A South Carolina law passed in 2017 requiring venues with liquor licenses to purchase at least $1 million in liquor liability has forced some bars and venues to close, WYFF Channel 4 in Greenville, South Carolina reported.
“If they keep raising prices, there’s not going to be a profit margin for anybody,” Jeremy Barnes, owner of Pinky’s Revenge Bar and Arcade in Taylors, South Carolina, told a reporter. “You won’t be able to pay your employees, you won’t be able to maintain our equipment. I’d have to double up at the door.”
According to the news report, Mr. Barnes liquor liability insurance $8,800 two years ago. This year, it will cost him at least $31
,000. Kynn Tribble, who owns Tribbles Bar and Grill in Piedmont, South Carolina, told a reporter that his liquor liability went from $5,000 to $60,000 in three years. Both said the increase could force them to close, as has been the case with other facilities already.The insurance companies are also aware of it.
“So, insurance companies are paying out two dollars for every dollar they collect on liquor liability right now in South Carolina. It’s a really tough deal for them,” Russ Dubisky, executive director of the South Carolina Insurance Association, told a reporter, adding that ” countless insurance agencies” have pulled out of the state altogether.
Source link
