Holiday Home Insurance

COMPASS INSURANCE HAS PARTNERED UP WITH HOLIDAYMAKER PARK APPS

Posted on November 7, 2024

Compass Insurance has partnered with Dorset-based technology start-up, Holidaymaker, to support its mission to bolster the holiday park and hospitality industry with cutting edge guest engagement technology.

As part of this partnership, content from Compass will feature across holiday park apps powered by the Holidaymaker platform. Providing guests with reliable information on holiday home insurance, and holiday parks with the reassurance of accurate and validated guidance from an FCA regulated business.

In 2020, the Holidaymaker guest experience app was created to drive revenue, boost brand loyalty, and increase repeat business for hospitality brands. The founding aim of Holidaymaker was to develop a technology that revolutionises the way businesses in the sector connect with guests.

Karen Stacey, Managing Director at Compass Insurance, explained: “We are delighted to partner with Holidaymaker to strengthen the relationship between us and holiday parks across the UK. By providing support and advice on insurance related content on holiday park life hosted within the Holidaymaker app, Compass is demonstrating how dedicated it is to helping parks build loyalty and trust with their customers”

Commenting on the partnership, David McRobbie, Co-Founder of Holidaymaker, said: “Trusted partnerships with leading and respected businesses within the hospitality sector is a vital part of growing the Holidaymaker platform for the benefit of all our clients. By working with experts, we can continue to ensure the best possible products and services.

The partnership with Compass, furthers Holidaymaker’s mission to create a supportive platform for the industry, that not only provides technology such as guest, staff and owner apps, digital screens and kiosks and flexible sales channels but shares knowledge and insights that drive the whole sector forward.

Compass Insurance
0344 274 0276
www.compassparks.co.uk

NOT A PENNY MORE…

Posted on February 15, 2023

NOT A PENNY MORE

Balance your insurance policy sums...

THE GAP BETWEEN PROPERTY rebuild costs and the amount buildings are currently insured for in the UK is widening.

It’s unlikely that reviewing the sums-insured on your insurance policy was top of the list for new year’s resolutions, but perhaps it should be!

It is likely that if you haven’t reviewed your sums insured for a while, you may find that you are under insured, in fact data shows that up to 83% of properties are underinsured and on average they’re only insured for 66% of what they should be!

A greater proportion of properties are now underinsured and the gap between property rebuild costs and the amount buildings are currently insured for in the UK is widening.

INSURANCE GAP
Latest research shows 83% of properties were found to be underinsured, up from 80% in 2021. On average, these buildings were insured for just 66% of what they should have been. The percentage last year was 68%, which shows how the buildings under-insurance gap is widening in the UK. This gap is biggest among buildings insured for up to £500,000, which are on average only covered for 51% of their rebuild cost.

Buildings insured for more than £2 million are closer to what they should be, but still only covered on average for 70% of reliable rebuild cost. But what is the effect of underinsurance? Well in the unfortunate event where you have an incident on your park where you need to make a claim, if you are found to be underinsured then your claim settlement may be reduced proportionally in line with the level of underinsurance.

This can happen if the reinstatement cost of the property is not adequately valued at the time the insurance policy is taken out, or if the reinstatement cost of the property increases over time and the policy is not updated to reflect this change. Common increases can include refurbishment of premises, additional buildings and increasing cost of materials to reinstate buildings.

Insurance policies are often index-linked which means the insurer will increase sums insured at renewal by a set percentage to take into account inflationary pressures, however if the initial sum insured is incorrect then all this does is prevent an underinsurance issue from getting worse.

LATEST RESEARCH shows 83% of properties were found to be underinsured.

RE-INSTATEMENT SUMS
The other point to bear in mind is that your insurance policy will contain a ‘buildings definition’ and any reinstatement building sum insured needs to take into account that definition. A standard building definition will take into account roads and paths and underground infrastructure and if this isn’t reflected in your building sum insured or catered for separately, as it is under the Park Protect Insurance policy, then you may find that you are underinsured in the event of an insured loss.

The onus is on the policyholder to ensure that these sums are correct, so how can you avoid this potentially costly issue? A professional valuation can help ensure that your holiday park is adequately insured. It is important to have an accurate valuation of your property and assets in order to determine the appropriate amount of insurance cover. The value of your property and assets may change over time, so it is important to review your insurance cover regularly to ensure that it remains adequate. Conversely, research shows overinsurance can also be an issue.

Research shows that 13% of buildings assessed were covered for too much this year, on average by 132%. So having a professional valuation could actually save you money. A specialist insurance broker can help you assess your insurance needs and find a policy that meets your specific requirements. They can also help you understand the terms and conditions of your policy and ensure that you are adequately covered. Park Protect provides tailor-made insurance for the specific needs of your business. Get in touch to find out more.

pib Group
Tel. 01422 358 525
www.pib-insurance.com/parkprotect

Holiday Snaps – Gareth Walker

Posted on September 10, 2019

Holiday Snaps - Gareth Walker

What was your career path into the industry?
After leaving school, I worked in the financial sector for HBOS (now
Lloyds Banking Group). I worked for the group in various departments from International Payments to Treasury in the big smoke. I was
working in the marketing department when an opportunity to join
Leisuredays came up. And 14 years on I’ve never looked back!


