Outside the Box Insurance Policies Which Cover Your Assets. : ThyBlackMan

Monday, June 25, 2018


Outside the Box Insurance Policies Which Cover Your Assets.

June 13, 2018 by  
Filed under Business, Opinion, Weekly Columns

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(ThyBlackMan.comIf we could predict future events then some of us might be a lot better off. Financially and from a health and wellbeing perspective at the very least. But alas the Grays Sports Almanac concept championed by bad boy Biff in Back to the Future Part II is, sadly, the work of cinematic fiction. However there are other ways, if not to make money in our futures, then to protect the assets that are hitherto in our possession. We’re talking insurance here, but not the usual – and quite frankly, boring – stuff. More your alternative policy types which aren’t always flagged up on TV ads, yet which might stand between ourselves and potential financial ruin somewhere a bit further down the line.

Of course, if you don’t happen to sign up to some lava, kidnap and/or ride-share insurance, you could always fall back on cash loan companies such as Cash1Loans, who can send you the money in as little as 15 minutes if the application is approved, to step into the breach and give you a financial leg back up if all else fails. Not that we’re implying that reputable and successful cash loan firms such as Cash1Loans shouldn’t be one of your first ports of call in a monetary meltdown of a personal nature, more that they are one of numerous alternative ways in which to counter the effects of fiscal shortfall. Either predicting it or swiftly reacting to the ravages of it. And when we mention ravages, our attentions might easily turn to the explosive recent events which took place of on Hawaii’s Big Island, and most notably in and around the erupting Kilauea volcano.

The world’s cameras homed in on the molten lava-spewing mountain recently, as this volatile landscape blew its top in the most spectacular way, reigning down carnage and tragedy on those people and properties which stood in its shadow. While survivors would first and foremost be grateful for having their lives spared, it wouldn’t be long before they began thinking about the damage left in its wake; the legacy of such volcanic displays usually being wholesale destruction of properties and businesses. An increase in more specialised, almost niche forms of personal insurance policies have emerged over the past few years, in a bid to counter an ever-changing environment and society, with lava insurance being amongst them.

Did We Just Say Lava Insurance?

We sure did, but before you reach for the phone (if that is you reside in what might be considered a volcano danger zone), there is something you’ll want to know which might leave you a little hot under the collar. That being the premiums quoted. Such homeowner plans which incorporate damage to the policyholder’s property by act of lava do come at an eye-watering price; typically in the region of $3,000. But then some might argue that that’s the price to pay for living in such close proximity to an active volcano and that it pays dividends to be speculative. Especially if historians and/or scientists have statistical reason to believe that it’s set to blow again any day now.

Other equally as leftfield policies out there include ride-share insurance, which pretty much covers the named policyholder for all eventualities associated with giving lifts to perfect strangers as part and parcel of their employment remit. So we’re referring to Uber and Lyft drivers, who it’s recommended shouldn’t merely presume that their backs are got by either their current motor insurance plan or their employer’s small print. Which is so small in this respect is probably illegible.

One leading risk management and Insurance provider insisted that; “Ride-share companies typically only offer protection if an accident occurs when a guest is in the vehicle,” adding that conventional agreements and related documentation might not extend to accidents which take effect when a driver is on the clock, but pivotally doesn’t have a passenger in the vehicle at the time. Hence the need for ride-share insurance. Some insurers are wising up to this shortcoming, and are offering additional ride-share coverage written into an existing policy for an extra 20% premium.

Wedding, Airbnb and Even Kidnap and Ransom Insurance are Actual Things too, you Know

It’s probably not that huge leap of faith to learn that wedding insurance exists, given the myriad of unpredicted scenarios which could play out on the bride and groom’s big day. Comprising of the two core components – liability and cancellation coverage – injuries to a guest (or equally, damage befalling a venue) are enveloped by the former, while the latter refers to the event being postponed or the events management firm going bust. Experts advise that the more money a couple have laid out for their nuptials, the greater the safety net wedding insurance will provide should anyone experience the jitters. With the average premium quoted being in the region of $200, it may well be the best money you ever spend.

Meanwhile it certainly makes a deal of sense to safeguard your monetary interest if you’re one of the thousands of homeowners who rent out their properties to Airbnb customers in this day and age, just on the off chance a guest trashes your des res. Airbnb itself can arrange host protection plans for liability claims, which are free to site-members, while home-share coverage from other insurers can be rubber-stamped for around $8 per night.

And finally, if you thought you’d heard it all, what about kidnap and ransom insurance? Yup, if you’re planning on travelling somewhere a little less hospitable any time soon – think the likes of Mexico, Libya and Venezuela for instance – then it might put the minds of your nearest and dearest to rest if you took out one of these sign-of-the-times policies before embarking on your adventurers. Naturally some countries won’t be covered at all – Syria and Iran, we’re looking at you – and premiums range depending on various individual criteria.

Staff Writer; Doug Poole


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