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Posts published in “Hotels”

Hotels – Motels – Bed And Breakfast – Boutique Hotels – Spa Resorts – Inns – Hospitality

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As specialists in the hospitality industry, Commercial Insurance Resourcesunderstands the coverage needs for both limited service to motels to full service business class hotels.  Our companies offer a comprehensive package program backed by the top rated carriers in the industry.  Our carriers are committed to offering a great product supported by exceptional claims and loss control services.  Our carriers recognize the demands of our clients and value their need for insurance protection with the best rates, service and coverage available in the marketplace.  Below addresses

Property insurance provides coverage for Your Building and the Business Personal Property you own.   Most lodging facilities have extensive Property values that need insurance protection.  A property inventory should be prepared and evaluated to properly determine the correct coverage type that applies to each item.

Business Income coverage pays for the loss of income for the business and continuing expenses even if the doors are not open, including employee salaries due to a covered cause of loss at the insured’s premises.   Some hotels situated in business parks rely completely on a particular business for a large percentage of occupancy.  If that business should suffer a loss and is no longer able to operate, the hotel would suffer a loss of income.  Business Income from Dependent Properties Coverageapplies to covered causes of loss that occur at scheduled dependent properties that leads to loss of income for Your business.

Boiler and Machinery a.k.a. Mechanical Breakdown coverage insures against equipment breakdown that is typically not covered by property insurance policies, warranties and service contracts. Coverage includes losses incurred from the failure of boilers, pressure vessels and a variety of mechanical and electrical equipment.

Commercial General Liability is designed to cover the bodily injury and property damage liability exposures related to operating Your business.  The basic areas covered by the Commercial General Liability include theYour ownership or use of Your premises your own or rent, coverage for definedContractual Agreements, coverage for Products manufactured, sold or distributed by You, and Completed Operations if you install.  Personal and Advertising Injury Liability of the insured, and Medical Payments coverage.

Most package type policies will automatically include the above coverage’s along with each company’s additional coverage, extension of coverage, or limitation of coverage,  each specific to the respective insurance company.  Many of the additions, extensions, or limitations can be increased to meet Your specific needs.  Some of the additions, extension, or limitation is shown under Optional Coverages.

Business Auto Coverage provides scheduled liability and physical damage coverage without the need for numerous additional forms and endorsements. Liability coverage is available for

  1. Scheduled autos
  2. owned autos only
  3. All autos owned, leased or hired by the insured, and autos owned by employees or partners and used on behalf of the insured. The third option provides the broadest protection.

Optional physical damage coverage’s available include Collision and Comprehensive, that applies to loss from any cause except collision or overturn.  Specified Causes of Loss coverage, is a less expensive alternative to comprehensive coverage,  and pays for loss caused by Named Perils.

Workers Compensation provides coverage to your workers injured while performing work on Your behalf.  Workers Compensationincludes Employers Liability, protecting You against claims brought by Third Parties for Your negligence to your injured worker.

Every State has enacted Workers Compensation laws making this coverage mandatory.  Five States, North Dakota, Ohio, Washington West Virginia and Wyoming are monopolistic States.  Workers Compensation insurance is paid to the State.   If you are working in one of the aforementioned States, You still have to provide Employers Liability coverage either through Your workers compensation policy or YourGeneral Liability policy known as Stop Gap Coverage.

Before commencing work in any State, always be aware of that States Workers Compensation laws.

Commercial Umbrella policies provide additional Liability insurance protection over your primary Commercial General Liability, Business Auto and Employers Liability insurance policies.

Optional Coverages to be considered, is not an all inclusive list, but a summary of some of the more common policies or endorsements.

Directors  and Officers Liability Coverage insures corporate directors and officers against claims, usually brought by stockholders, alleging loss due to mismanagement.

Employment Practices Liability coverage is available for the legal costs to defend claims against sexual harassment, wrongful termination and discrimination, and the actual legal liability for such acts.

Ordinance or Law Coverage applies when laws require undamaged portions of a building be torn down.   Coverage includes costs of demolition of the undamaged portion of the building covered and the increased cost of construction required to bring a damaged building up to current code.

Internet (Cyberspace) Liability offers both first- and third-party cyber coverage as separate coverage parts. First-party coverage is available for extortion, business interruption, loss or damage to a network, extra expense and e-theft. Third-party liability is available for electronic media content, privacy liability and security liability.

Spoilage Coverage applies to direct physical loss or damage to perishable stock caused by equipment breakdown or contamination and/or by an interruption of power beyond the control of the insured.

Fine Arts Coverage insures scheduled works of art, including paintings, etchings, statuary, and stained or etched glass windows, against risks of direct physical loss or damage. Coverage applies on premises, off premises and in transit

Employee Theft and Forgery is a modified version of the commercial crime coverage. Most package policies provide a limitation for this coverage.

Flood Coverage applies to direct loss or damage by flood to buildings and their contents on either a replacement cost or an actual cash value basis.

Commercial Insurance Resources is an independent insurance agency, representing many National and Regional Insurance Companies specializing in providing the hospitality industry the finest coverage needed at an affordable price.  Our success is our ability to continually surpass our client’s expectations.  We only work with companies that maintain an A.M. Best rating of A- or better.  Many factors are considered by A.M. Best when assigning ratings, and one of the most important factors, is the ability of an insurance company to pay claims.   “A” rated companies have a greater ability to pay claims in the future due to policyholder reserves, overall pricing of insurance, investments and profit or loss.