In the event of fire damage or a similar catastrophe as the owner of a guest house or a bed and breakfast establishment you could lose not only your home but also your livelihood. With rooms unavailable there would be nowhere to accommodate guests and without guests there would be no income. If you found yourself in this situation you would want to be confident that the insurance you had arranged would provide adequate protection for both the material damage and any consequential loss. You would also want a prompt and efficient claims service to respond to your immediate and longer term needs.
Insurance can be arranged for:
Full details of your cover will be provided in your policy document or policy summary, both of which are available upon request. The basis of cover is Fire and Specified Perils, with the option of including Accidental Damage. There may be some variations according to the nature of the risk proposed but generally, the Special Perils will include lightning; explosion; earthquake; aircraft; riot & civil commotion; storm & flood; escape of water, oil and bulk beverages; malicious damage ; impact; falling trees, lamp-posts or telegraph poles; and theft. Subsidence cover may also be available.
Notes for Guidance
The sum insured should represent the FULL COST OF REINSTATEMENT, plus debris removal and professional fees. You are recommended to take professional advice in this regard.
The sum insured should be sufficient to replace all the contents AS NEW. An inventory can be very useful in this respect but remember that an inventory produced for the purpose of buying or selling the business shows a market valuation, not the replacement cost.
When considering the indemnity period you should reflect on how long it might take to return to normal trading after a major loss. If you choose a period of more than 12 months, don’t forget to increase the sum insured accordingly.
By choosing H&H Insurance Brokers to arrange your insurance we want you to know that you will receive the following levels of service:
Livestock are often the most valuable asset on a farm and with lambing underway, the financial implication of a large scale loss at this time of year could have a massive impact on a farmer’s income for the coming years so it’s important to review your cover.
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