Have a resort business? A hotel? A vacation rental? The Gifford Carr team can help you protect your property and your guests, so you can focus on what matters: making sure your guests have the holiday of a lifetime.
Hospitality is a tough business. You work hard to provide a top-notch experience for your guests, but there are so many things that can go wrong—and if they do: who’s going to pay for it?
Meet the resort insurance program that protects the bottom line.
With so many cross-functional priorities, including managing (and exceeding) the guest’s expectations, operating a vacation and resort property is a busy job. Working with a broker that understands your business, and all its operations are important.
Protecting what matters. It’s what we do. Giving you the peace of mind to do what you do best, turn moments into memories for your guests. That is what our Resorts Program is here for.
When you’re running a business, it’s important to have the right tools. That’s why we’re offering a Resort Insurance Program for the hospitality industry. We understand that your property management needs to be streamlined and efficient, so we’ve designed our program to make it easy for you to manage your insurance in one spot.
This program is tailored to the unique needs of resort and lodging business operations in Canada. Our dedicated team of insurance and risk management specialists has over 15 years of combined experience working in the resort industry. With the right insurance, you can focus solely on building your business. Put your trust in us, we’ll have your worst-case scenario, covered.
With the Gifford Carr Resorts Program, you will:
- Understand what your risks are and how much coverage you need
- Get customized quotes that fit your budget, with preferred pricing and access to markets as a part of the exclusive resort program
- Have access to all of your policies in one place—online or on mobile devices
- Have access to group insurance programs to offer discounts to your team for their personal insurance needs as a benefit of their employment with your resort
Types of Resort businesses we work with:
- All-inclusive resorts
- Casino and amusement park resorts
- Ecotourism and ecological resorts
- Destination resorts
- Hotels and motels
- Historic and heritage properties
- Island and lake resorts
- Spa and wellness resorts
- Recreational resorts (including golf, ski, mountain and beach)
- Vacation Rentals
FACTORS CONSIDERED IN YOUR RESORT COVERAGE:
- Location of the property (accessibility and remoteness for services and repairs)
- Number of guests per season
- Revenue per season
- Past claim history
- Experience of the general manager/owner/operator
- Risk management policies & procedures in place (including waivers when/where needed)
- Sources of revenue (food and beverage, liquor service, and marine operations for example will add additional risk factors to your coverage)
Resorts Insurance Solutions
What is Business Interruption coverage and how does it work?
In the event of a loss to your business location, if your income is impacted, business interruption can help cover off your core ongoing expenses as a business owner. These are the expenses that are still due even when not able to operate, plus your profit. What this coverage does not replace, is business revenue for regular operations.
This type of coverage is typically always tied to bricks and mortar business location. Pandemics, and similar outbreak events, typically do not fall into this coverage.
How much do I need to insure my contents for?
The question many business owners ask is “do you insure for what it costs to buy or what it costs to replace your contents”?
The answer, what it costs to replace your contents. Why? Because if you’re insured for one fifth of the cost to replace, then any loss that you have is going to be based on the one fifth. It’s the principal of co-insurance. Questions about co-insurance? Check out the next FAQ.
What is Co-Insurance?
This is where you, as the business owner, choose to under insurer to such an extent that you become a co-insurer on every loss.
What does that mean in real talk; without the right value of insurance for your content/business needs you become a co-insurer on the difference in coverage. If your content are worth $1 million and your insure for $500,000, you become co-insurer on that additional $500,000.
You don’t want to be underinsured and you don’t want to be over-insurered. Connect with your local broker to find the right balance for your business needs.