“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.