Considering just how you probably can’t go a single day without seeing some or other ad related to insurance, it’s safe to assume that insurance companies make bucket loads of cash. They do. But did you know that you can get insurance for a whole lot more than just your regular house, household goods, car, etc?
You might be aware of some of these things which you can get insurance coverage for, but they’re all worth featuring since they’re not exactly what one would ordinarily associate with anything to get coverage for.
This is becoming an entire industry in itself, that being insurance for sports injuries. The coverage one can get for sports injuries isn’t exclusively about the injury itself however, but rather part of a bigger insurance coverage umbrella which covers the likes of one’s salary. Naturally then it would come as no surprise that sports injury insurance would be aimed more at professional sportsmen, or more specifically at professional sports teams.
That’s why you wouldn’t ordinarily see an advert for sports injury insurance popping up on television like you would one for auto insurance, home insurance, etc. Insurers who offer this type of coverage market their offers exclusively to professional sporting institutions, such as the fact that did you know that insurance of about 90 million Euros was taken out by Real Madrid Football Club on Cristiano Ronaldo’s legs when he first joined the club from Manchester United?
To the average man on the street however, this type of insurance is sold in a bit of an indirect fashion, such as forming part of something like disability cover (see this article “how does disability insurance work?” for more information) or salary protection in the event that you suffer an injury which incapacitates you.
Specific Coverage Insurance
Admittedly, this is one of the many tricks insurers employ to make a quick buck, but they generate quite a lot of extra revenue this way. I’m talking about what is perhaps more officially referred to as specific coverage insurance, unofficially referred to as designer insurance. Basically if the insurer is licensed to offer insurance in a specific market then they can tailor a policy for a specific event, such as if you’re accepting delivery of some valuables over a certain period of time, like gold coins, jewellery, etc.
Specific coverage insurance is a lot more expensive than “regular” insurance, boasting rates which are not unlike the insurance world’s equivalent to the lending world’s payday loans.
Specific coverage insurance can be used to the consumer’s advantage however, beyond the obvious advantage of the mere act of taking out insurance coverage as a hedge against a financial mishap. If for example you require the services of a legal professional dealing in a specific legal matter, such as the immigration matters handled by the Law Offices of Joshua L. Goldstein, based on the most likely outcome of your case you can take out specific legal insurance for that.
Ideally this would mean you hedge against losing money unnecessarily should your case not quite work out in your favour, so designer insurance in this way can definitely be used to one’s financial advantage.
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.