Working Smarter on Insurance Matters

Working Smarter on Insurance Matters

Peter Heffer, director of holiday and residential parks at Lorica Insurance Brokers offers his views on the ever-growing world of glamping

Peter Heffer, director of holiday and residential parks at Lorica Insurance Brokers offers his views on the ever-growing world of glamping

 

Selecting the right insurance company can be more complex than is readily apparent. For example, the lowest price is not necessarily the best value.

Smart buyers seek out insurers that offer a tailored product to suit their requirements at a competitive price.

Peter Heffer of Lorica Insurance advises buyers to take their time when choosing a provider: “Look for a partner who specialises in the sector and tailors cover to your specific needs.

“Failure to understand the level of cover provided by a policy is a common pitfall for buyers, particularly in the holiday park sector. A generic broker is unlikely to understand the nuances of the sector - you need a specialist.”

With this in mind, Lorica has created an exclusive holiday and residential parks combined policy. The product is both competitive in terms of premium and provides extensive cover designed specifically for parks.

Peter comments: “Of course we cannot guarantee to save you money and improve your cover, but you can be confident that we will give it our best shot. We have experts around the country who are on hand to meet you to explain more about how we can help.”

The biggest type of claims affecting holiday parks can be split into two categories; the first is low likelihood but high severity, meaning they don’t happen very often but when they do the impact is catastrophic, for example a flood. The second type is high likelihood but low severity, meaning they happen frequently but only impact individual policyholders. For the privately owned parks these tend to be customer injury related.

Peter adds: “All policyholders have a duty to ensure reasonable precautions are taken to prevent injury or damage. This is an underlying principle applying to all insurance and owners should act as they would were they not insured.”

Lorica Insurance Brokers
Tel. +44 (0)7827 895671
www.loricainsurance.com

 

Safety First For Holiday Hot Tubs

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Peter Heffer, director of holiday parks at Lorica Insurance warns hot tub owners to ensure they have the right insurance cover.

Safety First For Holiday Hot Tubs

The increasing popularity and demand for holiday hot tubs can be a double-edged sword for holiday park operators.

Installing a hot tub is a substantial investment that can add real value to a holiday property. Even so, unexpected events can happen which can result in serious damage to the tub or to the bathers. For this reason park owners should be aware of the risks and ensure that they’re fully protected by their insurance policy.

“Firstly, there is the risk of damage to the hot tub itself and an insurer needs to appreciate that they are providing cover for this aspect,” explains Peter Heffer, director of holiday parks at Lorica Insurance.

"For example, is the tub an intrinsic part of the holiday or residential home structure or is it a standalone unit, which is arguably contents.”

Peter adds: “Other important questions to think about include does the sum insured cater for the hot tub? Does the insurer provide full policy cover or are certain losses, such as escape of water and accidental damage, excluded? Will cover operate if the home is sub-let?”

There is also the question of cover for injury to third parties. When it comes to hot tubs there can be increased risk of disease if the tub is not properly cared for and maintained to a high standard. With this in mind, Peter stresses the importance of ensuring that you are covered for legal liability to members of the public should they contract an illness or suffer an injury whilst using the hot tub.

Peter adds: “Lastly, you should consider if your insurance policy involves any special conditions that require you to conform to manufacturers’ safety and maintenance requirements. Whether the hot tub was professionally installed or not can also affect the policy.”

Lorica strongly recommend that you check your individual requirements and cover position with your insurance advisor. Talk to the Lorica team today to be sure you are prepared and fully covered for all eventualities.

Lorica Insurance Brokers
Tel. +44 (0)7827 895671
www.loricainsurance.com

Holiday Parks Need Business Safety Net

Holiday Parks Need Business Safety Net

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Peter Heffer, Lorica’s director of holiday parks, believes holiday parks need to accident proof their future income.

According to statistics gathered by business insurance specialist, Lorica Insurance Brokers, 50 per cent of holiday parks do not purchase ‘business interruption’ insurance.

Hostages to the fortunes of the impact of severe weather, many holiday parks are gambling with their future security.

“There is a distinct lack of awareness over the extent of cover available,” advises Lorica’s director of holiday parks, Peter Heffer.

He adds: “Many think that it is either unnecessary or is purely there to provide cover for a loss of gross profit following loss or damage.”

However, this form of cover is inappropriate for the park industry, advises Heffer. “When structured correctly, cover actually provides for loss of gross revenue less any costs the park no longer incurs during any period of downtime resulting from a loss.

“By insuring in this way, the park has access to funds that allow it to continue to meet its fixed costs obligations despite a lack of incoming revenue.”

Lorica advises that cover should also apply to alternative accommodation expenses along with additional expenditure incurred to maintain the business such as overtime, temporary rental on other parks and advertising.

“Fit for purpose cover is an absolute asset to a park,” says Peter. “It is there to maintain profit levels, meet ongoing fixed costs, provide alternative accommodation and assist with recovery.”

He advises: “Park operators are urged to speak to an insurance advisor who understands the sector and is able to offer a tailored solution. Off the shelf commercial policies are unlikely to meet your needs.”

 

Lorica Insurance Brokers
Tel. +44 (0)7827 895671
Email. pheffer@loricainsurance.com
www.loricainsurance.com