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You want to insure what???

July 3, 2014
Chris Garlasco, Owner & Managing Partner - Founders Insurance Group

Chris Garlasco, Owner & Managing Partner – Founders Insurance Group

For most sane people, insurance simply isn’t all that interesting. However, every once in a while the insurance world intersects with the unusual, odd, or even downright crazy risk that requires some form of coverage.

During the course of our lifetime, the vast majority of us will only come in contact with “normal” insurance like auto, home, life or business insurance.But if there is a risk of loss and a correct premium can be assigned, just about anything can be insured. It isn’t all that strange for us to hear the news of a famous dancer insuring her legs or a famous piano player insuring his fingers. But there are lots of other unique situations where insurance coverage is required that just might elevate insurance in stature to the point of, dare I say it…. “interesting”!

Back in the late 1960’s and into the 1970’s, hijacking an airliner was fairly commonplace. In 1968 alone there were more than twenty-two skyjackings. A high percentage of skyjackers were on a misguided mission to seek asylum in Cuba! Little did they know that the only part of Cuba they would ever see is the inside of a Cuban prison or hard labor in a sugar cane field.  Interestingly, fearing the loss of customers and high profits, many airlines resisted advancing airport security. While unimaginable today, many airlines went with the strategy of simply allowing the skyjacker to commandeer the flight to Cuba. The passengers on board were met with the longest flight delay known to man, complete with a free night in a “fine Cuban hotel,” (is that an oxymoron?).  So, for a short period of years, airline passengers could purchase “skyjack” insurance that among other things, compensated each traveler for up to $500 per day, quite a bit of money at the time, for their inconvenience.

Most avid golfers would consider a hole in one the shot of a lifetime. It is so rare that even the PGA tour, with some of the most talented golfers in the world, seldom ever sees a hole in one. As a result, many local charity golf events offer a new car for any golfer fortunate enough to stroke a hole in one. The problem is that the cost of a new car would likely wipe out all of the proceeds (and maybe more) from the event. So for a very low cost, event organizers can purchase “Hole in One” insurance. Here at Founders, we have sold several of these policies through the years.

Many of us have heard of wedding insurance, and that is a policy that we offer here through the Travelers. But Wedding Insurance doesn’t cover getting cold feet.Yorkshire Terrier Holding Holding a Sign Fear not! Firemen’s Fund has offered to cover the cost of a “change of heart!” The high cost associated with many of today’s weddings, makes this an attractive option for many people seeking to marry the “Runaway Bride.”

Pet insurance is becoming more popular with many dog and cat owners, especially with the rising cost of veterinarian bills. So what do you do if you have a pet that isn’t a dog or cat? Well there’s no need to worry, private insurance is available for everything from chickens to hamsters!

Last year, I think I saw a UFO. I am not crazy and until then, I had a healthy skepticism of the extra-terrestrial. Had I known that it is possible to purchase “Alien Abduction Insurance” I might not have been so frightened that night and been able to get better photos! Of course, there must be actual proof of the abduction! No kidding!

Are you a fantasy football fanatic? It seems to be a craze that is taking the country by storm even with cable sports networks dedicating shows to the hobby. If you are concerned about your fantasy football team, Fantasy Player Protect has the policy for you.  Personally as a business owner that doesn’t play fantasy football, I would prefer “productivity insurance” be provided instead for the amount of business production lost in offices each year due to this obsession.

Having a baby is a life changing event. For many couples it is also an expensive one. So what happens when the stork drops off unexpected twins or triplets? There is no need to worry as “Multiple Birth Insurance” is your solution. However, it’s important to point out that if you are utilizing fertility drugs, coverage is excluded. If you are dealing with the opposite problem, many states compel companies to cover infertility treatment.

Of course we can’t forget Lloyds of London, known for insuring things like the tongue of a restaurant critic or food taster. Of course there is mustache coverage that was offered to a famous cricket player for his trademark mustache. And….we have all heard of coverage for the hands of famous musicians, but how about a world champion Yo-Yo player?

Believe it or not, this list of available insurance coverage only scratches the surface of the exciting world of insurance. So, if you have been abducted by aliens, worried about triplets or you are a professional Yo-Yo player, we here at Founders would love to help you out!

Have a great day!

Chris Garlasco

 

 

 

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