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UNDERSTANDING INSURANCE

For the Bed & Breakfast or Country Inn Innkeeper

Recap of Insurance Needs

1. Have Special Causes of Loss Form on Building and Contents

2. Purchase Replacement Cost Coverage on Building and Contents

3. Separately Schedule Your Antiques or Have the Depreciation Clause Deleted

4. Beware of Coinsurance:

Insure your Building for Rebuild not Resale Value.
Insure your Contents for their Current Market Value.
See if Coinsurance effects your Loss of Income Coverage.

5. Have Coverage for Business and Personal Property On and Off Your Premises

6. Purchase Business Income Coverage on an Actual Loss Sustained Basis with Off-Premises Power Failure Including Overhead Power Lines

7. Have Commercial General Liability Coverage

8. Purchased Personal Liability Coverage for You and Your Resident Relatives While On or Off Your Premises

9. Purchase Liability Limits of at Least $2,000,000 Aggregate and $1,000,000 Occurrence

10. Find Our If Your Insurance Company Covers Liquor Liability

11. Workers Compensation-If You Have Employees, You Need the Coverage

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