Insurance is designed to protect us from anything that might harm us financially or otherwise. Common types of insurance most people buy include home insurance, car insurance, and travel insurance. However, many types of niche insurance out there are designed to appeal to a smaller market. In this article, we are going to look at some specialist insurance products for consumers and businesses.
Extreme Sports Insurance
Do you enjoy paragliding for fun? Is your idea of a fantastic vacation climbing Everest? Or do you spend your free time kayaking down dangerous stretches of water in remote locations? Fear not, there is an insurance policy for you. Specialist insurers out there focus on the extreme sports market. Whereas regular insurers won’t underwrite such dangerous activities because they recognize there is an increased likelihood of claims, extreme sports insurers are happy to provide cover.
If you need to make a claim after breaking your neck base jumping or losing a leg swimming with sharks, they have your back. You can get specialist medical help, be medevacked home, and your family will receive a lump sum if the shark eats more than your leg. You do need to avoid taking needless risks, however, so swimming with some raw steak in your pocket is probably not a good idea.
Luxury Goods Shipping Insurance
Are you the type that regularly ships priceless paintings overseas? Whether your business involves the buying and selling of high-value luxury items, or you happen to be an oligarch trying to avoid losing all your toys to EU sanctions, there are shipping companies that offer specialist insurance for high-value items. They use shipping insurance software to manage the shipping, insuring, tracking, and more, so you can hop over to your luxury yacht in the Caribbean without worrying about the priceless Monet you are shipping to your chalet in Switzerland.
Body Parts Insurance
Most people don’t care enough about their limbs to take out a separate insurance policy, but for a small minority of individuals, it’s essential. Celebrities do this as a matter of routine, as for a lot of them, their body is what makes them bankable.
Way back in the 1940s, dancer Cyd Charrise insured her legs and plenty of modern-day celebs have done something similar. Kim Kardashian is rumored to have insured her booty for $21m and Taylor Swift’s legs are insured for a whopping $39.3m. Nobody can beat Mariah Carey, however, who has her legs insured for a cool $1 billion.
Cannabis Growers Insurance
Anyone in the cannabis growing business can sleep at night knowing their business and employees are covered by specialist insurance which includes payouts for stock theft, wildfire, and more. So, if your truck packed full of cannabis products crashes on the Interstate, and everyone in a five-mile radius gets high, you don’t need to worry about lawsuits.
Whatever your concern, there is an insurance policy out there with your name on it. Speak to a specialist broker if you want a policy and can’t find what you need from the mainstream brokers.