Niche insurance isinsurance provided for small, low-demand markets. It is outside of the usual insurance types available, such asautomobile,home,life,travel, andbusiness insurance, and can be very difficult to obtain.[citation needed]
A few examples are:
Insurance for drivers with convictions, often referred to asAssigned Risk Car Insurance[1]
Hole-in-one insurance, forcountry clubs or other venues hosting golf tournaments with large cash prizes for ahole-in-one[4]
Alien abduction – the first company to offer UFO abduction insurance was through the St. Lawrence Agency inAltamonte Springs, Florida;[3] Reports byGEICO insurance (which does not sell alien insurance policies) and byThe 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 theseniche 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 ininternet forums, associations or competitors in the same trade can help track down these niche products.[citation needed]
In 2000, three sisters fromInverness took out a£1 million insurance policy to cover the cost of bringing up the infantJesus Christ in the event of aSecond Coming andvirgin birth. The company that provided this policy,Braintree, Essex-based companybritishinsurance.com, withdrew the cover in June 2006, stating thatCatholic groups had complained.[10]
