BIBA launches new holiday and residential park scheme with Binnacle
The British Insurance Brokers’ Association (BIBA) has launched a new holiday and residential park scheme for its members with specialist provider Binnacle Insurance.
The scheme covers a wide range of risks from large commercial holiday and residential businesses to small family-owned touring and holiday locations. The cover can also be adapted for caravan dealers, storage sites and distributors.
The scheme is available to BIBA members without any minimum levels of support requirements and offers excellent levels of standard cover for buildings, structures, fixtures, fittings and contents with the option to add an automatic day one uplift on declared sums insured of 15%.
Public and products liability at £5m and employers’ liability at £10m can be included. Business interruption can be covered as standard as a result of property damage, specified diseases, denial of access, loss of attraction, failure of supplier or loss of license.
Mike Hallam, BIBA’s Head of Technical Services, said: “With a growth in ‘staycations’ we’re delighted to bring this scheme to members, it’s another tool to help clients and create business opportunities. Binnacle has provided a market leading product, with A-rated insurer capacity and have extensive knowledge and expertise in the market. This is a great addition to our member schemes offering.”
Karen Stacey, Managing Director at Binnacle added: “We’re delighted to be appointed as the BIBA scheme provider for holiday and residential park businesses. Insuring parks, and those who enjoy using them, is what we’re well known for. As we currently insure more than 1200 parks in the UK, we believe we’re entitled to call ourselves experts. We also recognise the important role that brokers play in providing insurance for this unique sector and are excited to see this scheme develop.”
A wide range of holiday and residential parks can be covered including structures such as holiday caravans, lodges, chalets, camping and glamping accommodation, residential park homes and lodges. The scheme also covers park buildings, facilities and equipment including leisure facilities, play equipment, IT, wifi and CCTV equipment and systems, and sewerage plant and pump installations.
The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.