Unusual Insurance Policies: 6 Coverages You May Not Have Known About
If you’re a person who wants peace of mind for yourself and your family, then you need insurance. Drive a vehicle? You’re often required by state law to have it. Going to the doctor?You don’t want to do it without first being sure you’re covered. But some insurance customers have fears that go beyond the ordinary, and as it turns out, there are plans for them, too. In that spirit, we now share some of the more unusual insurance policies on the market today. Have you signed up for any of these?
Werewolves, vampires, and ghosts insurance: Werewolves, or lycanthropes as a century of horror movies tell us, are human beings who turn in to ferocious beasts whenever there is a full moon. You can only kill a werewolf with a silver bullet, but what if they get you first? In that case, Lloyd’s of London has your back. The company has insured every form of supernatural attack including vampire bites, death-by-poltergeist, and werewolf attacks. In 2002, the England-based Royal Falcon Hotel insured staff members up to $1.5 million in coverage and paid a $768 annual premium.
Zombie insurance: Walking Dead fans, you may want to sign up for a zombie insurance policy with MyZombieInsurance.com. The website sells a policy that claims to cover all damages incurred via zombie attack for a one-time fee of $9.99. On the one hand, that’s a great deal because you never have to pay again. On the other, there are no such things as zombies, nor are there likely to ever be. And if the earth did suffer a zombie apocalypse, it would be anybody’s guess as to whether MZI would still be around to make good on their offer.
War risk insurance: Fueled by the September 11, 2001, attacks, war risk insurance policies started becoming more popular. These policies cover damage due to acts of war, including invasion, insurrection, rebellion and hijacking. Some policies may also cover damage caused by weapons of mass destruction. It’s most common in the shipping and aviation industries.
Kidnap and ransom insurance: K&R insurance was designed for people who may live and work in high-risk parts of the world, such as Mexico, Iraq, and Afghanistan. Current events, specifically those involving the Islamic State beheadings, have taught us just how necessary this type of insurance can be for journalists, contractors, and military personnel. It covers ransom monies as well as money lost due to transit/delivery issues and provides a financial award for accidental death and dismemberment. It may also cover medical expenses, PR counsel, wage and salary replacement, relocation, and job retraining.
Alien abduction insurance: Lloyd’s of London reports to be one of the most prolific sellers of alien abduction insurance in the world, but in order to collect a claim, you’ll have to jump through a certain number of hoops. First off, you’ll need to have been actually abducted by an alien. Additionally, you’ll need to pass a lie detector test and provide either a) a third-party witness, or b) actual video of the event. (Good luck with that.)
While some of these policies are downright silly, others — like war risk and K&R — are worth considering. The one thing that all of these policies do together is remind us how insurance can work to fill gaps for highly specific situations. If you are about to go overseas or take on a job that could be dangerous, do some research and see if there is a specialty policy out there that might provide an extra layer of protection. Excessive peace of mind is never a bad thing.