Are you aware?
The Camping in Ontario Campground Insurance Program is a benefit designed specifically for the members of the association. Membership has its advantages. The pricing we offer is at a discounted rate for the Camping in Ontario Association and members can take advantage of discounted premiums.
Brokerlink offers more than insurance coverage: We offer Risk Management to our clients – what this means to you is we endeavor to conduct regular site visits and help identify potential hazards that could lead to future claims. Loss Prevention inspections can include reviews of playground equipment, onsite fire protection, restaurants on the property, and recreational activities you are offering.
Your insurance broker is your partner when it comes to your insurance. If you have a suffered a claim or potential claim – such as wind or water damage etc, call your broker first to discuss the situation. We know insurance premiums may increase when you have claims so your broker can advise you if submitting a claim is going to affect your premiums in the long run and discuss how it will affect your insurance history.
Our campground insurance program includes one of the few insurers that have not increased premiums during 2020 if you have not had a claim. We work with your Camping in Ontario Association to identify your concerns and maximize your coverages while protecting your business.
Insurance policies are not all alike:
There are many differences in the insurance policies covering campgrounds and it is important to work with an insurance professional that knows your business and your activities. Not all insurance companies offer the same coverages and some offer less than you actually need. Be sure you know what you have in coverage because you do not want to find out at claim time that there is no help from your insurer.
Why do I need to insure my buildings to value?
Insurance policies may contain a clause called Co-insurance. This clause is put into insurance policies to protect the business owners and the insurance companies by ensuring the buildings are insured to value. Therefore, if updates or additions, renovations, rebuilds are done, the insurance company needs to re-evaluate the building. Labour and material costs increase on a regular basis (especially this past year the cost of wood has increased almost by 30% - if available). If your buildings burn down you may not have enough coverage to rebuild the building. Your buildings should be assessed every few years and communication should occur between you and your broker discussing assets and replacement costs. Have a visit from your broker to complete a new assessment and help ensure your building is insured properly. Or an appraisal could be conducted by a professional appraiser which would complement your insurance program.
What if I have a claim and my building was not been assessed recently or properly?
If the buildings are determined to be insured for less than the replacement value you could get charged with a co-insurance penalty. This clause is commonly 80 or 90% and this penalty can affect you rebuilding your building.
For example:
You have a building worth $750,000 to rebuild by the insurance assessment and you have it insured for $500,000. Your policy has an 80% co-insurance clause. You only have your building insured for 66% of the replacement value. You have a fire claim and a portion of the building is damaged. The repair cost is $250,000. You will only receive 66% of the repair costs - $166,500 leaving you with a shortfall of $83,500.
Risk Management
Your broker is familiar on what potential situations campgrounds have that can lead to a claim. Sometimes a small item to you could be a big item to the insurance company. It is important to consult with your broker if considering adding new attractions to your campground prior to investing the time and money to ensure the cost if any additional insurance makes financial sense.
Many campgrounds I visit have not had a broker visit the campground for many years. As a result, there could be situations that do not meet today’s standards.
For example:
All wood stoves need to be safe and wet certified and chimneys cleaned regularly.
Cabins – have you told your broker you had added cabins or additional trailers for rent to the property?
Fireworks – are you performing the display or are you hiring an insured qualified company to do the display? If you are doing the display, are you aware that special insurance is required and your insurance company needs to be aware of the events? If they are not aware and there is a claim, it could be denied.
Petting Zoos – are you familiar with the fact that your insurer needs to know about them? Most petting zoos are harmless, however if the insurer does not know about them and a child were to get kicked or bitten you could have a big problem.
Not all operations of the campground can be covered under the program. However, there are other policies that may be available? Check with me to see if your campground qualifies for this program.
Thanks you for the opportunity to help. Since implementation of this customized program we have saved owners thousands of dollars and helped prevent claims. If there is anything I can do to help, please let me know.
Karen Keeling, RIBO, CRM, CAIB, CIP, Commercial Account Executive, Commercial Risk Manager
Direct: 519-841-0472
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