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Santa should invest in liability insurance before his trip around the globe

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A recent article found in Insurance Journal demonstrated the importance of liability insurance  by using humor to make a serious point, estimating how much liability insurance and other coverage Santa would need.

The magazine said Santa would need about $1.2 million to pay for insurance coverage because of all of the exposures his workshop encounters by making and delivering toys. The report on Santa's workshop found he would need many types of insurance to cover all of the things he does during the holidays, including ocean marine insurance, aviation insurance, exotic animal insurance and protection against pollution.

Santa would also need an electronic data processing policy to keep track of his "naughty or nice" list, as well as a property coverage policy in case the mass amount of wrapping paper he keeps in his workshop happens to catch fire.

While Santa must have a lot of his mind when its comes to insurance, the North Carolina Department of Insurance is also making sure people are informed about fire safety and offered some tips to avoid fires during the holidays.

Some of these safety tips include making sure to never use lit candles to light a tree brought in for the holidays and to not overload extension cords and electrical outlets.

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