Working Smarter on Insurance Matters

Posted on June 26, 2015

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

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

It Pays To Be Crystal Clear On Glamping

Posted on June 10, 2015

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

It Pays To Be Crystal Clear On Glamping

As more and more parks take the plunge into the ever-growing glamping market, there’s more to it than meets the eye in terms of having the right insurance policy.

“From an insurance perspective, glamping raises a few questions,” says Peter Heffer, director of holiday and residential parks at Lorica Insurance Brokers.

“Firstly, it is important to check whether a policy provides cover for property in the open. This is a common exclusion particularly for storm, flood and other weather related perils.

“Secondly, park owners should be aware of how the policy will operate in the event of damage to a tented structure. Will the insurers insist upon repairing a tear leaving a potentially unsightly blemish in the quality of the customer experience or will they provide a replacement?”

Peter also advises park owners to think carefully about other glamping accessories that could potentially affect the insurance policy. Glamping tents with cooking facilities, for example, could increase the likelihood of fire and insurers should be made aware – otherwise they could use this as a way to avoid a claim settlement. Likewise all portable electrical devices should be considered and routinely PAT tested.

“The key message really is that you need to make your insurer aware of what you are doing and that they must fully understand the exposure,” says Peter. “Once again, working with a specialist insurance broker really does add value.”

Talk to the Lorica team today for advice on glamping insurance policies that are tailored to suit your needs.

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

Holiday Parks Need Business Safety Net

Posted on February 9, 2015

Holiday Parks Need Business Safety Net

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

Don’t Take Employment Chance

Posted on November 28, 2014

Employment claims can arise even where a potential candidate alleges discrimination resulting in them not being chosen for the job.

Don’t Take Employment Chance

We have all seen the publicity surrounding high-profile employment cases and the enormous sums of money awarded by the courts. Yet, how many of us appreciate these types of claims are far closer to home than we realise.

“Even if a claim is groundless or fraudulent, the legal costs can be hugely expensive as can be the loss of time and resources needed to prepare the defence,” advises Peter Heffer of Lorica Insurance who provide a bespoke scheme for holiday park operators.

“In reality, a business has no control over who will raise an allegation against them and you have no control over, nor can you prevent, a disgruntled employee from lying or exaggerating.”

With this in mind, Lorica provides employment insurance protection. Cover is provided against claims made by employees, former employees and potential employees for discrimination, wrongful termination of employment, sexual harassment and other employment related allegations. Cover extends to both the employing company and its directors and officers.

We tend to think of employment claims being made by current employees but equally, claims can arise during the pre-employment phase where a potential candidate alleges discrimination resulting in him/her not being employed. We all hope this will not happen to us but can you afford to take the chance? Do you know where to go for specialist support should this happen to you?

First class employment lawyers are expensive, could you meet these costs? Talk to the Lorica team today to be sure you are prepared and covered for all eventualities.

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

Don’t Slip Up On That Inevitable Accident

Posted on August 29, 2014

Talk to Peter Heffer of Lorica Insurance today about their fresh approach to insurance claims.

Don't Slip Up On That Inevitable Accident

Accidents happen. Making the best of them can lead to a happy customer who will come back to your park time and time again.

We asked Peter Heffer of Lorica Insurance Brokers for his insight into how, despite common belief, insurance claims can improve the customer experience.

“All the best efforts in the world won’t stop accidents, it is a fact of life that they can and will happen,” advises Peter. “We can do our best to avoid them but at some point they will occur. Insurance companies accept this fact and make provision within their cash reserves.”

Peter advises: “There is a way to approach claims for injury to third parties (and employees) where the insurer takes a much more proactive stance shortly after the accident has occurred.

“The concept is based around customer care, where the insurer contacts the injured party as soon as reasonably practicable to ask how they are, is there anything they need, would they like someone to arrange various forms of care for them such as physiotherapy and the like.

“Ultimately this early intervention makes the customer feel that they are being treated fairly and they may not bring a formal claim against you, or should they do so then the legal fees are far lower as most of the investigative and medical attention has already been addressed,” adds Peter.

“Some claims won’t even involve a lawyer as the customer has built up a rapport with the insurance company and is happy to work with them.”

Contact Peter today to learn more about Lorica’s fresh approach to insurance matters and how it can benefit your business.

Lorica Insurance Brokers
Tel. 07827 895671
pheffer@loricainsurance.com
www.loricainsurance.com

Insurance Surgery Opens For Holiday Park Operators

Posted on July 3, 2014

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.

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.

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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