Keep your insurance cover up to date...
The winter months are traditionally that time of year when many parks take the opportunity to undertake some maintenance and make changes, with projects ranging from small tidy ups and cleaning to major renovations and new ventures. Unless your policy is due to renew in January or February, you probably don’t have insurance on your list of maintenance or improvement.
However, it’s a good idea to add it, as reviewing your policy and checking everything is in order, is an essential job ahead of the 2023 season. You don’t have to check every last detail however here are a few things to have on the list.
With the cost of materials, parts and labour increasing at record levels, and the cost of replacement caravans and lodges still high, you should make sure that the amounts you have for your Buildings, Hire Fleet and Sales Stock are all adequate. The Building Cost Information Service (BCIS) shows that the cost of commercial buildings went up 9.5% in the 12 months to November 2022.
So that is an indication of just how important it is to regularly check them. If you have a Compass Insurance policy with us and want to find out about a professional valuation service, then speak to your Regional Account Manager or Compass contact, or alternatively check with your insurer who may offer their own valuation service.
The same applies to Contents in terms of inflationary increases, making sure you have everything adequately listed and covered is essential. If you’re planning to diversify in 2023, add new attractions and activities then it’s important to make sure your insurance policy reflects them.
If you’re undertaking any major improvement or project works then it’s a good idea to let your insurance company know, and you definitely need to update your policy once the work is complete. One of the most important parts of your policy are the description of your business and the activities we have listed for you.
This needs to accurately reflect the type of business and park you are and the things you do. Don’t forget about your employees and wage roll, if they are likely to be higher in 2023, or if you’re taking on new people then that will need updating. Turnover is another crucial element of your sums insured, it relates to both the Public Liability and Business Interruption sections.
Tel. 0344 274 0276