I mean, it was given by an Australian minister. So if it were a joke, it would have been an Aussie one. Up, fine print makes it look like you're only covered if the attack happens in the Northern Territories. Presidents are allowed to buy the gifts at fair market value, which in this case I assume would mean the premium, not the potential pay-out. Since it only pays out in the event of death from crocodile attack, maybe he was allowed to simply make the National Archives the beneficiary?