Lloyd’s on Coverage for Royal Wedding Celebratory ‘Street Parties’

The Royal Wedding today at Westminster Abbey has virtually taken over the UK, as millions of residents plan local celebrations in honor of the Prince William and Kate Middleton’s marriage.

According to , “it is estimated that as many as two million people will hold their own street parties to celebrate; a British tradition that dates back almost 100 years.” Insuring those parties is also a tradition, as those organizing them often consider acquiring coverage as “yet another to-do before the festivities can get underway. That’s where the Lloyd’s market comes in.”

Jon Wilkinson, COO at WorldWide Special Risks, a Lloyd’s coverholder, explained: “If you want to run a street party in the UK, apart from a few exceptions, most councils and local authorities will require you to have five to ten million pounds [$8.3 to $16.6 million] worth of public liability insurance to be able to close the road. When you are just running a small street party, that can be quite expensive. In advance of the Royal Wedding, we created a special street party policy. It’s a low value, niche product.”

The company has already seen an explosion in interest since the announcement of the big day. “We’ve seen a huge amount of interest since people have begun planning their street parties for the Royal Wedding,” Wilkinson stated. He added that as the event drew closer demands for the coverage increased.

Lloyd’s noted that the “risks at most street parties are usually fairly low, given the events are organized by residents and activities revolve around socializing and eating. Most Councils do not require formal risk assessments to be submitted, but the Government issues guidelines about how to plan a street party and organizers are encouraged to think about possible risks as part of the planning process for their events.

“The street party non-profit organization, Streets Alive, suggests on its website that organizers should think about ‘ways of minimizing any risks from accident, burns on a BBQ, damage, electricity, rain, and breakages. It also suggests that residents should agree in advance that everyone should take responsibility for themselves and watch out for each other, especially children.”

Lloyd’s concludes that “insurers are playing their part in helping people plan a memorable day for the Royal Wedding.” However, there’s one risk that even the insurance industry can’t cover – English weather – with any luck it won’t rain.

Source: Lloyd’s of London

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