Low risk tolerance may be the driving force behind insurance. But eccentricity, humor and irony are equally prevalent in what may seem like a somewhat dull industry.
Getting insured against the possibility of psychiatric problems or infertility may already be the norm, but we suspect it will take some time before the following insurance policies become commonplace. In the meantime, they are certainly good for a laugh. Here, the moneyland.ch team lists our pick of the quirkiest insurance policies ever to hit Switzerland and the world.
1. Beard insurance
The general public may have found it amusing when Lloyds of London insured the beard of professional Santa Claus look-alike Brady White back in 1992. At the time, few but Santa could wear a decent beard without being harassed by airport security or labeled a bum.
But by 2016, the hipster movement had so thoroughly changed society’s attitude towards beards that the hipster beard insurance offered by UK insurer Sunlife on April Fools Day seemed perfectly legitimate.
For now anyway, Lloyds remains the world's only genuine beard insurer.
2. Fantasy sports insurance
Fantasy football and rotisserie baseball leagues have been popular in the U.S. since long before computers moved out of giant warehouses and into people’s hands. But it took around 50 years for insurance providers to realize the potential market.
Real-life performance of actual players forms the basis of fantasy sports team gaming, and players generally invest real money in their “teams”. These facts motivated two insurance brokers from Long Island to put their brains together and offer fantasy sports players coverage against “losses” due to players sitting out games due to injuries or other factors. What can we say – brilliant.
3. Chest hair insurance
While trends may not be as hairy as they once were, there was a time when a proper hairy chest could help you score a top modeling contract or a lead role in the movies. All that hair needed protection, and Lloyds of London offered to insure against chest hair loss (reportedly up to a sum insured of 1 million pounds).
4. Rain insurance
Weather insurance might make sense for farmers and airlines, and it would certainly have been a hit with Napoleon Bonaparte ahead of his Russian expedition. But only the most avid insurance lovers would not find taking out rain insurance for a holiday hilariously funny.
Perhaps that is why the rain insurance offered in Switzerland by Allianz Global Assistance between 2012 and 2014 only lasted two years. Swiss may love insurance, but apparently they aren’t too scared of rain.
5. Lottery insurance
Many people dream of winning the lottery. But it seems some business owners are terrified by the prospect of a key employee suddenly winning the lottery and retiring early on their winnings. To ease their worries, UK insurers have offered lottery syndicate insurance. If employees win the lottery and wave goodbye, the insurance will cover the costs of hiring temporary staff and recruiting new employees.
6. Divorce insurance
Till death do us part? Maybe, but statistics show that taking out divorce insurance may not be the craziest thing you could do with your money. Swiss are content to take out vaguer and less-unromantic legal expenses insurance with family law coverage. But the Wedlock insurance from US firm Safeguard Guaranty went straight to the point, paying out a lump-sum benefit if an insured marriage ended in divorce.
7. Twins insurance
If the thought of having to raise two or three babies at once keeps you up at night, the multiple-birth insurance from former UK insurer Eagle Star might have helped to put your mind at rest. The policy promised a benefit of up to 3000 pounds if you suddenly became the proud parent of multiple babies in a single pregnancy. Granted, 3000 quid was worth more back in the days before Eagle Star became part of Zurich insurance.
8. Hole-in-one insurance
Who says insurance is all about bad luck? The high costs associated with celebrating a one-shot wonder at the golf course can have the lucky golfer digging deep into his pockets, or worse yet – racking up credit card debt. But rather than doing everything possible to avoid a hole in one, just take out hole-in-one insurance to cover the cost of celebrating if you do get lucky (or highly skilled). Several insurance companies in Switzerland offer this coverage, including Vaudoise and Allianz. It also comes as a benefit with the Diners Club golf credit card.
9. Loch Ness Monster insurance
No list of the quirkiest insurance policies would be complete without Nessie. When whisky distiller Cutty Sark ran a publicity stunt offering a 1-million-pound reward to the person who could find Nessie at the height of the Loch Ness monster hype in the early 1970s, it turned to Lloyds of London to insure it against having to pay out the claim.
Jacobite Cruises, a travel operator which runs boat tours on the famous lake, took out more literal coverage to insure its fleet against a collision with the as-yet-undiscovered creature. While the chances of receiving a benefit might be slim, the free publicity scored has been priceless.
More on this topic:
Compare Swiss insurance offers now
Insurance: Crucial, useful, or unnecessary?
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Tips for choosing an insurance agent
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