The formal announcement wont be made until this Friday, Feb. 25, but the details of a three-way deal between the Council of Tourism Associations of B.C. (COTA), Adventureinsurance.ca and Shaw Sabey & Associates that could reduce insurance rates for nature-based tourism operators are becoming clearer.
According to COTA, high insurance premiums and the difficulty in finding policies are jeopordizing the provinces growing $800 million nature tourism industry. Some businesses have been forced to curtail operations, reduce staff, and put expansion plans on hold.
The details are still forthcoming, but the basic plan will give tourism businesses a new way to access a wider range of business coverage. In addition, businesses that have risk management plans and operating procedures in place could qualify for a reduction in their premiums.
The new program will be unveiled Friday at the Westin Bayshore Resort and Marina in Vancouver, with representatives from COTA. John Les, the Minister of Small Business and Economic will also be at the presentation.
Following the presentation, businesses will be invited to stay for a one-hour session on risk management from Pinnacle Risk and Insurance Consultants, explaining how companies can take advantage of the new insurance program being offered.
Once it is introduced, COTA hopes to have the new program in place by March 15.