Yea, insurance isn’t so boring now is it?