Do you know about some unusual insurance policies?

These are unique insurance covers designed for specific individuals and are usually rare

November 30, 2012 4:18 IST | India Infoline News Service
Insurance is one of those important things that we wish we had in at the time of crisis but regret buying when everything runs smoothly. We have heard about life insurance, car insurance, home insurance, health insurance, etc. Most of us would have already bought some standard insurance policies such as term plans, auto insurance and home insurance among others.

Have you heard about an individual who has insured his tongue for £10 million with a UK-based insurer? Recently, coffee taster Gennaro Pelliccia—who samples products for Costa Coffee—insured his tongue for £10 million with Lloyd’s of London. Lately, baby food tester’s tastebuds have been insured for £1 million. Beth Anderson has a tongue that is 10 times more sensitive than that of a typical adult. She imitates the diet of a toddler to protect her tastebuds. Her tongue can detect even the slightest change in flavour and can tell which recipes will be loved and hated by babies.

In 2004, Lloyd’s developed a policy to cover the loss of chest hair that could impact the insured’s image or career. Under the terms of the policy, the policyholder would have to lose more than 85% of his chest hair through an injury to his chest in order to make a claim. This loss would have to be verified by a panel of trichologists. Also, the smile of America Ferrera, star of the hit television show 
Ugly Betty, was insured for $10 million. During the early 1900s, Lloyd’s once insured filmgoers against death from excessive laughter at the movies.

Insurance is defined as a pool created through contributions made by persons seeking to protect themselves from common risk. It offers financial protection against a loss arising out of happening of an uncertain event. A person can avail this protection by paying premium to an insurance company.  Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type.

But, the reality is, there’s just not a great population of these celebrities out there that would enable an insurer to get that law of large numbers work for them. The result is some of the unique insurance you’ve ever seen.

Similarly, most of us must have not heard about church insurance, barbers insurance, dry cleaners insurance and such other insurance. Do you know about these unusual insurance policies? These are unique insurance covers designed for specific individuals and are usually rare. The unique insurance policies are mostly sold in some developed countries like the UK, US and Australia.

Barbers insurance is a unique policy. It is almost same as business insurance but tailored for barbers. As a standard insurance policy may not be sufficient cover for barbers, their employees and customers, barbers have an option to buy a separate cover for themselves called ‘barbers insurance’.

The policy covers a broad range of professional and general liability exposures including insuring your equipment normally at an affordable rate. Barbers insurance can to be bought by barbers to guarantee a pay out if case of any eventually such as if a barber or his employee cuts one of the customers badly with a razor or if someone slipped on some hair clippings and was seriously hurt? A barbers insurance policy provides cover for all equipment and stock—i.e. contents of the barbers shop, chairs, scissors, etc. The policy also covers public liability insurance like an injury to employees. Additionally it offers and employers’ liability insurance which covers an employer against any injury to his customers or damage to their property.

Butchers insurance is for those who run a butchers shop. With this policy, butchers are covered against damage to buildings, damage or loss of contents and stock, loss of earnings, and injuries to employees or members of the public. 

Cobblers insurance provides adequate cover to cobblers to protect himself, his business and customers. Cobblers insurance includes such cover as: Buildings & contents insurance, loss of stock, equipment & earnings, public liability and employee liability.

Church insurance is a comprehensive policy that protects the church and the public both legally and financially. If a church doesn’t have adequate church insurance, it would be liable to be sued or to lose a great deal of money on repairs—if any accident or damage occurs there. This insurance is basically targeted at the caretakers of a church. Church insurance policy covers public liability, buildings & contents insurance, equipment & money, church fellowships, youth groups and outings.

Choir insurance is available for choirs. A choir is an organised company of singers, especially one performing church music or singing in a church. Whether the choir performs at home or abroad, choir insurance covers a number of insurance risks. The policy protects the choir against any injury to the public or property. It covers items owned by the choir. The policy also offers travel insurance for choir trips, and personal accident in case a choir member is injured.

Dry cleaners insurance is essential for dry cleaners. The cover basically protects dry cleaners’ both legally and financially. The policy covers dry cleaners and the public against any unexpected eventuality or accident. Insurance for dry cleaners can come under a standard business insurance policy which has a competitive market.

A dry cleaners insurance policy includes public liability, contents & building insurance and loss of stock & income. One can then add optional extras to get the cover one needs, tailored to one’s requirements.

Musical insurance policy is aimed at those whose musical instrument is valuable or would have trouble being able to afford a replacement if it was lost, damaged or stolen. This policy offers a range of protection, including flexible cover of up to 250,000 pounds if someone’s instrument is lost, damaged or stolen; third party liability cover; a new for old replacement; personal accident cover; and optional cover such as breakdown of equipment.

Nursery insurance protects nursery owners both legally and financially in case of an accident or damage occurred in their nursery. The policy normally covers buildings & contents, loss of income, computer breakdown, public liability and legal costs and out of school activities.

Unusual or not, buying insurance for whatever situation to protect yourself, your family, business or employees is always a good deal—if you have a lot invested in something and you are willing to pay that little bit extra for peace of mind. With insurance policies, it is always a caveat emptor (buyer beware) situation because some policies may not actually cover what we expect them to in our time of need, and it might have been better to have never purchased that insurance at all. So read the fine print and assess what you are getting for the price you are paying.

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