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PROPERTY:
- Building and Contents subject to Guaranteed Replacement Cost:
Both personal and business property (contents) is insured under one “blanket” limit. This clause eliminates any haggling over whether certain contents were business or personal use.
Outbuildings:
- Any detached building on your premises (garages/sheds) up to 10% of the Building Limit.
Additional Coverages included in Policy:
- Flood,
- Sewer Backup,
- Earthquake,
- All outdoor signs,
- Accounts receivable,
- Computer systems
- And much more.
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BUSINESS INTERUPTION --Actual Loss Sustained:
This coverage allows for you to collect any lost income due to your business being shut down due to an insurable peril (i.e. Fire, Flood, Windstorm, etc). For example, in the event that a fire causes you to close down your B&B for an extended period of time while rebuilding, the insurance company will pay the total amount of your loss of business. This coverage is very important as you could sustain such a loss during your busiest time of the year, which would correlate directly with a severe loss of income.
CONTINGENT BUSINESS INTERRUPTION:
This coverage allows the insured to recoup lost business income from an insurable peril occurring off the insured’s premises. For example, many B&B’s are located in townships that have a major appeal to tourists. In Niagara-on-the-Lake, the Shaw Festival is a major draw. If the Shaw Festival suffered a fire loss and were to be shut down for any length of time to rebuild, the tourism to Niagara-on-the-Lake would potentially decline during this period. B&B owners in Niagara-on-the-Lake could also expect to lose business during this period, as its “major draw” being unavailable would impact on a loss of business for the B&B owner.
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Also included in Policy:
$25,000 Professional Fees and $25,000 Extra Expenses. You may incur additional expenses following a loss. This coverage will pay for the extra charges incurred by the insured.
LIABILITY COVERAGE
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Commercial General Liability $2,000,000 (Limit per occurrence)
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General Aggregate $5,000,000 (Total limit per policy term)
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Innkeepers Legal Liability $50,000 (To pay for guests belongings following a loss)
- Host liquor liability $2,000,000 (Protects the B&B owner in case of liquor related lawsuit)
Additional Liability limits are available upon request.
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