After working hard to make sure children wake up to toys under their Christmas tree, the last thing Santa wants is to leave playthings unprotected. By taking out an ocean cargo policy, Santa can be sure his toys are covered from the time they are loaded onto his sleigh until they arrive at their final destination.
Santa stuffs his bag with a wide assortment of presents, from simple dolls and teddy bears to sophisticated tech toys. Dave Higley, senior vice president and head of E&S property and inland marine for Argo Group, recommended that Santa buy coverage for the priciest gifts in his bag.
“Santa doesn’t care about insuring stuffed animals,” Higley said. “He can make more of them and already has a bunch in stock.”
A cargo policy premium is calculated on the value of the goods covered.