Published: January 21, 2008 09:05 am      

YOUR MONEY: Anything is insurable if the price is right

With an increasingly precautionary and litigious society, insurance can be found for just about every activity people perform in their waking hours.

Anyone with enough cash could probably insure even their sleep, as well.

Insurance policies, even if not through traditional brokers, can be had for everything from vacations to rock concerts and even alien abductions. The London-based insurance brokerage firm Goodfellow Rebecca Ingrams Pearson manages some 20,000 such policies, reported Kiplinger’s Personal Finance Magazine, with some 4,500 “John Wayne Bobbitt” male mutilation policies and 4,000 immaculate conception policies also active.

London and other overseas sites are where people will find the strangest policies. Lloyd’s of London, famous for covering Jimmy Durante’s nose, Bette Davis’ waistline and Michael Flatley’s legs, will insure most anything as long as the customer is willing to pay the premium (a Lloyd’s representative did not return an e-mail inquiring how much it would cost a reporter to insure his typing hands).

Companies will first max out life and disability insurance on stars, according to the Web magazine Slate. The body part policies then become an extra layer of coverage for the celebrity or athlete in question, with some stars feeling that their assets are too valuable not to protect.

Ordinary coverage — or at least more so

Most people have no need for extra protection of their bodies, but one often-overlooked type of coverage is umbrella insurance, according to John Holler of the Holler Grapes Agency in the City of Tonawanda. This coverage goes above a person’s home and car policies to protect them against potential lawsuits. Holler recommends an umbrella policy of at least $1 million, which would cost about $250 a year.

Umbrella insurance is not hard to find, but specialty insurance can be. Holler Grapes covers valuable Twin Cities venues such as the Riviera Theatre and the Carousel Society of the Niagara Frontier Inc.

“Not everybody wants to insure a museum with a carousel in it,” he said.

Landmarks aren’t the only vintage items that need insurance. George McCurley, co-founder of the American Rare Collectibles Association, uses marine insurance to cover the loss or damage of antiques his group transports.

“If we had some collectibles and put in warehouse or unload at a show, the product’s covered wherever it is,” he said by phone from his home in Illinois. “Collectors are very concerned about the mint items.”

One collector with whom he had recently dealt in New Zealand was acquiring an antique clock worth $10,000. The New Zealand post office would not provide insurance worth more than $1,000. The collector declined additional coverage, McCurley said, and the item was broken in transit.

That collector was able to repair it, but the story serves as a reminder for collectors to get coverage — at least for items of significant value, he said. Insurance through the U.S. Post Office or UPS can get particular at times, he said, but is still better than nothing; private insurance is also available at times.

“They got all these criteria you have to meet in order to make a claim,” he said. “They make you jump through a lot of hoops.”

Insuring an event

Even rock stars need insurance. That’s where Andy Coric comes in.

The special event agent for Keller and Co. in the Town of Tonawanda, Coric has found coverage for everything from local Joan Jett concerts to softball games and vintage car shows. About the only events that can’t be covered are those involving moving vehicles, whether on land or sea.

“Anything with an engine is tough to do,” he said.

Those events that are covered include weddings. Most banquet halls require proof of coverage, he said, but couples can opt for coverage of anything from bad weather to natural disaster.

Basic wedding policies cover circumstances beyond a couple’s control and reimburse associated costs, according to theknot.com. While each policy is different, what’s generally covered is weather (including if conditions don’t allow necessary people to get there), vendor no-shows, sickness/injury and job-related transfer (such as military). A case of cold feet is not covered.

Honeymoon and vacation insurance are also available, which provide coverage if conditions don’t allow people to make the trip (illness or inclement weather, for example). Many travel groups such as AAA provide the insurance.

Protecting your pet

While trips are often covered, it’s some of those who are close to home that usually are not.

Pet insurance, which can cover illness, surgery and preventative medicine, is not nearly as prevalent as it should be, according to Karen Georgal, office manager at Wheatfield Animal Hospital. Provided through a third-party carrier such as VPI, pet insurance reimburses pet owners for costs associated with caring for their animal and is generally available for dogs, cats, birds and exotic animals.

“We love it if pets have health insurance,” said Georgal, citing the ability of carriers to finance life-saving procedures that otherwise might not be performed. “There’s a lot of pets out there have illnesses or chronic conditions that aren’t being treated because of finances.”

Pet plans range from $10 per month to $50 or more depending on the level of coverage. While acknowledging that many people can’t afford those monthly premiums, they’re worth it to those who can’t imagine life without an animal companion, Georgal said.

“When there is an emergency, then finances doesn’t come into play. We can provide the best medicine for their pet,” she said. “Everybody I know who has pet insurance is happy with it.”

For people whose finances don’t come into play, though, there’s a policy available for Rover, facial hair, smiles and nearly anything else. Those people might need to start with insurance for their check-writing arm.

Contact reporter Paul Lane at 693-1000, ext. 116.