Niche insurance is
insurance provided for small, low-demand markets. It is outside of the usual insurance types available, such as
automobile,
home,
life,
travel, and
business insurance, and can be very difficult to obtain.[citation needed]
A few examples are:
Insurance for drivers with convictions, often referred to as
Assigned Risk Car Insurance[1]
Hole-in-one insurance, for
country clubs or other venues hosting golf tournaments with large cash prizes for a
hole-in-one[4]
Alien abduction – the first company to offer UFO abduction insurance was through the St. Lawrence Agency in
Altamonte Springs, Florida;[3] Reports by
GEICO insurance (which does not sell alien insurance policies) and by The Daily Telegraph state that one English company has sold over 30,000 policies[5][6]
Death or disability caused by supernatural phenomena, including ghosts and poltergeists[3]
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.[citation needed]
In 2000, three sisters from
Inverness took out a
£1 million insurance policy to cover the cost of bringing up the infant
Jesus Christ in the event of a
Second Coming and
virgin birth. The company that provided this policy,
Braintree, Essex-based company britishinsurance.com, withdrew the cover in June 2006, stating that
Catholic groups had complained.[10]