14. The Loch Ness monster was the cause of a policy by Lloyd’s, but not because of potential havoc
Some people believe in a prehistoric monster lurking in the depths of Scotland’s Loch Ness. Some people don’t. Others have engaged in quests to either prove or disprove the monster’s existence, though the latter is far more difficult. The monster has been a favorite among advertisers for decades. In the 1970s Cutty Sark – the whiskey, not the museum clipper ship in Greenwich – offered a prize of £1 million to anyone who caught the monster, called Nessie. The offer, and the corresponding advertising campaign, were presented humorously, though the offer was real.
When someone involved pointed out that there was a possibility – however slim – that the monster existed and might be caught, the distillers had Lloyd’s cover the risk of potentially paying out £1 million. Written into the policy was a minimum length of the critter presented (20 feet), and the need to obtain certification from the Natural History Museum. The policy covered the period of the advertising campaign through the date the offer expired (imagine catching the beast a day too late) before expiring. Lloyd’s covered the offer, and never had to consider a claim.