30/08/2024
After eight years of operating a business at Glen Derwent, we are facing full closure by 18 November 2024 due to the insurance industry’s appetite for risk and the rising cost of construction.
Properties used for commercial purposes are forced by the insurance industry to insure for replacement value. For a couple of years our insurance broker has been warning us that we may be underinsured (Google “underinsurance”). So recently we obtained a professional valuation of replacement value which came in more than 20% higher than we currently have it insured for. As a result of the higher value, heritage listing, proximity to the river and the business uses, our current insurer has declined to offer renewal when our policy expires in November.
Our insurance broker is working on trying to find an alternative insurer.
Our regional tourism association is supporting us by bringing this issue to the attention of the state government.
Liz will be chatting about this to Joel Rheinberger at ABC Radio Hobart at 1:35pm today.
