Specialist provider Binnacle Insurance has been brought in by the British Insurance Brokers’ Association (BIBA) to roll out a new holiday and residential park scheme for BIBA members.
“We’re delighted to be appointed as the BIBA scheme provider for holiday and residential park businesses,” said Binnacle managing director Karen Stacey. “Insuring parks, and those who enjoy using them, is what we’re well known for.
“As we currently insure more than 1,200 parks in the UK, we believe we’re entitled to call ourselves experts. We also recognise the important role that brokers play in providing insurance for this unique sector and are excited to see this scheme develop.”
According to BIBA’s announcement, the scheme offers “excellent” levels of standard cover for buildings, structures, fixtures, fittings, and contents with an option to include an automatic day one uplift on declared sums insured of 15%. Public & products liability and employers’ liability at £5 million and £10 million, respectively, can also be added.
“With a growth in ‘staycations’, we’re delighted to bring this scheme to members – it’s another tool to help clients and create business opportunities,” said BIBA technical services head Mike Hallam. “Binnacle has provided a market-leading product, with A-rated insurer capacity, and have extensive knowledge and expertise in the market. This is a great addition to our member schemes offering.”
It was noted that business interruption can be covered as standard as a result of property damage, specified diseases, denial of access, loss of attraction, failure of supplier, or loss of license.
