Niche insurance is insurance that is provided for small, low-demand areas. Insurance is vital to protect the potential financial losses of individuals and businesses. Although the policies that are usually required are easily available, such as automobile, home, life, travel, and business insurance, other forms of cover can be very difficult to obtain.
- Drivers with convictions
- Home owners who have previously made a large claim
- Professions which are unusual (Piano tuners) or high risk (such as scaffolders).
- Temporary event insurance (Fêtes, live music events)
- Body part insurance, for people whose livelihood depends on the state of a particular part of their body, such as actors' legs or noses.
- Alien abduction – the first company to offer UFO abduction insurance was through The St. Lawrence Agency in Altamonte Springs, Florida. GEICO insurance (which does not sell alien insurance policies) and The Daily Telegraph report that one English company has sold over 30,000 policies.
In these circumstances, a specialist insurer is required for these niche areas. The specialist may have expert knowledge of the particular risk or can provide policies which have been tailored to fit the need. Often, approaching others with similar circumstances in internet forums, associations or competitors in the same trade can help track down these niche products.
Several celebrities and porn stars have had their penises underwritten in amounts exceeding one million dollars, including Van Halen frontman David Lee Roth, and pornographic actor Keiran Lee – both of whom had their penises underwritten by Lloyd's of London, also known for insuring other body parts including the vocal cords of Bruce Springsteen.
- "20 Celebrities Who Insured Their Body Parts For Millions". businessinsider.com. Retrieved 5 April 2018.
- Haddock, Vicki (18 October 1998). "Don't sweat alien threat". San Francisco Chronicle. Retrieved 15 August 2015.
- Erb, Nathan. "Unusual Insurance Policies". Geico. Archived from the original on 22 January 2014. Retrieved December 1, 2014.
- "Do you really need alien insurance?", The Daily Telegraph, June 28, 2000
- "David Lee Roth Took Out Insurance Policy For His Penis, 'Little Elvis,' With Lloyd's Of London". 28 March 2013. Retrieved 5 April 2018 – via Huff Post.
- "Porn star insures penis for $1 million" Global Post.
- "9 Odd Things Insured by Lloyds of London". howstuffworks.com. 14 September 2007. Retrieved 5 April 2018.
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