Shortly after receiving word of Pope John Paul II's death, Britain's Prince Charles announced plans to postpone his wedding by a day so that important international dignitaries--including himself--would not have a conflict with attending the pontiff's funeral. The Royal Wedding of Prince Charles to Camilla Parker Bowles was to have taken place in a civil ceremony at the Guildhall in Windsor on Friday, April 8.
Following the announcement, the "event cancellation" flashcard popped up immediately in insurance-industry conversations. If the Prince's wedding had been postponed much beyond a day, the first round of conjecture went, there might be the potential for large losses.
But Chubb veteran Gene Williams quickly put this initial speculation into perspective. "Like the Vatican, I don't think the Crown is a heavy buyer of insurance," noted Williams.
"In my career, I've observed a number of royal weddings and funerals, and I've never heard of any insurance being placed for them. And this particular event seems to be on a smaller scale, and, therefore, less expensive than similar events in the past."
May 1, 2005
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