Category Archives: Insurance

by | January 5, 2015 · 9:06 am

Hospitality Industry Management Update: “Looking Back to 2014, Ahead to 2015 at Natural Disaster Activity”

The report says that it is possible that the U.S. may still have two to three years of near-average flood-related damage before the next catastrophic loss occurs, based on projections from historic data.insurance-journal-logo-340 The 2015 flood losses could total between $5-6 billion, with flash flooding events continuing to account for a large percentage of overall annual damage

Fewer tornadoes, a mild hurricane season, lower acreage lost to wildfires, overall less flood  and other damage— all in all, 2014 was not as bad as it could have been for natural disasters in the U.S.

That’s according to global property information and analytics firm CoreLogic, which released its annual Natural Hazard Risk Summary and Analysis detailing the most significant natural disasters of 2014 and providing several projections for 2015.

The report provides a look at the year’s hurricanes, floods, hailstorms, tornadoes, wildfires, sinkholes, earthquakes, tropical cyclones and typhoon events in the U.S. as well as an international snapshot of the hazard events that caused significant damage across the globe.

For more: http://bit.ly/1DpKzDy

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by | December 2, 2014 · 9:37 am

Hospitality Industry Insurance Update: “Think Your Workers’ Compensation Covers Everything? Think Again!”

Consider the risks involved when an employee travels overseas for work. Courts have often ruled that an injury or illness that an employee suffers while on short term assignment away from home—even if he or she is not working when it occurs—is work-related.workers comp But a basic workers’ compensation policy will probably not cover this type of claim. A foreign workers’ compensation policy will. Although no law requires employers to provide this coverage, you risk paying medical and lost-time costs out of pocket if you do not have coverage and a traveling employee becomes injured.

You might think your workers’ compensation covers all work-related injuries and illnesses. This could prove a costly mistake.

In most cases, workers’ compensation will cover work-related injuries and illnesses. But in certain special circumstances—which might apply to your company—the basic workers’ compensation policy will not provide coverage. This could leave your company on the hook for a costly workers’ compensation claim.

For more: http://bit.ly/1ycd3fF

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Filed under Employee Benefits, Hotel Employees, Hotel Industry, Injuries, Insurance, Management And Ownership, Risk Management

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by | November 7, 2014 · 8:50 am

Hospitality Industry Insurance Update: “AH&LA, 80+ Hotel Organizations Call On House Leadership To Pass TRIA Now”

TRIA is intended to provide stability to the economy and assure investors and developers,ahla-80-hotel-organizations-call-on-house-leadership-to-pass-tria-now as they plan long-term projects, that insurance will be available to adequately protect their properties against the financial risk of a terrorist attack. However, a short-term extension creates uncertainty as to whether TRIA will still exist as these projects move forward.

Washington, D.C. — In the wake of the midterm elections, the American Hotel & Lodging Association (AH&LA), along with more than 80 other hotel industry groups including hotel brands, management companies, real estate investment trusts (REITs), owners and state hotel associations, called on the House of Representatives to get back to work and pass the Terrorism Risk Insurance Act (TRIA) in a letter sent to House leadership.

AH&LA urged lawmakers to focus on the immediate priorities, including passage of this vital piece of legislation, which is critical to protect job and economic growth within the hotel industry and across the broader economy. More than 80 groups joined AH&LA in signing the letter, which was sent to every member of the House of Representatives in addition to House leadership.

For more: http://bit.ly/10ym9JI

 

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by | November 6, 2014 · 9:33 am

Hospitality Industry Management Update: “3 Obamacare Decisions for Hoteliers”

Unless the act is repealed, over time employers will realize its effects, both positive and negative.illness(1920x1080) Rather than waiting around, however, employers are already adopting offensive moves to blunt financial impact beyond a certain level, seeking improved productivity through reduced costs and updated methods. 

Despite attempts by health care experts to demystify the Affordable Care Act, some employers remain unsure of how to comply. Their questions are basic and familiar: Who is a covered employer? What type of coverage must be offered? May we keep our 90-day waiting period for enrollment?

While these questions are important, a more urgent imperative looms: The deadline for many employers to comply with the mandated coverage provision of the Affordable Care Act is approaching rapidly. Some smaller companies will not face mandatory coverage decisions until 2016, but for many employers a compliant health coverage program must be in place as early as New Year’s Day 2015.

Critical decisions must therefore be made without delay.

For more: http://bit.ly/1wzWL39

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Filed under Employee Benefits, Health, Insurance, Management And Ownership

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by | November 3, 2014 · 9:09 am

Hospitality Industry Legal Update: “California Ranks Highest For Workers’ Compensation Costs”

California employers are required by law to have workers’ comp insurance, even if they have only one employee.Workers Comp (NO LOGO) The California Department of Industrial Relations (DIR) imposes assessments on employers to cover the cost of potential workers comp claims. The amount a business pays into the system depends on how many employees a business has and what its total payroll is.

