INSURANCE SUMS MUST ADD UP

INSURANCE SUMS MUST ADD UP

A PROFESSIONAL SURVEYOR will undertake a review to determine what business insurance values should be.

If the worst happens, and you suffer a loss to one of the buildings or infrastructure on your Park then the amount you are insured for becomes an important number. With rising costs of materials and labour, knowing how much to insure for is difficult. There is a lot of focus at present on the rising costs in construction, and in particular in the leisure industry.

Whether it’s replacement caravans and lodges, the cost of timber or the cost of labour. In their latest report on Building Repair Costs, Sedgwick, one of the leading global Claims providers, forecast that the cost of insurance repairs in relation to buildings will rise 10.5% through the first part of this year.

Known as the Insurance Repair Specific Index (IRSI), it monitors the four main cost components typically found in insurance repairs: Labour, Plan, Materials and Waste disposal. If costs of rebuild and replacement go up by 10%, is a 10% increase in your sums insured sufficient?

Or would 15% be more appropriate for you? A reliable source of information, The Department for Business, Energy and Industrial Strategy, also measure the cost of construction materials and in late 2022, they recorded a 12.7% increase. The most robust way to determine sums insured would be to engage a professional surveyor to undertake a review for you and use their report to determine what those values should be.

You may wish to check with your insurer to see if they offer a valuation service. If you have a policy with Compass, we have an exclusive Valuation Service, which will help to give you peace of mind by providing a range of options for professional valuations of all the buildings on your park. It offers solutions from remote desktop surveys to on site physical valuations, all designed to give you the insight and information you need to insure your business.

The service includes:
• Choice of desktop review or on site survey(depending on the size of your business and specific needs).
• Full reports with declared value, rebuild and sum insured estimates.
• Discounted follow up reports at 3 and 5 years.
• Access to quarterly building cost indices and reports.

Prices start at £150 + VAT for a desktop review and £800 + VAT for an onsite survey and are linked to the size of your business and the sums you need to insure for. To find out more about the service you can speak to your Regional Account Manager,
contact us via:

COMPASS INSURANCE
0344 274 0276
enquiries@compass.co.uk
www.compassparks.co.uk

IRRESISTIBLE COMBINATION

IRRESISTIBLE COMBINATION

Pictures and reports from the unmissable Holiday Park & Resort event...

THE HOLIDAY PARK SCENE team has gathered information and contact details for some specialist suppliers who stood out for the Holiday Park SCENE team.

 

The hotly-anticipated Holiday Park & Resort Show proved to be an irresistible combination as visitors from across the sector flocked to the NEC in Birmingham. November’s two-day business show received a positive response from visitors, speakers and exhibitors alike.

Complementary shows of Farm Business Innovation, Family Attraction Expo and Leisure Food & Beverage ran alongside Holiday Park & Resort, combining their pulling power for an irresistible draw.

Free to attend, more than 11,000 visitors were recorded across the show offerings, with many visitors opting to attend a choice of 140 seminars, 500 hand-picked exhibitors, industry-leading experts and unrivalled networking with a wealth of business development opportunities.

 

BROAD SPECTRUM
The Holiday Park & Resort Innovation Show provides you with the unique opportunity to network with 5,257 of the biggest names in the industry. Exhibitors maximise the opportunity to showcase products and services to an array of industry experts and buyers, directly from the holiday destination market.

Exhibitors responded to the current economic climate with an array of advice and information on new income sources, cost savings and ways to increase business efficiency. One of the key ingredients were ways for holiday park and resort owners to diversify and innovate their businesses and operations.

The combined event business awards are a celebration of ideas that are pushing the boundaries in design and service, recognising those that combine an unprecedented blend of innovation, creativity and uniqueness to its user. This year’s competition winners included a cocktail machines that serves up excellent quality cocktails at the touch of a button. Daisy Vending were awarded for their provision of milk and milkshakes featuring its premium milk vending machines.

Inch Perfect Trials saddled up to be first passed the innovation line as an on-line retailer for new and used trial bikes with the added offering of training and experience days The sustainability award celebrated NexGen Heating for its innovative heating solution for applications across multiple industry sectors. Plan your 2023 visit early for the event that returns to Birmingham’s NEC on November 15 and 16. Holiday Park Scene will once again work with the show organisers as a preferred media partner for the event. Autumn issues of the magazine will be distributed at the show.