This is an excerpt from an Insurance Journal article that I authored in the May 2, 2011 edition.
“While many towns might not have a hardware store or a dry cleaner, chances are there is a neighborhood tavern. It is estimated there are more than 50,000 bars in the United States. In fact, many of these taverns have been around as long as most other commercial accounts, making these risks accounts worth pursuing. However, a little homework is in order before knocking on their doors.
These accounts have uniqueness to them and, like any other account, could cause problems resulting in an errors and omissions claim if not handled correctly. It’s fair to say not every insurance carrier is interested in this type of risk, but there are carriers that will write this class — and do so successfully. If you end up working with the excess and surplus lines marketplace, understand its distinctness and allow extra time to quote and place each account.
Continue Reading E&O Insights: Exposures to Watch for When Insuring the Local Neighborhood Tavern Risk
