As of 13th January 2014 one of the largest insurances in the world are due to release two new SME products for Hotels and Restaurants to which Goldcrest Insurance have access to.
The products are most suited for small Guest House-style hotels, (up to 6 bedrooms), and small to medium sized restaurants (150 seats). Upon review of their price testing, it has shown they are extremely competitive for the likes of Bed and Breakfasts, tearooms, and Cafés.
They also actively target higher value restaurants with contents of £150,000 and stock of £20,000.
Standard Cover:
The standard cover provided on the policies consists of:
- Contents, stock, public / products liability and employers’ liability
- Hotels cover is available for guests’ personal effects (£2,500 per guest)
- 50% seasonal stock increase during November, December and 30 days prior to Easter
- All Risks Goods in Transit cover of £2,500 with the option to extend to £10,000
- £1,000 cover for damage to frozen and chilled food with the option to extend to £10,000 per unit
- Public / products liability £2m limit of indemnity as standard
- Money package defaults to £1000
- Loss of liquor licence – £100,000 as standard with potential to increase or deselect as required
- Business interruption – £500,000 Gross Revenue
Add a range of modular options to your needs:
- Stock cover for tobacco, wines and spirits
- Option to include Buildings cover or Tenants Improvements
- Optional cover available for Personal Accident, Fidelity, Legal Expenses and Proprietors Personal Effects (for our Hotel product only)
Key Policy Benefits
The policy has been tailored to meet the needs of the sector and provides:
A competitive package of covers, with generous and flexible limits to suit the needs of most risks; Cover for Leakage of alcoholic or soft drinks from storage containers or connected apparatus; Business Interruption cover for Notifiable diseases, food or drink poisoning, defective sanitation, murder, suicide, vermin and pests – £250,000 limit as standard; Automatic extension to cover up to £5,000 of outside furniture.
Free 24-hour advice lines for catastrophe claim assistance, emergency repairs, health and safety, stress counseling and taxation advice.
To obtain a quotation for this sort after product speak to our property team today.
