Christmas isn't just about the perfect gift anymore for RalphParker, a risk-management professional who sees the celebratoryseason as being fraught with risk and exposure.

Parker, of course, is the fictional nine-year-old character romthe 1983 movie, “A Christmas Story,” based on the writings ofhumorist Jean Shepherd.

Today, however, Parker has been summoned by Lockton Cos. in itsnewly released white paper, “Ralphie's Risk Management Story: AnInsurance Perspective on the Holiday Classic,” as a modern-day riskmanager to highlight the many—albeit humorous—risks of his youthfulChristmas back in his fictional home town of Hohman,Indiana.

Roughly 9 in 10 Americans celebrate Christmas, even if abouthalf see it only as a cultural and not a religious holiday, andanother 8 out of 10 non-Christians in America also celebrateChristmas, according to a December survey by Pew Research. That's alot of yuletide exposures, and from triple-dog-dares to majorawards, the Lockton paper covers it all.

All images are from Lockton

I Triple Dog Dare You

When Parker's friend Flick got his tongue stuck to a frozen poleafter being triple-dog dared by classmates, his teacher was insidethe school, blissfully unaware of the injury taking place in theschool yard.

A student accident policy combined with the school's generalliability policy would ensure that this risk, and other similarwinter weather mishaps, are properly covered.

A simple policy offers $25,000 worth of coverage per student ata premium of $480.

It's a Major Award!

A special property policy through Lloyd's of London would be thebest way to cover a “fra-gee-lay” major award, Lockton says. A$5,000 premium is a small price to pay for a $1 million coveragelimit to protect a temple honoring your career from a tragic“vacuuming accident.”

And with Christmas being one of the busiest shipping times ofthe year, an inland marine policy would protect mailedpackages—like an Orphan Annie decoder ring, or a handmade gift oflove from a relative (who apparently sees Ralphie as afour-year-old girl)—against loss, theft or damage.

You'll Shoot Your Eye Out

A general liability policy would protect a toy manufactureragainst bodily injury or property damage, should a happy giftrecipient shoot his own eye out with a defective product, say, aRed Ryder BB gun.

Parker now sees that a $45,000 premium would protectmanufacturing clients with a $1 million limit for each occurrence,and $2 million aggregate. The cost of replacing the BB gun itselfwould be covered with an endorsement or separate coverage form.

An umbrella policy would pick up the slack for holiday claimsthat have the potential to involve large losses with multipleclaimants. Lockton says a $15,000 premium could get you a $5million coverage limit.

Other Christmas Story risks and coverages Locktonhighlights:

• Property insurance is essential for homeowners year-round, andespecially during the holidays should “The Old Man” overload anelectrical outlet and cause a fire.
• Auto insurance ensures that a family out hunting for Christmastrees won't be left hanging for the price of a new tire, should oneblow out on their travels.
• For Higbee's Department Store, a crime policy will protect itsprofits, and a general liability policy will make sure the store iscovered if any children are injured on its famous SantaSlide.

Lockton's complete risk analysis of “A Christmas Story” and itssuggested coverages can be found at http://www.lockton.com/whitepapers/Ralphies_Risk_Management_Story.pdf