All images are from Lockton

I Triple Dog Dare You

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

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

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

It's a Major Award!

A special property policy through Lloyd's of London would be the best 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 coverage limit to protect a temple honoring your career from a tragic “vacuuming accident.”

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

You'll Shoot Your Eye Out

A general liability policy would protect a toy manufacturer against bodily injury or property damage, should a happy gift recipient shoot his own eye out with a defective product, say, a Red Ryder BB gun.

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

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

Other Christmas Story risks and coverages Lockton highlights:

• Property insurance is essential for homeowners year-round, and especially during the holidays should “The Old Man” overload an electrical outlet and cause a fire.
• Auto insurance ensures that a family out hunting for Christmas trees won't be left hanging for the price of a new tire, should one blow out on their travels.
• For Higbee's Department Store, a crime policy will protect its profits, and a general liability policy will make sure the store is covered if any children are injured on its famous Santa Slide.

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