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Insuring Santa
Insuring Santa
When Santa got stuck up the chimney... ...He was saved by his £1bn insurance premium
Spare a thought for Santa this Christmas as his insurance bill has just topped £1 billion. This makes him the most expensive single employer in the world to insure.
Santa's most expensive outlay is accidental damage against all the toys in the world, which would cost him £270 million. The cheapest part of his business to insure is his sleigh, which is a more modest £1 million, although still a fair bit more than it would cost to insure a Ford Transit.
Surprisingly, given their folklore, Santa's nine reindeer cost only £18 million to insure. This though does not include any special provision for Rudolph or his nose.
The cost of Santa's insurance bill was worked out by Tiscali.co.uk and its online insurance partner Xbridge, and covers everything from thieving elves to Santa unsettling tiles on your roofs. Thankfully Santa, who has been acting under the guise of Father Christmas in the UK since A.D. 43, has 1,960 years without a claim to fall back on, which nets him a 60% no-claims discount of £600 million.
The breakdown of Santa's insurance details is as follows:
- Stock £18 million
- covers the world's stock of Christmas presents
- All risks £270 million
- covers Santa against accidental damage e.g. should his warehouse be flooded as a possible consequence of global warming
- Theft £36 million
- protects him from any outside theft of toys
- Fidelity £90 million
- protects him from internal theft by elf employees
- Business interruption £180 million
- should any event happen that would stop him from running his day-to-day business
- Employers liability £2.5 million
- ensures the elves are covered if they have an accident
- Public Liability £1 million
- protects Santa in case he damages your chimney, roof or drops a heavy sack from the sky
- Product Liability £180 million
- covers any defective toys in the unlikely event that they should harm any children
- Machinery £720 million
- protects everything that is needed to put together Santa's toy stock
- Sleigh £1 million
- Nine reindeer £18 million
- Goods in transit £180 million
Total cost, minus 60% no claims bonus, = £1,014,300,000
Santa was unavailable for comment, however Tiscali.co.uk editor Richard Ayres said: "I think this should put the festive season in perspective for a few people. The average Briton shells out £375 on Christmas but it costs Santa a whopping £1 billion. We think that the least people should do this Christmas Eve is to leave out something decent to eat and drink for him and his reindeer."
If you need a competitive business insurance quote then check out what Tiscali's business finance partner Xbridge has to offer now.
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