December 21, 2011
By: Carrie Van Brunt-Wiley
With a massive workshop and global delivery operation, risk management firm Lockton says it hopes Santa Claus has put some thought into the business and professional insurance needs he might have.
The firm lays out a number of scenarios in which insurance protection would help save Santa and K. Kringle Manufacturing. First of all, he needs property insurance protection for the workshop and all the toys in it, just in case an elf causes a fire by leaving holiday decorations next to a fireplace.
Lockton says Santa should probably also have insurance on his sleigh and reindeer, just in case they are hurt or cause damage to a chimney while flying by.
Additional protections the firm suggested included workers' compensation coverage for Santa's many elves, off-site theft protection in case the Grinch makes an appearance, pollution coverage for any coal left behind in naughty children's stockings and a specialty policy in case his famous beard is damaged.
In total, Lockton estimated that Santa could get nearly $1.2 billion in insurance protection for about $1.2 million - a small price to pay compared to the happiness he brings to children throughout the world.
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