How has the market changed during your time in the industry?
The changes I’ve witnessed have been for the better. The customer
product has greatly improved, which in turn provides insurance
companies/brokers with a better risk. Holiday parks are open longer and
have much more to offer, with a wide range of facilities and activities.
Conversely insurance has become much more heavily regulated,
meaning parks need our help more than ever to stay compliant.

How do you predict things will change in the next five to 10 years?
I can see more online and digital engagement between parks and
their customers and also between us and our policyholders. We’ll use
technology to make it ever easier and quicker for customers to obtain
the cover and make a claim.

What are the biggest challenges you face in your working life?
Work vs life balance is my biggest challenge. Trying to keep my wife
and the kids happy whilst travelling around the country to support
my team and our parks. But I’m privileged to have a great team of
Business Development Managers and a flexible boss (and wife)!

What is the best piece of business advice you have been given and by whom?
The best piece of advice that’s stuck with me is from one of my first
mangers. And that’s to be honest and don’t be frightened to make
mistakes. If you’re not making mistakes you’re not learning or improving!

What do you most like to spend your time out of working hours?
In my spare time I’m an Academy football coach with FC Halifax Town.
Both my boys are big into football and this covers any hours I have
free. It is a great way to wind down after a day on the road.

If we could give you three guests? Who would like most like to sit down to dinner with and why?
It’s hard to just choose three but in no particular order: David Beckham
– Because he was a very successful footballer, dad, business man and all
round decent guy. Dynamo the magician - I just love magic! Plus, he’s
a good Yorkshire lad and would be guaranteed to keep you entertained.
Dr Steve Peters – I’ve read a few of his books now and think he’d be
very interesting to have as a guest to bounce thoughts and theories off.

Do you have any claims to fame?
At one of the first Soccer Aids, I gave Maradona a high five when
passing him in the corridor on his way out of the stadium.

Where do you prefer to take your holidays?
We often visit Tenerife, however, my two boys love a week away in a
holiday caravan or lodge and it’s those holidays they talk most about
to friends and family. There are some fantastic holiday parks and
locations in the UK, but the ones with a pool, football pitch and a bar
will always be most attractive for a young family like mine!

Rainy Day Planning

Posted on February 6, 2018

Rainy Day Planning

ABOVE: Specialist holiday park insurance is vital to ensure adequate cover.

ABOVE: Specialist holiday park insurance is vital to ensure adequate cover.

Luckily, 80-year-old park home resident Alan Smith was not injured in a devastating fire that wrote off his Essex Park Home and destroyed all possessions and contents inside. Even more luckily, Mr Smith had the extensive cover and benefits of residential park home insurance policy with leading specialists, Leisuredays, one of the leading holiday caravan and park home insurance specialists in the UK The Leisure days team was able to quickly pick up the pieces for their customer by co-ordinating the removal of the badly damaged property and then helping with the ordering of a brand new park home, replacing his contents and having a brand new unit sited, connected to services and creating suitable access. “Our team is best at making customer insurance easy,” says Gareth Walker, of Leisuredays whose in-house claims liaison team worked closely with the loss adjusters and a specialist team at our underwriters, RSA, to handle this high value claim. “The expert claims team always works hard with all parties to make sure claims are handled efficiently, guiding customers and park owners through the process so claims are settled as quickly as possible,” Gareth continues. “In this case, the park home owner was also quickly given some money to pay for replacement clothes and toiletries as most of his possessions were damaged in the fire.”

As customers await their replacement park homes, a robust insurance policy can also pay for emergency short term accommodation for family and pets that usually live with them. Other costs involved in this claim include demolition and site clearance, local authority charges for delivery of the new park home and the cost of a new park home. Customer insurance rates vary from park to park. When calculating a premium, insurers take into account the type of unit being insured, its value and the value of its contents.

For More On This Story Click Here

Company Contacts
Compass Insurance 01452511430 www.compass.co.uk
Leisuredays 01422396693 www.leisuredays.co.uk/park-insure
Wilby 01422358525 www.wilbyltd.co.uk/parkprotect
            

Insurance Surgery Opens For Holiday Park Operators

Posted on July 3, 2014

lorica

Peter Heffer, of Lorica Insurance, believes it is time to provide the holiday park sector with greater clarity and certainty of cover.

Insurance Surgery Opens For Holiday Park Operators

Feeling as passionately as he does on business insurance cover, Peter Heffer, of Lorica Insurance, believes it is time to provide the holiday park sector with greater clarity and certainty of cover.

