Argo’s 12 Days of Santa’s Insurance: Workshop Insurance

Santa’s workshop is a place where the nuts and bolts of toy craft combine with a special kind of magic. What a relief to know that Argo is able to help protect the workshop with a property policy.

Day Eight: Workshop Insurance

“We’re really comfortable with taking Santa’s workshop,” said Dave Higley, senior vice president and head of E&S property and inland marine at Argo Group.

The policy would cover:

  • The value of the building if damaged or destroyed.
  • A limit on contents and equipment.

When deciding whether to write the workshop policy, underwriters would evaluate the four property risk characteristics of Construction, Occupancy, Protection and Exposure (COPE). These include:

  • The construction of the workshop.
  • The sprinkler system.
  • The findings of a loss control engineer.
  • Santa’s management practices and loss history.

Assuming everything checks out and Santa isn’t allowing the elves to weld near bales of straw or engage in other risky practices, Higley estimated Argo would write up to a $25 million property policy for Santa’s workshop at an annual premium of $100,000.

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