Tag Archives: Risk Management

by | June 21, 2011 · 5:50 am

Hospitality Industry Information Security: "Cyberinsurance" Has Evolved Into A "Must-Have" Insurance Policy For Hotel Management As Coverage Includes "Forensics"

“…some insureds get charged $1,000 an hour by a forensics firm. It’s paying the individual walking by your house burning down with a bucket of water…” 

“…used to really focus our underwriting attention on how well they could prevent the breach, but we’ve added another phase to it,” says Whetstone. “Not only can you prevent it, but if it happens, how quickly can you respond? Do you have a plan in place? Kind of like a disaster recovery plan or a business continuity plan. It’s the same with this incident response plan.”

“…cyberinsurance is a “must-have” for most firms today…”

Demand for cyberinsurance was rising even before the most recent highly-publicized parade of breaches at major corporations and organizations. After the news of the first major Sony hack but before the subsequent reports involving Sony, Citicorp, the International Monetary Fund and others, Insurance Journal spoke with an expert to gauge how the insurance market for this coverage is doing.

James Whetstone, senior vice president and U.S. technology and privacy manager for insurer Hiscox Specialty, is a former technology geek and broker turned underwriter.

Hiscox is one of the original underwriters of the coverage. Whetstone says there are almost 30 carriers now offering cyber liability coverage, some more seriously than others. He says these times of claims are when an insurer’s commitment to a market can be tested, citing what he calls the “naive” capacity that exists.

The coverage has evolved quickly– Whetstone compares the product’s acceptance to that of employment practices liability (EPL) coverage– to where cyberinsurance is a “must-have” for most firms today.

The underwriting has also changed. “We used to really focus our underwriting attention on how well they could prevent the breach, but we’ve added another phase to it,” says Whetstone. “Not only can you prevent it, but if it happens, how quickly can you respond? Do you have a plan in place? Kind of like a disaster recovery plan or a business continuity plan. It’s the same with this incident response plan.”

For more:  http://www.insurancejournal.com/news/national/2011/06/20/203166.htm

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Filed under Claims, Guest Issues, Insurance, Liability, Management And Ownership, Risk Management, Technology, Theft

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by | June 9, 2011 · 6:13 am

Hospitality Industry Risk: "Petra Risk Solutions" Releases "P3 Hospitality Risk Report" Video On "Innkeeper's Limit Of Liability"

[vimeo http://www.vimeo.com/52513786 w=630&h=354]

Petra Risk Solutions’ Director of Risk Management, Todd Seiders, offers a P3 Hospitality Risk Report – ‘Innkeeper’s Limit of Liability’. 

  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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Filed under Guest Issues, Injuries, Insurance, Labor Issues, Liability, Management And Ownership, Risk Management, Training

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by | June 5, 2011 · 9:50 am

Hospitality Industry Legal Risks: Amended "Americans With Disabilities Act" (ADA) Became Law On May 24 With Potential For "Increased Frequency Of Litigation Losses"; Management Must Improve Accomodation Efforts

“…under the amended act, an employee who suffers from depression may be able to function quite normally with the aid of medication but will still be considered to be disabled and will need to receive accommodation….”

“…the frequency of discrimination claims will likely increase — as will the frequency of litigation losses — but she says the severity of individual claims will likely not change all that much, with class actions in this field being a rarity…”

Existing employment-practices liability insurance policies shouldn’t have to be rewritten or modified, she says. “We would push back on any attempt to limit coverage just because the act has been expanded.”

Employers, however, should be integrating their disability-management programs to include non-occupationally injured and ill employees, and not just workers’ compensation cases, according to Pimentel.

“That is the big trend, and by the way, from an ADA-compliance standpoint, I recommend employers take a close look at doing that,” Pimentel says.

Employers should also be revisiting how much training they are doing among their supervisors on employee etiquette, language and comfort levels in communicating with disabled employees, he advises.

“Talking to them about their needs for accommodation is … an enforced requirement under the law,” Pimentel says.

For more:  http://www.hreonline.com/HRE/story.jsp?storyId=533338925

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Filed under Claims, Employment Practices Liability, Insurance, Labor Issues, Legislation, Liability, Management And Ownership, Risk Management, Training

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by | April 1, 2011 · 5:54 am

Hospitality Industry Risk Management: "P3 Hospitality Risk Report – Knox Boxes" (Video)

[youtube=http://www.youtube.com/watch?v=KvAGRwo1UPI]

Petra Risk Solutions’ Director of Risk Management, Todd Seiders , offers a P3 Hospitality Risk Report – ‘Knox Boxes’. 

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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Filed under Crime, Guest Issues, Injuries, Insurance, Liability, Management And Ownership, Risk Management

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by | March 25, 2011 · 3:05 pm

Hospitality Industry Guest Security: Hotel Security Depends On Management Adopting A "Global Security Program"

Effective security and risk management relies on a foundation of principles including critical rapid data flow, standardization of emergency protocols, executive leadership and effective local management, not luck. We can guarantee only that attacks against hotels will happen again. The nature of the hospitality industry offers porous, soft, attractive targets.

