Monarch surrounded by protection and respect (9)
I believe the answer is:
deference
'respect' is the definition.
('deference' can be a synonym of 'respect')
'monarch surrounded by protection' is the wordplay.
'monarch' becomes 'er' (abbreviation for Elizabeth Regina).
'surrounded by' means one lot of letters goes inside another.
'protection' becomes 'defence' (defence is a kind of protection**).
'er' placed inside 'defence' is 'DEFERENCE'.
'and' is the link.
(Other definitions for deference that I've seen before include "show respect" , "Compliance with another's wishes, polite respect" , "Respect; submission" , "Submission to will of another" , "honour" .)