The impending nuptials of Prince William and Kate officially reached critical mass this week, with festivities set to kick off in London on Friday. Given the worldwide attention the engagement has garnered and the scope of festivities planned, there are many insurance implications involved with and surrounding the wedding.
While the couple may not be updating their homeowner's policy to include items such as the royal crown jewels (those are safely sequestered in the Tower of London and guarded by a horde of Beefeaters), there are nevertheless insurance issues to consider for the newlyweds and their millions of “guests” prior to the I do’s.
Underwriting the Risk
Phillipson notes that underwriting such a policy means taking into account several factors —most of which aren’t all that unique.
What About Divorce?
Although divorce rates have been falling in recent years in England and Wales, according to the Office for National Statistics, there were still almost 114,000 splits in the country in 2009. Is the relatively new concept of divorce insurance something Prince William and Kate should explore? For those unfamiliar with divorce insurance, here is how it works: