Introduction
We work hard to acquire and maintain a business. Whether it is owned or rented, it does not cease to be the main, perhaps even the only, source of our income. It’s important to know that if something happens, we can get things back to the way they were before the event. So understanding how important it is for you, we offer you a specially designed Hotel Package All Risk policy for the insurance of your Hotel and Tourist unit.
The policy covers
This is an excellent Package Policy for Hotels and Tourist Units. It replaces up to 10 separate policies that any business must have for its proper security. Under this comprehensive policy with a total cost of at least three-quarters of the total cost you would have with 10 different policies, you are better insured.
The policy is addressed
To business owners or tenants of Hotels and Tourist Units.
Basic Coves
The policy’s basic covers covers loss or damage against all perils not excluded by the policy.
This is an All Risk Policy.
Additional Covers
The following extensions are also offered without additional premium:
Debris removal
Professionals costs
Property in open spaces
Public authorities
Temporary relocation
Automatic covers
Seasonal increase
Omission due to lack of awareness to be covered
Services
Expenses of fire fighting equipment
Keys and locks
Water through a meter
Wells
Locating and accessing
Fire damage in the gardens
Short circuit
With an additional premium, it also combines the below covers:
Consequential Loss (Business Interruption)
Money
Glass
Personal Accident
Liability to Third Parties
Product Liability
Goods in transit
Deterioration of Stock in cold rooms/refrigerators
Employer’s Liability
Fidelity of the Employee
Lower your premium
You can always lower your premium, by:
⮚ Replace the various policies you have for your business with the Hotel Package All Risk policy
⮚ Install an alarm system and cameras in your business
⮚ Install fire extinguishers or a fire extinguishing system in your business
⮚ Insure with us and with all your other policies and benefit from the corresponding discount
Frequent questions
Is Business Insurance also available for renters or only for owners?
If you are a tenant, you can insure the contents of your business, items belonging to the business and any additions you may have made to the building.
What should I do in case of damage to my business?
In case of damage try to keep evidence and details of the incident with photos, invoices or receipts. Do not proceed with repair work before obtaining the consent of the Insurance Company. In particular, in case of major damage, an appraiser is sent by the Company and a damage assessment is carried out.
In case of theft, a first verbal notification is made to the Company. Also necessary is a police report and a complete record of the stolen items with receipts. The completed and signed Claim Form together with the Police Report are sent to the insurance company. Once the assessment is complete, a Claims Department officer will contact you.
During your insurance period it is very important that you take all the protection measures to avoid the increase of the damage as well as measures to reduce the damage (eg stopping the flow of water).
How is the correct value of my business calculated for insurance purposes?
For insurance purposes, the value of the land is not included. The value of the land is subtracted and the construction cost of the building is calculated according to current construction cost values today. In addition, the construction cost of the additional structures that exist in the business is added to the cost of the main building.
The above value must be revised annually so that it is consistent with the current costs of rebuilding the home.
The bank says that I am obliged to take out insurance with the insurance company they work with.
The competition commission in Cyprus has ensured that it is the borrower’s right to purchase the insurance policy that best meets his needs both in terms of covers and cost, from the insurance company of his choice. Our experience shows that insurances made by banking institutions usually make the insured as co-insured with the insurance company, as the insured business is insured at a lower value. Insufficient to non-existing is also the insurance of the contents. Finally, several of the covers offered by the Multi-Insurance Company Against All Risks are not offered in bancassurance policies.
Clarification
The above information may vary from Insurance Company to Insurance Company. Depending on the insurance policy that will be proposed to you, you will get all the relevant information you need, so that you can decide on your own choice. Request our offer today. Based on your own insurance needs and budget, we will choose the right insurance for you.