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14th June, 2004
CFC launches InnSurance™ - a new insurance package for hotels
CFC Underwriting today announced the launch of a new package policy designed specifically to meet the varied exposures of the hotel market in the UK and the Republic of Ireland.
InnSurance™ combines employers' liability, public liability and various property coverages in one comprehensive package that makes CFC a one-stop shop for hoteliers and their brokers. Bringing new and exclusive S&P 'A' rated capacity to the market, this package of cover can offer limits up to:
- Property and business interruption: £50 million total sum insured per location
- Employers' liability: £10 million
- Public, products and pollution liability: £5 million
Andy Holmes, Underwriter at CFC, comments: "There has been a distinct lack of appetite for this type of business in the UK insurance market in recent years. Brokers have found it increasingly difficult to secure comprehensive cover for their hotel clients and insurers' service levels have been inconsistent at best. We intend to address both these issues through our tailor-made product and usual unrivalled service levels."
He goes on to say: "There are over 10,000 hotels and guest houses in the UK and Ireland, all of which face many risks which could threaten the future of their businesses if not adequately protected against. We view this niche market as a tremendous opportunity and are particularly targeting 3-5 star properties, of which there are almost 2,000, and properties of non-standard construction where the owner often finds it difficult or prohibitively expensive to obtain cover."
CFC will market InnSurance™ through selected brokers in the UK and Ireland.
With a network of intermediaries in over 20 countries around the world, CFC underwrites niche products for the UK, European, North American and Australasian markets.
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