Insurance is an essential part of the budget of almost any person. It makes perfect sense to insure your house from fire or the freight from sinking in the ocean. In fact, insurance protects against unexpected and undesirable events associated with one and their property.

However, while digging deeper health, motor, freight, property and other widespread policies do not cover all the possible risks.

As the priorities of people differ, they prefer to insure for something that is of utmost importance at a given point. As an addition, people have different fears and superstitions. For example, a person, who strongly believes that they have clearly seen a ghost couple years back, may want to insure their house from ghost haunting, instead of insuring them from alien abduction.

Imagine, one has planned their budget to have only one child or else their financial stability will fracture. Would one like to insure themselves from the risk of having more than one children?

Alternatively, imagine the same one is a very successful football player with a bright future, and football is the only source of their income. Obviously, they would not like to break their leg and be out of business for several months, or even worse, get a trauma that is irrecoverable. Would it make sense for them to insure their body parts from above-mentioned risks?

Strangely enough, there has been insurance claims for such types of risks. And those are not the strangest ones yet. Below is discussed some of the most peculiar cases.

1. Body Part Insurance.1 In 2004, famous supermodel Heidi Klum, having recognized the worth of her runway conquering legs, decided to insure them. Her legs were valued at £1.5 million. The even stranger part of it is that her left leg was valued £130.000 less than the right one due to a tiny scar on it.

However, Heidi may have been a bit upset to find out that Gillette insured Mariah Carrey’s legs for the record $1 billion. 

2. Hole-in-One Prize Insurance. In most of the big golf tournaments, there is a hole-in-one prize. The requirement is easy: hit the hole in one attempt. The prize can be from hundreds to millions of dollars. Tournament organizers, not willing to give out such prizes, turn to insurance companies to have a reimbursement in case someone actually getting lucky. InsureEvents, entertainment and sports insurance firm, claims it once has insured the $1 million hole-in-one contest for just $300.

3. Injury from a Falling Coconut Insurance.2 Did you know that falling coconuts kill about 150 people every year? There was an interesting case in Hawaii with injured police officer, who has eventually been awarded $39.000 in damages. As a matter of fact, the risk of being injured by a falling coconut is so big that some insurance companies include it in their health or travel policies.

4. The Loch Ness Monster. Nessie’s tale has long been a beloved tale by tourists and locals. In 1971, the Scottish whisky company, Cutty Sark, announced a £1 million award for anyone who could capture Nessie. The company had soon become concerned about the probability of paying out and decided to insure the affair. The underwriters, however, insisted that in the case of its capture, the monster would have to be verified by the National History Museum, and would become their property.  Nessie still continues to be at large.

5. Relevant for small business owners! Have you ever thought what you will do if one of your employees wins a Jackpot and quits their job? You will encounter financial losses for recruiting new personnel, their training and idle time. Luckily, there is a Lottery Winner’s Insurance, which covers all those turnover costs.

  • About the author

    Head of Underwriting at INGO ARMENIA ICJSC
    Ph.D. in Economics (ASUE), Master of Law (LL.M., AUA)
    Experience in Insurance – since 2010