The corporate security departments of most major hotel brands are not budgeted to provide the effective layers of detection or deterrence required to minimize this risk. A cautious examination of the major world economies reveals the first early signs of improvement. This presents an opportunity for major brands to offer an enhanced measure of security to their important customer base. We should consider that the safety of business and recreational travel is on the minds of everyone who boards a plane and visits or stays as a guest in your facilities. Comfortably resolving this sense of uneasiness is good business.

There are several critical elements required to create an effective hotel global security program:

•    security risk management software (global command and control);
•    security management standardization by venue;
•    new generation security equipment with software analytics; and
•    training.

Management methods that increase margins and reduce the risk of crime, terror, accidents and incidents, can be summarized by four words: global command and control.

For more:  http://www.hotelnewsnow.com/Articles.aspx/5239/Guest-safety-in-an-unsafe-world

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Filed under Crime, Guest Issues, Injuries, Insurance, Liability, Management And Ownership, Privacy, Risk Management, Technology

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by | February 26, 2011 · 8:09 am

"P3 Hospitality Risk Update": "Title 3 And ADA Law Changes" From Petra Risk Solutions' Risk Manager Joe Fisco (Video)

[vimeo 51945038 w=500 h=279]

Petra Risk Solutions’ Risk Manager, Joe Fisco, offers a P3 Hospitality Risk Update – ‘Title 3 and ADA Law Changes’. 

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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Filed under Employment Practices Liability, Guest Issues, Health, Insurance, Labor Issues, Liability, Management And Ownership, Risk Management, Training

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by | February 12, 2011 · 9:05 am

Hotel Industry Guest Issues: Hotel's Must Establish Overnight "Pet" Policies Including Fees, Deposits, Allowable Dog Breeds And Size, Vaccination Requirements, And Damage Liability (Video)

[youtube=http://www.youtube.com/watch?v=NO5Fqc5kuQc]

Consumer Reports magazine finds more hotels are making their rooms pet friendly.

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Filed under Guest Issues, Health, Insurance, Liability, Management And Ownership, Risk Management, Training

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by | February 3, 2011 · 10:21 am

Hospitality Industry Legal Risks: Hotel Owners Must Strive To "Avoid" Employee Lawsuits With "Strong Management" And "Attentive HR Staff"

“…a review of selected cases shows plaintiffs prevailed in 55% of retaliation and whistleblower lawsuits and in 75% of sexual harassment cases…”

“…The pro-employee and, many argue, pro-union policies of the Obama administration have arguably made matters worse, if not convincing employees to sue or obstruct their employers, at least showing them how it’s accomplished…”

 

The Department of Labor, for example, citing the difficulty the average employee encounters in navigating the legal system, has said it will now provide wage/hour claimants who had filed cases with the agency but whose claims would not be heard (including those whose claims lacked merit) with a list of local attorneys who, as a DOL official announced, “may be able to help.” 

The National Labor Relations Board, its regulatory and judicial reach muted during the Bush administration, is an agency reborn, replete with pro-union appointees. In mid-December 2010, the Board announced a proposed rule that would require employers to place on employee bulletin boards a poster notifying employees of their right to unionize. Employers, particularly those in the hospitality and other service industries staffed predominantly by minimum wage employees, are understandably likely to object. Meanwhile, unions won two-thirds of all conclusive elections conducted in 2009, the most recent year surveyed, according to the NLRB’s 2009 annual report.

  Vanquishing the curse of litigation is no easy task. Labor and employment lawyers long have argued that the only effective way is to keep it from happening—to keep the genie in the bottle. How? The most practical prophylactic is a combination of strong, compassionate leadership (the opposite of what destructive leaders peddle) and an equally strong, dialed-in HR team who fairly administer policies that recognize an employee’s intrinsic value and reinforce the organization’s unequivocal support for fair treatment.

For more: http://www.hotelnewsnow.com/Articles.aspx/4679/Two-big-HR-challenges-in-2011

10 Comments

Filed under Insurance, Labor Issues, Liability, Management And Ownership, Training

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by | January 20, 2011 · 9:02 am

Hospitality Industry Technology: "Technology-Driven Hotels" That Protect Guest Data Privacy And Invest In Low-Tech Upgrades That Guests "Don't Necessarily Have At Home" Will Increase Approval Ratings With Online Booking Sites

For more:  http://www.hospitalitynet.org/file/152004480.pdf

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Filed under Guest Issues, Management And Ownership, Privacy, Risk Management, Training

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by | January 14, 2011 · 12:34 pm

P3 Hospitality Risk Update: Hotel "Fire Alarm Pranks" (Video)

[youtube=http://www.youtube.com/watch?v=Ejj95mIBwU0]

Petra Risk Solutions’ Director of Risk Management, Todd Seiders, offers a P3 Hospitality Risk Update – ‘Fire Alarm Pranks’. 

 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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