As the global economy grows and incomes increase in almost all parts of the world, more and more people make a sensible decision to insure their belongings. The insurance industry is not new to the world. Researchers and historians say that they have been around since the medieval era. However, the structure and types of insurance were rather different back then from what we have nowadays. Instead of establishments, they were mostly provided through individuals, based on private arrangements.
However, the more sophisticated, modern type of insurance emerged in Europe during the 17th century. The oldest fire insurance enterprise, Hamburger Feuerkasse, dates back to 1676. Later, in the 18th and 19th centuries, some of the modern-day industry giants emerged and gained further momentum across the European continent. One of such is Lloyd’s of London, or simply Lloyd’s, founded in 1686, it still remains one of the world’s largest, most recognized global insurance companies.
Insurance today is sometimes even a necessity required by the national legislation. Health, property or car insurances are mandatory in many developed countries around the world. As a result, insurance companies have been growing steadily for a long time now. They started coming up with the new types of insurances that we had never seen before. There now are insurance packages for Pre-Wedding Jitters, alien attacks, apocalyptic events, riots, and a whole list of other things many have not even heard of. In this article, we gathered 3 of the weirdest, but potentially useful insurance options from around the world.
Paying money for the money insurance
Money is what people usually do not want to lose when paying for insurance policies. However, guaranteeing the safety of money has become a new trend globally. An increasing number of people purchase insurance policies to safeguard their assets both in cash and on personal or business accounts. Such policies protect against the loss of money during financial transfers and other operations, as well as the damage to safe rooms or physical money stored in spaces outlined within the contract.
Moreover, in some countries, gambling venues are beginning to offer such options to their customers. Players of Canadian roulette games are offered to protect their money within the casino under the insurance package. This also is caused by the fact that the Canadian government, along with the others, is tightening insurance regulations, requiring further protection in some cases.
Insuring body parts – a common phenomenon among the celebrities
Many might think that we are talking about health insurance, but that is not really true. Some rather influential people, some of which we often see on TV, the internet or front pages on tabloid magazines, financially depend on their body parts. Singers, sportspeople, and even food testers are more and more often insuring relevant body parts to them in an attempt to avoid potential financial difficulties.
One of the most notable of such cases is David Beckham, a famous English football player, who insured his legs for $196 million in 2006. This was at a time, the biggest body part insurance package in the field of sports. Another legendary footballer, Cristiano Ronaldo’s legs are worth $144 million.
Insuring legs or other body parts essential for playing sports is rather useful. However, there are other cases, which sound quite weird. For example, America Ferrera’s smile was insured by Lloyd’s of London in 2007. The dental hygiene company Aquafresh paid for the package as the “Ugly Betty” actress starred in their campaign the same year. Some other weird cases include Ilja Gort’s nose for $5.58 million and food expert Gennaro Pelliccia’s taste buds for $13.3 million.
Kidnap or a ransom insurance
It is a shame that such insurance policies are never highlighted in Hollywood movies about kidnapped kids of a rich Wall Street giant. However, they actually are a thing! Such insurance policies are widespread, especially among high-income employees holding particularly important positions. Such insurances are far from cheap since they are quite rare, and the amount that might need to be reimbursed is high. However, for some, the money spent on such packages is worth it.
For instance, celebrities, high-profile politicians, businesspeople, billionaires, and their children face a risk of being kidnapped. No, it is still not a Hollywood movie, and the chances are rather low. They are so low, that the specific statistics are difficult to be found for many countries. Importantly, the risk of kidnap is lower in developed and emerging economies with well-functional police structures. In such countries, technologies and relevant institutions are developed enough to tackle such cases shortly after their occurrence.
However, kidnap, and ransom insurances are becoming more popular among travelers. Getting one is recommended by many tourist companies before kicking off with the trip. Some companies pay for their employees’ kidnap and ransom insurances when they are sent on business trips in unsafe nations. For instance, countries like Pakistan and South Africa have widely-acknowledged high kidnap rates. Thus, if you feel like there is a teeny-tiny chance of getting kidnaped during a trip, make sure to invest your money in your future safety.
Other weird insurances and what could come next
Whether we understand why or not, insurance packages exist because there is a demand for them. Car insurances once were expensive, rich-only methods to safeguard expensive, luxury vehicles. However, now they are essential, used by billions around the world. Body part insurances were rather unusual when they first started to appear among the celebrities, but now it is starting to become more accepted, yet still perceived as weird in the general public.
There are many other insurance packages that many would never believe existed, such as Multiple Birth Insurance. This is for families or individuals who happen to have unexpected twins, triplets, or even more coming. As much as having a number of new members of the family can be exciting, it also is extremely expensive. That is why more and more families make sure that the funds for that case are most certainly granted.
One of the weirdest among all is the lottery insurance. The Lloyd’s of London is one of the few major insurance companies that offer such a package. It basically would protect you, if a large group of your employees tried their luck in a lottery pool and won it. This would likely cause the retirement of some of them, affecting the business. With this insurance package, you will be protected from such a scenario!