Great white shark smiling in the blue ocean
Great white shark smiling in the blue ocean RamonCarretero

Scared of sharks? Get surfers' shark insurance

FOR strung out surfers terrified of dark shadows every time they go for a paddle, it could be just what the doctor ordered.

A Sydney surf company have launched a "breakthrough" product to offset any sharky concerns: insurance against a shark attack (and other surfing related accidents).

The company, 1 Love Surfing, has teamed up with Carriers Insurance Brokers based on the Northern Beaches of Sydney to offer the product, which it hails as a "breakthrough concept in the insurance industry".

It will offer a maximum of $50,000 cash in the case of death or serious injury, including loss of limbs.

The coverage includes:

- Death &/or Permanent Total Disablement

- Permanent & incurable paralysis of all limbs

- Permanent total loss of sight of one or both eyes

- Permanent Total Loss of Use of one or two limbs

- Permanent and incurable insanity

- Permanent Total Loss of hearing in one or both ears

- Permanent Total Loss of fingers, toes, eye lens, joints

- Temporary partial Disablement caused directly and solely by injury

- Broken bones

- Exposure

- Disappearance

The surf policy costs $130 per annum, or about $11 a month, and only covers non-motorised saltwater ocean sports.

The 1 Love website says "peace of mind is a wonderful thing especially considering how many dangers we surfers face every time we enter the water, like rock jumps, fin chops, heavy wipeouts, sharks and so on".

Probability experts know that insurance works best as a business model when the thing you insure for scares the hell out of you but is extremely unlikely.

People are motivated to insure themself, but actual claims are a rarity - so revenues should theoretically outweigh the odd big payout.

Time will tell, however, whether surfers take to the product they way they do to the waves.

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