Category Archives: Business Interuption Insurance
Hospitality Industry Property Risks: Hurricane Irene Damage Forces Closure Of North Carolina Hotel Until 2012
”…(a review of)…the situation with repair and restoration companies, insurance and safety inspectors, and a host of others, we have regretfully concluded that the safest option for our guests and associates is to temporarily close the hotel in order to … Continue reading
Hospitality Industry Insurance Risks: Hotel & Restaurant Owners Must Review And Update Insurance Coverage To Protect Their Businesses
Proper insurance to value (ITV). The market sometimes offers blanket and agreed amount limits, which can help buyers overcome an instance where the insured has purchased too little building coverage. Business income limits. Most insurance buyers don’t take time to … Continue reading
Hospitality Industry Property Risks: Rhode Island Hotel That Suffered “Extensive Damage” From River Flooding In 2010 Reopens After Insurance “Largely Covers Reconstruction”
”…The hotel’s lobby, front desk, restaurant, meeting rooms, guest rooms and information technology equipment were badly damaged, and the facility, which had celebrated its grand opening in September 2008, was forced to close…” “…The (reconstruction) cost was largely covered by insurance… The … Continue reading
Hospitality Industry Business Risk Management: Hotel Owners Must Have “Business Interruption Insurance” In Place To Protect Property From Disasters And Unforeseen Events
A regular commercial property insurance policy covers only the physical damage to your business. What about the profits which could have been earned during this period? How to pay rent, employees’ salaries and other important payments while your business is … Continue reading
Hotel Industry Insurance: “Business Interruption Insurance” Benefits Are Dependent On Comprehensive Documentation Of Revenues And Profits
“…to recoup business interruption benefits from their insurance companies, we have found certain pieces of hotel data and documents to be extremely useful in our calculations of lost revenues and profits. The following is a partial list of reports (effective … Continue reading
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