Oh, That Wacky World of Insurance


Just when it seems like there’s nothing new about insurance . . .

In an article by Andrew G. Simpson for Insurance Journal, “Special Report: Top 10 Innovative P/C Insurance Products,” the author looks at new product offerings in the area of property/casually coverage. Specifically, these policies involve coverage for new technologies, economic concerns, personal and family relationships, home-based businesses, and even unusual sporting events. Let’s look at some examples.

We’ve talked a lot in recent weeks about pay-as-you-drive, but how about pay-as-you-park. That’s right, Progresso has coverage based on how long a vehicle sits still. Motion is monitored by a box attached to the driver’s side front wheel. Premium discounts are calculated for every 15 minutes the vehicles is parked and surcharges added for every 15 it’s driven. (And get this, they have a pay-as-you-dock policy for boats.)

R.W. Barkley has a GreenMaker policy which offers product liability coverage for home (or garage) based businesses making cosmetics, jewelry, toys, clothing, computers, firearms, beer, musical instruments, scuba gear, motor vehicles, and motor homes — and here’s the kicker — primarily out of upcycled, recycled, organic, or natural materials.

And, in what may be a sign of the times, Hartford Stream is selling Relationship Breakdown Coverage. When lovers break up, the policy is triggered after they have been apart for three months, and pays half the cost of rings, jewelry, and other unreturned gifts as well as temporary housing costs, moving fees, damaged or lost good, and — my personal favorite — $50,000 for “reputational damage.”

Oh. Wait. You thought I was done? Dole Mutual has a Personal Equipment Breakdown Coverage for damage to the policy holder’s reputation due to erectile dysfunction. And, it includes prescription co-pay on Viagra or Cialis.

Yeah. I know. Most of us just want a better break on our homeowners insurance, but it’s still fun to read this stuff, now isn’t it?

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