Tuesday, July 22, 2008
MONEY: 10 Quirky Things to Insure
Alien Abduction Policies
The UFO Abduction Insurance Co. offers $10 million worth of coverage to anyone who can prove that they were kidnapped by extraterrestrials.
'John Wayne Bobbitt' Policies
London-based insurance broker Goodfellow Rebecca Ingrams Pearson, which quit selling alien abduction policies after the Heaven's Gate mass suicide, offers coverage to men worried that they will get mutilated in the same way that gained John Wayne Bobbitt notoriety, according to Investment News. No word on whether the policy includes psychological counseling.
What happens to a company whose celebrity endorser is charged with murder or even dog fighting? It turns out there is insurance for just these circumstances, called moral turpitude. The policies wouldn't come into effect for just any offense.
What if a groom got chest pains or a flood prevented members of the wedding party from attending the reception?
Big Event Cancellation Insurance
When Pope Benedict XVI recently visited the U.S., organizers had to take out insurance in case his itinerary was canceled for security reasons.
For years, large corporations have taken out insurance on executives doing business in politically unstable countries. According to eGlobal Health Insurers Agency LLC, ransoms are paid most of the time and rescues are rare.
Companies hope that consumers take advantage of offers such as coupons for merchandise or services, at least to a point. What's a company to do when a promotion goes too well? The discounts redeemed could add up to more than their budget.
A British insurance company sold a policy to three women offering a payout of one million pounds if they could prove that they were impregnated by means not covered in high school biology classes.
Traumatized Sports Fans
BritishInsurance.com offered a policy that would pay fans of Scotland's soccer team who would be left traumatized if the U.K. team won the World Cup, the Record reported. A company official said the policy is no longer available which is a pity because fans of the New York Yankees might have been interested.
We all get a laugh when we see celebrities attacks cars with umbrellas or shave their heads on a whim. Well, insurance companies do not find any of this bad behavior funny. They insure celebrities who are participating in films and television shows, and bad behavior makes some of them too hot to touch.
Read the entire article at Walletpop.com.