Motel Mingle Forums Motel Insurance Finn Foster APB

This topic contains 3 replies, has 2 voices, and was last updated by Busybees Busybees 4 years, 6 months ago.

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  • #2939

    I recently read an article that Accommodation Association of Australia (AAA) had been working with the broker Finn Foster APB and had produced an insurance policy specifically for accommodation houses. Not sure who the underwriter is, but has something to do with the Steadfast Group. You even get a discount if you are a AAA member (which I am not).

    With my insurance renewal up next month, I have asked my broker to get a quote from these guys, so it will be interesting to see the details and how it stacks up against the existing QBE policy.

    I will let you know how things go, as we are always looking for cost savings with the meteoric rise in insurance premiums

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  • #3092

    Busybees
    Busybees

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      looks like we will be contacting them……NOT!!
      thanks for the info Ballina Colonial

    • #3091

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      Ballina Colonial Motel

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        I gave Finn Foster a full month to come up with a quote and did not get it till the final day, leaving no time for negotiation. Not impressed. And to add insult to injury, having been promised up to 30% saving on my existing policy, they came in just $7 different!

        O.K. let me give you the low down. This is a ‘big boys toys’ policy; a one fits all underwritten by a Lloyds syndicate in London. It has at least six items that I do not need cover for, but they were unwilling/unable to exclude them and thus reduce the premium. What do I need cover for ‘works of art, management termination fees, landscaping, roads and pavements etc.?

        The excess was $1,000, compared to my existing at $500, which means that I was unlikely to ever make any claim other than if the motel burnt down and what was the point of any ‘accidental damage’ coverage.

        They made no specific mention of electronic signage; something everybody has, but was assured it was covered somewhere. And, the Public Liability cover was a separate policy.

        They prided themselves on having $500,000 flood cover, but the excess on this one was $25,000. Given that I am a 1 in 100 years situation and for $25k I could recarpet/re-bed every room for this, it was again a no no.

        Finn Foster were so surprised that I refused their policy, but I explained its shortcomings and suggested that given that 80% on the industry were smaller operators like myself, they should have a two tire policy system. My existing policy is with QBE, so if you are renewing and getting quotes, try them out.

      • #2944

        Busybees
        Busybees

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          Please do keep us up to date Ballina, ours aren’t too far away either!!

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