Markel Insurance Company announced a new program specifically designed to meet the unique insurance needs of B&Bs and country inns. This specialty lodging niche is reportedly experiencing heavy growth, with about 20,000 businesses currently in this market.
Markel’s new program focuses on B&Bs with five or more rooms and inns with 25 or fewer rooms.
Coverages include:
Liability: In addition to GL (limits of $1 million/$3 million) and umbrella (limits up to $10 million), we offer products/completed operations and fund-raisers/special events.
Historic buildings and unique property: This optional endorsement provides building valuation on a “like kind” property replacement basis.
Specialty inns enhancement endorsement: This new form offers the following: Additional Living Expense pays necessary increases in living expenses the insured incurs to maintain his normal standard of living at a temporary residence after a covered loss. Household Personal Property Away from the Described Premises pays for loss or damage to household personal property, wherever located. Limits apply to both coverages.
Guests’ inconvenience expense endorsement: Pays the expenses incurred by paying guests for whom prearranged hotel accommodations at the described premises cannot be honored (due to a covered loss at the described premises). After a $500 deductible, pays $100 per guest per day, $25,000/occurrence maximum.
Other coverages include systems breakdown, buildings and business personal property, inland marine, crime, and auto.
Markel Insurance Company underwrites commercial specialty lines, including children’s camps; private schools; child care centers; social service agencies; museums and cultural organizations, youth recreation centers; and dance, gymnastics, and martial arts schools. The company also underwrites horse and farm programs as well as special-risk accident and health.
The company is rated “A” Excellent by A.M. Best Company, and is licensed to do business throughout the United States.
Visit Markel Insurance Company on the web at www.markelinsurance.com.
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