Interesting things you can insure
Its not uncommon to buy an insurance policy, but did you know there other interesting things you could insure other than your car or medical expenses?
You’re definitely aware of how vital insurance is for safeguarding your car and home and ensuring you’re not burdened with huge medical expenses. However, did you know that certain insurance policies extend their coverage to unexpected scenarios such as an accident at your wedding, kidnapping, safeguarding your body part, or even a fire incident at your home?
Check out below some of the interesting things you can insure.
Your wedding
When you’re busy planning a wedding, the last thing you want to worry about is an accident on the big day. Even if it’s a properly planned wedding and no accidents are expected to happen, sometimes they do, and you are responsible for any costs associated with accidents; these can be unexpected damages at the wedding venue, injuries or accidents that may occur during your event.
As you plan your wedding, consider taking wedding insurance to protect you and your partner from losses that may happen due to various factors, such as unforeseen events causing damage or injury at the wedding and external event(s) beyond your control that may even prevent your wedding from happening.
Such coverage gives you liability protection and peace of mind in case of unforeseen circumstances or accidents at your wedding.
As part of the wedding insurance, you can also get a package that covers the cost of things such as the cake and rental cars if you have to cancel or postpone the wedding due to unfortunate circumstances.
In case, God forbid, you get kidnapped
Taking insurance for kidnapping sounds weird, but if you’re travelling abroad or to a kidnap-prone zone and worried about your safety, you can purchase a kidnap, ransom and extortion insurance policy to protect yourself from financial damages associated with a kidnapping or ransom situation.
A kidnapping insurance policy will reimburse you for expenses associated with the incident and will pay the ransom.
Damaged body part
If your job is dependent on the look or performance of a body part, such as a model’s pretty face or a footballer’s leg, you might seek out a speciality insurance provider to write a policy to cover that body part. In fact, quite a few celebrities have insured their body parts for millions; for instance, Mariah Carey has insured her vocal cords.
You can also seek out a death and dismemberment policy. This type of policy covers specific body parts in the event of an accident, but it typically pays out only if the body part is lost, not just damaged.
Photography Gear
If you’re a professional photographer, you’ve probably spent a significant amount of money on photography gear, such as cameras, tripods, lenses, etc. If you own your own business, you also have a liability risk.
Photography insurance provides general liability coverage, so you don’t have to worry about lawsuits if somebody is injured during a photo shoot. Depending on your unique policy, the insurance might also reimburse for damage to or theft of cameras, lenses, and lighting equipment.
All risk insurance
The all-risk insurance covers everything basically that faces the risk of being lost or damaged.
This includes items such as watches, cameras, computers, calculators, microscopes, typewriters, medical equipment, video cameras, jewellery, television sets, radios, iPods, iPads and mobile phones.
Travel insurance
When travelling, one may get so excited about the trip that one forgets to plan for accidents. Travel insurance covers specific events during travel. Covered risks and exclusions may vary significantly depending on policy type, insurer, and travel preferences.
The risks typically covered include trip interruptions, cancellations (of the entire trip or a section of the trip), lost or delayed baggage, carrier or service provider failures, emergency evacuations (due to physical threats and medical emergencies), theft and other crimes, medical treatment for injuries caused by travel, and accidental death (including transportation of remains).
The risks typically not covered include: natural disasters, severe weather, crimes committed against you or a member of your traveling party, lost travel documents or identification papers, civil unrest, and unannounced strikes that render your carrier unable to operate.
Even though these activities sound unlikely to require insurance, you should consider the liability risk before taking them on.