Allianz Cornhill and brokers GR Patrick and Company are promoting a specialist insurance product aimed at restaurateurs and tea room proprietors.

Masterchef, which shares the name of a TV cookery show, has been re-launched at the Restaurant 1999 exhibition at London's Olympia in the presence of top chefs the Roux brothers.

Ray Bradshaw, GR Patrick director, said his Masterchef policy's appeal lay in its combination of comprehensive cover and tangible business benefits.

"It's an unbeatable mix at a highly competitive premium," he said.

Among Masterchef's key ingredients are variable cover tailored to the needs of individual businesses, a no-claims bonus reward and regular tips on running a successful business.

Another benefit of the policy is membership of a discount purchasing group which provides access to low-priced food and beverages.

Advantageous rates can also be obtained by policyholders for credit card sales.

Premiums can be made in interest-free instalments and there is a discount for long-term agreements.

Under a partnership plan, Allianz Cornhill will contribute financial help for risk-related improvements such as the installation of ventilation equipment in kitchens.

Bradshaw said GR Patrick had developed the Masterchef policy after the success of its similar Innsure policy for pubs.

Alan Thorpe, Allianz Cornhill development manager, said: "Masterchef clearly demonstrates our ability to deliver an innovative insurance solution for businesses."