Hospitality Insurance Company has started 2021 off with new changes that will offer value to the insured as well as you, the agent. See the changes below:
New Liquor Liability Applications
Effective January 1, 2021, applications for new business and renewals have been updated on our website.
The new applications reflect changes in Hospitality's billing options and the addition of a new financing plan in conjunction with First Insurance Funding “Pay as you Pour". Also, the applications were revised to reflect the new payment option and reflect the change in the required down payment which has been revised to 25%.
Commercial Package Policy
Whether Hospitality writes one line of business or multiple lines for a policyholder, the policy will be a CPP. Eligible lines of business include Commercial Property, General Liability, and Liquor Liability. So, no matter how many lines the insured writes with Hospitality, all lines will be under the CPP and will have one invoice. The one exception will be the Excess line of business. This will not be included in the CPP, but it will be rolled into one account bill, still providing the insured with only one bill for all policies written with Hospitality. All policies reissued under the CPP will contain a new CPP policy number. So, all expiring policy numbers will no longer apply. This change will go into effect on February 1, 2021.
We are making some form changes to our Commercial General Liability policy for all new and renewal policies. This change will go into effect on February 1, 2021. A description of the Policyholder Notification is below.
This is a summary of the major changes being made to your policy. No coverage is provided by this summary nor can it be construed to replace any provisions of your policy or endorsements. You should read your policy and review your declaration page for complete information on the coverages you are provided.
Coverage Form Changes/Reductions in Coverage
- Lead Liability – Exclusion – This exclusion does not apply in Massachusetts or New Hampshire to insureds with dwelling exposures. This form is not applicable for insureds located in Vermont.
- Asbestos – Exclusion – This form is not applicable for insureds located in Vermont.
- Contractors, Subcontractors, and Entertainers Exclusion & Infringement of Copyright, Patent, Trademark or Trade Secrets Exclusion.
- Communicable Disease Exclusion
- OFAC – Advisory Notification to Policyholders
"Pay as you Pour" - Our New Exclusive Financing Program for Your Liquor Liability Clients
Pay as you Pour is an exclusive financing option offered by Hospitality Insurance Group and First Insurance Funding for liquor liability policyholders. A signed premium finance agreement with First Insurance Funding is required to participate in the program and the business must have a verifiable sales tracking system. Policyholders report actual sales data bi-monthly through the First's Pay as you Pour portal. Eligible POS system users can have sales data automatically reported for them. This program is now available for new and renewal business.
Some of the highlights of the program include:
- A down payment of only 10%
- Attractive finance rates
- Improved cash flow – payments are based on actual monthly sales
- An easy-to-use on-line reporting portal
- Easier to renew – no chasing down last year's sales – we already have it