Top 5 Most Curious Insurance Policies

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For many people, insurance feels like one of those mandatory things that adds to the endless bills to pay. For others, it’s a lifeline against the unthinkable. The most curious insurance policies occur in the world of the rich, famous and paranoid. The policies serve as backup plans if bizarre or unlikely occurrences should impede an endeavor.

5 Contests

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Some contests are so outrageous that there’s a good chance no one will win. The sponsors, however, play it safe with an insurance policy—just in case. According to Bankrate.com, whiskey company Cutty Sark purchased insurance for a promotion that offered 1 million British pounds sterling for the capture of “Nessie,” the Loch Ness monster. Nobody won the prize. In 2010, a jeweler in Wilmington, North Carolina, pledged to issue refunds on all sales between Nov. 26 and Dec. 11 if 3 inches of snow or more fell at the Asheville, North Carolina, airport on Christmas Day. Sales during the period totaled $500,000. About 8 inches of snow fell, and the jeweler used a weather-contingent insurance policy to back his promise, Bankrate.com explains.

4 Alien Abduction and Paranormal Coverage

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So many people believe in aliens that they’re willing to purchase insurance in the event of an alien abduction. Claims could pay victims between $150 and $1.5 million, depending on the policy, according to the site Property Casualty 360°. The site also reports that three sisters in Scotland were insured against the possibility of a virgin birth in the event of the return of Jesus Christ. Lloyd’s of London sells policies to those who fear a zombie, vampire or werewolf attack. However, details are not available about the payout for actually becoming a zombie, vampire or werewolf after the said attack.

3 Body Part Coverage

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You have to protect your money maker. It’s not news that celebrities (or their sponsors) insure parts of their bodies. According to “Forbes,” Australian cricket player Merv Hughes insured his mustache in the 1980s for about $400,000. In the 1920s, actor Ben Turpin would have received a payout of $20,000 if his eyes ever uncrossed. Bankrate.com shares that epicureans also insure their most valuable assets. For example, Ilja Gort, a Dutch winemaker, insured his nose for $8 million. In 2009, coffee taster Gennaro Pelliccia insured his tongue for $14 million.

2 Wedding Coverage

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It’s not uncommon for people to insure events. Today, such events include weddings, which have an average cost of $29,000 in the United States, according to Bankrate.com. In addition to offering its traditional wedding coverage for items like nonrefundable expenses, insurance company Fireman’s Fund offers a “change of heart” rider if someone gets cold feet 180 days before the wedding. The policy helps pay for the share of the wedding costs of the “innocent party financiers” (aka parents) and the cost of professional counseling services.

1 Spaceship Insurance

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If you think that your car insurance is expensive, imagine Sir Richard Branson’s premium for SpaceShipOne. According to Bankrate.com, the craft had a $100 million liability policy from Lloyd’s of London. Lloyd’s also insures earthbound individuals against injury caused by debris from a disintegrating satellite, and insures businesses against “space weather”—magnetic storms in space—that disrupts power on earth.

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