How to Start an "exotic" (divorce, Fantasy Football, Etc) Insurace

Oct 15, 2015

  1. james545454
    Offline

    james545454 New Member

    Posts:
    1
    Likes Received:
    0
    Hi,

    I am looking at starting a company that would do a form of "exotic" financial insurance.

    I recently came across an article discussing exotic insurance.It contained the following examples of companies insuring things like:

    Fantasy football injuries
    Divorces
    Weather
    Reality TV


    I am wondering how one can form an insurance company like this? Are they specific laws and regulations that guide the formation of these insurance companies that someone can make me aware of? Sorry for the vagueness of this question, but I am very new to insurance and am just trying to get my foot in the door with this topic.

    Thanks!
     
  2. STIBROKER
    Offline

    STIBROKER Like My post and enter the DRAWING,,,, Moderator

    Posts:
    10,484
    Likes Received:
    405
    State:
    Texas

    your too late......

    https://www.youtube.com/watch?v=e2P5VZ6hU4Y





    .
     
  3. FEX Quotes
    Offline

    FEX Quotes Guru

    Posts:
    1,093
    Likes Received:
    81
    State:
    New Jersey
    Here's a start..

    How to Own an Insurance Company
     
  4. Etherion
    Offline

    Etherion New Member

    Posts:
    6
    Likes Received:
    0
    State:
    Ohio
    Hi James! This is actually a really good question, and it's really funny that you mentioned it! When I was looking for new potential agents for our firm awhile back, I stumbled across someone who sold "exotic insurance." Specifically, she sold life/health insurance policies for pets! Naturally, I giggled at this, but it also piqued my interest.

    But, as funny as it may be, people definitely buy stuff like this, and if you know which communities to target, I'm sure you could make a friggin' killing. For example, my good friends [wealthy] mother once paid for a kidney transplant for her late beloved 20 year old cat. Kinda frivolous, (not to mention cruel) but as I said, certain people will definitely pay for this kind of stuff if they can afford it. However, I believe that pet "Life/Health insurance" is technically categorized as P&C (I could be wrong on this--don't quote me) since pet's are technically "property."

    As for the regulations bit of it, I think you need to be approved just like any other P&C or L/H insurance agent/agency. You could always be non-admitted. Just don't go running off to Monaco with your secretary. :D

    Hopefully an expert in this will stumble across your thread and offer their two-cents. I'll definitely be checking back.
     
    Etherion, Oct 17, 2015
    #4
Loading...