A unique ‘insurance surgery’ is being created, in conjunction with Lorica Insurance Brokers, to allow park owners and operators the opportunity to have an expert on hand. The service will launch later this year and will be available to all park owners and operators regardless of whether they are members of any trade association(s).

With over a decade’s worth of sector experience, we asked Peter, Lorica Insurance Brokers’ director of holiday parks, to provide insight into policy exclusions park owners, operators and individual holiday home owners should be alert to when purchasing insurance:

• Anything containing the words ‘warranty’, ‘condition precedent’ or variants thereof

• Other conditions requiring the policyholder to do or not to do something

• Theft of property from the open

• Theft not involving forcible and violent entry to or exit from a building

• Water or frost damage during the winter

• Theft and malicious damage during sub-letting

• Business interruption unless specifically arranged

• Caravans and the like whilst in transit and during siting and un-siting

• Buildings constructed in non-standard materials

• Package travel regulations

Many, if not all, of these exclusions are negotiable in the current climate, yet despite this he continues to see a large amount of inferior insurance products in the marketplace. A simple case of ignorance and complacency over customer need and product evolution, advises Peter, who is available for no obligation advice during normal office hours.

Don’t Slip Up

Posted on January 6, 2014

Don’t Slip Up

Be sure to choose an insurance company that structures cover around your needs.

Be sure to choose an insurance company that structures cover around your needs.

Recent times have highlighted the need for robust insurance protection as climate change brings unprecedented challenges to the UK holiday park sector.
We have not yet witnessed a re-run of the disastrous 1987 storm but we are seeing a rise in the frequency of significant flooding and storms across the country. We have also seen the effects of earlier than anticipated and prolonged winter periods.
Holiday parks offer a unique blend of risks to the insurance market and choosing the right partner can be the difference between success and failure in the event of a catastrophe. Parks are, by their very nature, exposed to the elements, presenting challenges to the insurance market.
Lorica Insurance Brokers specialise in the leisure sector, providing individual solutions for the protection of property, income and legal liability to employees and visitors. Stefan Puttnam, executive director at Lorica explains: “When considering risks to a holiday park we tend to concentrate on the core facilities and what would happen were they to suffer loss but, just as important, is the interdependent relationship between this and the guest accommodation whether it be holiday homes, chalets, lodges or caravans. Losing one will impact on the viability of the other ultimately leading to lost revenue.”
He adds: “There are many complex and supposedly sophisticated ways to arrange cover but the simple fact is that nothing beats a straightforward conversation based around ‘what if’ scenarios. Every business is different, so when it comes to insurance, it’s not a case of one size fits all.”

MIND THE PITFALLS

Coast Insurance stress that insurance doesn’t just protect against small accidents, losses or theft, but it could save a huge financial bill in the event of something beyond control.

Coast Insurance stress that insurance doesn’t just protect against small accidents, losses or theft, but it could save a huge financial bill in the event of something beyond control.

Stefan urges holiday park owners to insist upon your insurance advisor not accepting any policy warranties or conditions precedent to liability within the contracts of the insurance they arrange for you. These restrictions are particularly dangerous as they will require you to do, or not to do certain things. Failure to comply can result in policy cancellation or refusal to pay a claim despite the fact that the breach may bear no relevance to the claim itself. They should be avoided at all costs.
Basic level cover falls under the banner of Increased Costs of Working, which merely provides protection for additional expenditure reasonably and necessarily incurred after a loss. However, park owners should be made aware that there will be no cover to meet lost revenues.
Stefan says: “Like anything, there needs to be a balance between peace of mind and the level of premium you are able to expend.
“My advice is to firstly explore your unique exposures before considering the costs. Rash decisions based merely on premium costs could cripple your business. Understand the exposure, establish the cover needed, define the mitigating factors and let your broker sell it to the insurance market rather than the other way around.”
Insurance policies generally contain an overarching requirement for holiday park owners to disclose all material facts to an insurer. Failure to do so can ultimately render the cover void. Whilst it is unlikely to be able to negotiate removal, it is possible to water down the requirement so that in the event of an innocent non-disclosure of a material fact, it will not render the cover void and insurers will meet the claim subject to park owners paying an additional premium.
When taking out insurance, Stefan advises holiday park owners to consider less obvious scenarios – “What would happen if your guests were unable to gain access to their brand new holiday home due to an incident outside the park? What would happen if there were an outbreak of a notifiable human disease?
Ultimately you know your business best, align this to the specialist support of an insurance broker who understands the holiday park sector to put you at the front of the queue to not only survive a catastrophe but thrive where others may not.”

Company Contacts

Lorica Insurance Brokers
Tel. 0844 573 7691
www.loricainsurance.com

Coast Insurance
Tel. +44 (0)1892 784059
www.coastinsurance.co.uk

Wilby Ltd
Tel. +44 (0)1422 358525
www.wilbyltd.co.uk

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