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Delivering Legal and Risk Management Solutions to Lodging Development & Management Executives

March 2018
 
 
A Hotelier’s Guide to Business-Interruption Insurance Claims
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"The harmful effects of devastating weather events in the United States and around the world are on the rise. Hurricanes, wildfires, and other disruptive events are inflicting increasing amounts of damage and significantly affecting businesses of all types, including hotels and other hospitality businesses. Although some businesses are susceptible to business interruptions based on their locations, other causes of business interruptions, such as cyber-crimes and supply-chain disruptions, may affect hospitality companies and other businesses regardless of where they are located.

It’s no surprise that business leaders of today are concerned about these interruptions. And these major weather events and other causes of business interruptions aren’t going away. According to the Allianz Risk Barometer for 2017, for the fifth year in a row, business leaders worldwide worry about business interruptions (including supply chain disruptions) more than any other issue, with losses from natural disasters and increased volatility of weather among the other most significant concerns.

This leads to the question of how a hospitality company with business-interruption insurance should respond if a business interruption occurs. To recover on a business-interruption claim, it is important for the company to be proactive, organized, and able to support all claimed losses with evidence. In this regard, hospitality companies should focus on four areas."

 
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