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Shielding Royal Risks

Shielding Royal Risks If previous royal bank holidays are anything to go by, then the Queen's Diamond Jubilee long weekend could point towards a rise in certain insurance claims.

Claims data from leading insurer Aviva reveals that fire claims were up one fifth after last year's Royal Wedding and the Queen's Golden Jubilee 10 years ago.  Accidental damage claims in the home went up by 10% over the same period.

Aviva's household claims manager Ian Coull said, "Bank holidays also often lead to increased accidental damage claims mainly because families  are at home more, probably enjoying time with lots of family and friends or catching up on DIY, both of which can lead to clumsy calamities."

Whilst these claims are in reference to the past decade, royal-related insurance stretches back a lot further.

The 'Blue Book' at Lloyd's records unusual insurances that have been underwritten at Lloyd's, including several related to royalty.

The coronation of George V in 1911 was a lavish affair at the height of the British Empire.  Large amounts of insurance were purchased from Lloyd's underwriters by owners of property or sites along the procession route.  The cover included postponement or change of route, covering individuals for the loss of revenue from selling seats and stalls.

Going back even further, in 1897, the year of Queen Victoria's Diamond Jubilee, Lloyd's underwriters insured the jewels of an Indian Maharajah for £200,000.

The run-up to the coronation of the then-unmarried Edward VIII in 1936 also caused some insurance issues for businesses.  A well-known manufacturer of mugs wanted to insure against the cost of manufacturing coronation commemorative mugs.  If a marriage took place before the coronation two portraits would be necessary on the mugs rather than one and this would mean any expenditure would be wasted.

The Blue Book, which has never been published, is kept at the Lloyd's building in the City of London.  It was compiled by J M Machie, the Superintendent of the Room at Lloyd's between 1920-1931, through his contact with brokers and underwriters in the market. 
To find out more about Lloyd's of London and its history click here.

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