One Lloyd’s of London business insurance broker recently stated that the Royal Wedding last week at Westminster Abbey broke records as millions and millions of residents threw local celebrations to honor the marriage of Prince William and Kate Middleton.
According to the commercial insurance broker, as many as two million Brits celebrated by holding their own street parties to celebrate the Royal Wedding, a tradition that dates back in the UK for nearly an entire century. Providing public liability cover to these parties is also traditional as those who seek to organise these parties oftentimes consider securing public liability insurance as just another box to tick on the to-do list before getting the festivities underway.
The Lloyd’s market was there to step in, stated Lloyd’s coverholder WorldWide Special Risks COO Jon Wilkinson. Mr Wilkinson stated that those who wanted to run street parties in the UK were required by most local authorities and councils to have £5 million to £10 million in insurance cover in order to close the road.
Such a policy can prove to be prohibitively expensive when throwing just a small street party, said Mr Wilkinson. However in honor of the Royal Wedding, WorldWide Special Risks created a low value, niche product for the occasion to provide specialised cover to street parties.
The company had already experienced a huge uptick in interest since the big day was announced. The COO stated that it had seen an overwhelming amount of interest as people planned their street parties in honor of the Royal Wedding. Mr Wilkinson also stated that the demands for the cover increased as the event drew closer.
Lloyd’s of London stated that since the events organised by residents involved activities revolving around eating and socialising the risks at the majority of street parties are typically fairly low.