Lockton warns on hospitality underinsurance
Inflation, scarcity of building materials and labour have affected valuations and businesses should review their cover according to Lockton head of hospitality, Andy Nicholson.
Nicholson commented: “While the financial prospects for the hospitality industry have improved significantly due to rising demand this summer, businesses are at risk if the values insured are not adjusted appropriately to account for the sharp rise in inflation being felt across the globe.”
He added: “Inflation combined with scarcity of labour and building materials, are all factors which have changed the operating landscape for many businesses, and as a result, the amount and value of risk
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