The BC Tourism Industry Insurance and Financing Report gives you the inside-track on the key recommendations shaping the future of insurance and financing in the tourism industry. Within this detailed 58-page document you will find the latest research and key findings provide a unique look at the insurance and financing issues affecting tourism operators in British Columbia.

The report incorporates:

§         Research and documents insurance and financing concerns of tourism operators and industry stakeholders.

§         A research base including initiatives from other industries and jurisdictions.

§         A range of viable options as presented at the November 6, 2003, symposium.

§         A final report that incorporates the input of stakeholders and the symposium participants.

COTA’s research and discussions with insurance industry representatives identified insurance company capacity problems. Recent financial results of insurers has led to a reduction in capacity to cover insurable risks as re-insurers are forced to withdraw from the market and insurers reassess their geographic and sector spread of risk. There will be much stricter underwriting regarding fire coverage and we can expect exclusions to be reworked to reduce exposure and coverage.

With respect to financing, despite low interest rates and the apparent availability of funds, obtaining financing for small business, particularly for rural businesses and start-ups, has been very difficult. There seems to be no reason to expect the major financial institutions to relax their requirements and lending criteria in the near future. There is, however, a developing recognition of the need for support for rural small businesses by financial institutions.

Based on thorough research and industry knowledge this report includes a number of recommendations and sequencing for implementation that achieves both early success and long term industry viability.