California has been ranked as the most expensive state for workers’ compensation costs, according to a newly released report.

The Workers’ Compensation Premium Rate Ranking Summary from Oregon’s Department of Consumer and Business Services shows that California businesses spend $3.48 for every $100 of payroll issued.

That’s 188 percent of the median cost of $1.85 for all 50 states. California was the third most expensive state in 2012 and the fifth most expensive in 2010.

“California’s workers’ compensation system is incredibly inefficient,” said Jerry Azevedo, a spokesman for the California-based Workers’ Compensation Action Network, which seeks to reduce costs for employers and improve services to injured workers. “It does not do a good job of achieving its goal. For as much as employers pay, they don’t get a lot out of it.”

For more: http://bit.ly/1pgVFZb

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by | October 7, 2014 · 9:33 am

Hospitality Industry Management Update: “Common Fire Code Violations” (Video)

[vimeo https://vimeo.com/107482118 w=500&h=281]

Petra Risk Solutions’ Loss Control Manager, Matt Karp, offers a P3 Hospitality Risk Report – ‘Common Fire Code Violations’. 

P3 (Petra Plus Process) is the Risk Management Division of Petra Risk Solutions – America ’s largest independent insurance brokerage devoted exclusively to the hospitality marketplace.

For more information on Petra and P3 visit petrarisksolutions.com or call 800.466.8951.

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by | September 29, 2014 · 9:31 am

Hospitality Industry Management Update: “Common Fire Code Violations” (Video)

[vimeo https://vimeo.com/107482118 w=500&h=281]

Petra Risk Solutions’ Loss Control Manager, Matt Karp, offers a P3 Hospitality Risk Report – ‘Common Fire Code Violations’. 

P3 (Petra Plus Process) is the Risk Management Division of Petra Risk Solutions – America ’s largest independent insurance brokerage devoted exclusively to the hospitality marketplace.

For more information on Petra and P3 visit petrarisksolutions.com or call 800.466.8951.

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by | August 22, 2014 · 9:23 am

Hospitality Industry Insurance Update: “Business Interruption Coverage More Important Than Ever to Cyber Policies” (Video)

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London-based MGA, CFC Underwriting, has brought a new cyber product to market for large companies that goes beyond the traditional cyber product, says Graeme Newman, director of marketing for the company. In this video with MyNewMarkets.com, Newman discusses how the increased knowledge of cyber risks has led large companies to demand a more complete product that includes business interruption coverage and how CFC’s coverage addresses these exposures.

For more: http://bit.ly/1whB8GL

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by | August 19, 2014 · 9:30 am

Hospitality Industry Risk Management Update: “Water Line Bursts, Floods W Hotel”

“…San Diego Fire crews tried to help fix the flooding, but the damage done is more than the firefighters were prepared to handle.Water leak W Hotel Instead, an outside company that specializes in flooding cleanup was called in to deal with it…Guests rooms were not damaged in the flooding, hotel management told NBC 7. There was extensive damage to other areas of the hotel including some flooding into the lobby, they said…”

Guests are avoiding some major flooding after a big water line burst inside the W Hotel Monday night.

Water started leaking from the third floor, through the roof and down onto floors below around 8:15 p.m. inside the hotel at 421 W. B Street.

Joyce Baghtassarian was staying at the W Hotel on her trip to San Diego from Los Angeles. She was heading out the door to go to dinner when she noticed water flowing from the elevators.

For more: http://bit.ly/1rkkTGF

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by | July 16, 2014 · 8:21 am

Hospitality Industry Insurance Update: “Federal Backstop for Terrorism Insurance Set to Expire”

“…In 2002, Congress stepped in and passed the Terrorism Risk Insurance Act (TRIA),hotel lobby a public-private partnership that provides a federal backstop against losses from a terrorist attack. But the law is scheduled to expire at the end of this year, and the two competing bills that would renew it lay out different visions of how much federal help private insurers should get…”

When a large hotel near the World Trade Center was destroyed in the 9/11 attacks and a second one severely damaged, the company that owned them — like many other businesses — was relieved they were covered by insurance.

But after 9/11, the insurance industry, which ended up sustaining an estimated $32.5 billion in total losses, grew skittish and began excluding terrorism from commercial policies nationwide. That resulted in businesses having less terrorism coverage or none at all. States and cities worried lenders wouldn’t approve loans to businesses that didn’t have terrorism coverage, potentially stunting economic development and harming real estate markets.

For more: http://bit.ly/UctZG6

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