As the hospitality sector reopens for outdoor service followed shortly by indoor dining, I will outline the various covers and items to consider for cafes, coffee shops and restaurants.
Most insurers will apply different rates to each trade and usually will define based upon number of covers, type of food served, hours of trade and deep fat fryer usage.
Material damage cover for Buildings, fixtures and fittings, stock, computers, and other assets that your business owns. Covers will include fire, flood, escape of water, theft, and storm among other perils. Cover extensions are available such as fire brigade charges, signage and goods in transit.
Money cover. This is a standard section of all hospitality policies. It is likely we will see a culture change post pandemic due to reduced cash usage but the extent of this change is not yet known. For now hospitality policies will cover the loss of cash & cheques. The amount of cash covered can be increased depending on safe and security details. Personal assault cover can be included when carrying cash to the bank.
Employers, Public and Products liability. All hospitality insurances include liability cover. Employer’s liability is covered up to a maximum of €13 Million and depending on the business description can be based on employee numbers and/or wages. Public liability can be selected within a range of €1.3 million to €6.5 million and covers your legal liability in the event that you are negligent and required to pay compensation for bodily injuries or damage to third party property. Your trade & projected turnover will determine the rate charged. Products liability provides cover if someone is injured by a product that you have sold.
Business interruption covers consequential loss of gross profits following an insured event such as a fire. It is important to review your gross profits sum insured on an annual basis.
Other covers that can be added include seasonal increases in stock at specified times during the year, loss of licence cover, glass breakage, Cyber insurance, personal accident and many more.
It is crucial to review your policy annually checking the deep fat frying conditions, the cleaning of kitchen ducting conditions and fire protection conditions. Your policy should be tailored to your individual needs, so it pays to get expert advice from professionals who take the time to understand your business.
How long can it last?
Equity Wobble US stock markets extended their recovery following a sharp sell-off at the start of the week. Mounting concerns over the spread of the Delta variant and its ability to interrupt a strong reopening and economic recovery resulted in the worst day for global stocks in some months on Monday. Since then, a string […]
US stock markets extended their recovery following a sharp sell-off at the start of the week. Mounting concerns over the spread of the Delta variant and its ability to interrupt a strong reopening and economic recovery resulted in the worst day for global stocks in some months on Monday.
Since then, a string of upbeat earnings reports and some aggressive ‘buying the dip’ strategies revived market optimism.
Double Your Money
The S&P 500 has now doubled in value in just 15 months following the March 2020 Pullback: The second fastest double in history, second only to the 1932 reversal after the infamous 80%+ crash of the great depression.
It is worth noting that the cumulative earnings for companies within the S&P 500 is set to double over the same period.
The market hasn’t doubled for no reason despite what some market heretics proclaim.
A Closer Look
After a brief respite due to strong market rotation dynamics, the narrow breadth of the S&P 500 is back in focus. The S&P 500 is up 4% since June 3, but ~80% of that move can be attributed to just the largest five stocks. This concentration in returns is one to watch as narrowing breadth is a sign of internal weakness and can sometimes precede pullback periods.
As we focus on the second half of the year, investors will undoubtedly be haunted by fleeting bouts of uncertainty. Echoes of ‘this surely can’t last forever’ screech louder and louder as markets continue to notch up all-time highs. This uncertainty and doubt is an inherent part of the human condition that even the most steadfast investor must grapple with.
Lately, market participants are constantly worrying about, well, everything. Their concerns range from inflation and the Delta variant to tech regulation and tensions with China. None of these fears are irrational, but they are part and parcel of any investment. While all these concerns could negatively impact markets over the near term, there is no reward without risk, and historically, it hasn’t paid to be a pessimist.
While the outlook is broadly positive, uncertainties remain, as mentioned above. Economic statistics have been consistently positive in recent times, but this positive news stream is now simply functioning to maintain the current levels of market exuberance.
As we advance, it won’t be enough to say that businesses are recovering, and earnings are increasing. The market will need to hear about a stable recovery and more robust future earnings to come. As a result, market participants will be far more sensitive to any negative news, fuelling the fragility and volatility in the most exposed sectors of the market.
My overarching view is that economic recovery will persist, and upside remains, fuelled by higher earnings, fiscal stimulus, and low interest rates. With that said, pullbacks and market rotations are likely, and any deviation away from this base case scenario will create a painful environment for those holding the most speculative names.
As always, caution and patience are the order of the day.
For investing tips, go to www.theislandinvestor.com.
Tips to manage your home in the heatwave
By Ted Healy of DNG TED HEALY Our recent spell of good weather is certainly welcome but it does lead to some practical problems in the home. With the mercury rising to 30 degrees in some areas and night time temperatures ‘dropping’ to only 19 degrees, we find ourselves doing everything in our power to try and […]
By Ted Healy of DNG TED HEALY
Our recent spell of good weather is certainly welcome but it does lead to some practical problems in the home.
With the mercury rising to 30 degrees in some areas and night time temperatures ‘dropping’ to only 19 degrees, we find ourselves doing everything in our power to try and stay cool.
With weather advisory warnings in place for high temperatures, we have all found our homes are heating up!
While we are quite happy to fork out our well-earned Euro for that foreign trip to the sun to bake in the Mediterranean heat, we now find ourselves in the unusual position of the good weather visiting us for a change!
While it is easy to enjoy the sunshine from the swimming pool in Portugal or the beach in Spain it is a different story when walking into your hot house at home.
Unfortunately, the large majority of us don’t have the luxury of air-conditioned homes as much of the new building technologies we have experienced revolve around heating our homes. We now find ourselves looking for ways to cool them down!
While the natural reaction is to open the windows, it is recommended to keep windows, blinds and curtains closed as this will keep the hot air out. If opening them, make sure to do so at opposite ends of the house to create an airflow throughout.
To circulate cool air inside, fill up some bowls with water and ice and place them in different areas of the house – in front of a fan works best if you have one.
Another simple but effective option is to cook outside. Use the BBQ as the oven generates heat inside the house.
Trying to get to sleep at night can be particularly difficult in soaring temperatures. Here is a novel tip to help you catch those z’s; consider freezing your bedcovers before going to bed!
It may sound daft but give it a try; strip the sheets, place in a bag and pop them in the freezer. When it is time to hit the pillow, simply put them back on and they will be nice and cool!
Also, try taking a cold shower before bed.
Any halogen light bulbs in the house will also create additional heat, so consider replacing with LED lights.
Open the attic hatch to keep the house as ventilated as possible, allowing heat to escape through the roof.
And finally turn off any appliances, like the TV, when not in use. Electrical appliances can give off a surprising quantity of heat, particularly while charging.
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