SUBMITTED BY THE SUPERIOR GROUP
For resort owners, this is the time to tie up loose ends from over the winter and begin the extensive “to-do” list that is required prior to opening each season.
During this very hectic time, it is imperative that resort owners make the time to ascertain their most important asset is protected. Just as you would check roofs, water lines and power sources, it is the perfect time to sit down and review your insurance package.
Assisting your insurance broker in conducting a thorough review is the first step towards making sure that you will not suffer financially at the time of a loss. Work with your broker; furnish them with digital photos of your properties, brochures of your business, or your website address. This will provide them a better understanding of what services you offer. Understanding is key. When we understand your business we can protect it properly.
Questions will be asked about your experience in the resort industry. Provide us the history of how and when you started in the business, and when you became an owner. Advise us which organizations and associations you belong to. The underwriting team at the insurance companies considers all of these combined items. Remember your insurance broker is there to assist you, tell us your story so we can make sure that it is conveyed correctly to the insurance company.
Risk management is a very important aspect of your insurance program. Does your resort business have procedures in place? Insurance companies love procedures. Provide us with your manual. If you don’t have it in writing, tell us about your procedures we in turn can advise the company.
Winters are long in the north. Summers are short. Let’s get all the paper work done ahead of time so that we can enjoy the sun while we can!
Tasha Sutton & Randy Bryan-Marson are Commercial Insurance Brokers working in Northwestern Ontario, for Thunder Bay Insurance, a member office of The Superior Group
This article was taken from page 25 of NOTO's "The Outfitter" publication, Spring 2005 Issue