As celebrations continue across the pond to mark the QueenÃ¢â‚¬â„¢s Diamond Jubilee it should come as no surprise that insurers have a role to play in the royal event.
A widely-cited report by Santander Insurance found that around six million UK residents will spend a total of Ã‚ £424 million ($651 million) on house parties over the course of the holiday weekend, spending Ã‚ £83 each on average on Jubilee-related goods.
However, the insurer went on to warn of the prevalence of accidental damage and theft during party celebrations and urged people to review their home insurance policies and make sure they have adequate cover.
For those taking to the streets to celebrate, the Association of British Insurers (ABI) has published a guide on organizing street parties and other events.
The ABI guide sets out what party organizers need to know, such as:
– Things to consider about your venue, such as is it safe for the number of people you expect, are outdoor activities involved, such as bouncy castles, and what fire aid will be available.
– If planning a street party, steps you need to take, including contacting your local council.
-Ã‚ Any requirements for public liability insurance and how this cover can help party organizers protect against things that could go wrong.
Meanwhile, in an article on its website LloydÃ¢â‚¬â„¢s has taken a look back through its archives to share the marketÃ¢â‚¬â„¢s long history of insuring risks associated with Royalty.
We read with interest that:
In the year of Queen VictoriaÃ¢â‚¬â„¢s Diamond Jubilee in 1897, LloydÃ¢â‚¬â„¢s underwriters insured the jewels of a visiting Indian Maharajah for Ã‚ £200,000 and also a charitable scheme supported by the then Prince of Wales Edward VII. The policy paid a claim of Ã‚ £16,000 when the scheme to sell Ã‚ £50,000 Ã¢â‚¬Å“hospital stampsÃ¢â‚¬ failed to reach expectations after postal authorities refused to postmark the unofficial stamps.Ã¢â‚¬
(Photo courtesy of: AFP/Getty Images via the Daily Mail)