Anyone sell Public Liability Cover? - I'm after some info
Discussion
I work dealing with commercial property for a landowner, I've been pushing that we should consider increasing the PL cover required from our tenants and operators. When I started just over 2 years ago, they were asking for £2m/£3m, I've pushed most to £5m but I'm not convinced that this is enough for some of the more high risk activities (RIB's, Jet Ski's, fairgrounds etc.).
Our insurers share my view that we should be taking a risk based view on each letting/operation and looking for £10m for those activities but say that it is our call - we of course will end up in the hot seat if there is insufficient cover in place.
I have colleagues who deal with the tenants/operators saying that tenants/operators can't get £10m cover or if they can it's so expensive it's not affordable.
Can anyone give me their experience of whether this is actually the case? I suspect we are being played to some extent by traders who want to keep their costs down.
Any info gratefully received (PS if you want to give me your trading details I could always point tenant's in your direction if you can offer £10m!)
Our insurers share my view that we should be taking a risk based view on each letting/operation and looking for £10m for those activities but say that it is our call - we of course will end up in the hot seat if there is insufficient cover in place.
I have colleagues who deal with the tenants/operators saying that tenants/operators can't get £10m cover or if they can it's so expensive it's not affordable.
Can anyone give me their experience of whether this is actually the case? I suspect we are being played to some extent by traders who want to keep their costs down.
Any info gratefully received (PS if you want to give me your trading details I could always point tenant's in your direction if you can offer £10m!)
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