As an investor in the hotel sector you have a unique set of insurance requirements aside from that of the fabric of the buildings, contents and legal liabilities that may occur during the period of your investment.
Such risks will be present in various forms whether your investment is in the development and construction of a new-build premises or the refurbishment or conversion of an existing hotel property.
Acting on behalf of previous and existing individual investors through to consortiums, we have put in place insurance covering many forms of hotel development risk, including:-
- Latent defects
- Contract works
- Defective title
- Advance profits
- Performance bonuses
During your period of due diligence for acquisitions or mergers we are on hand to provide our experience and knowledge in risk and insurance reviews and independent audits on the existing programme of your investment target.
If you are looking to bring in a new management company you may also wish to audit their insurance arrangements especially in the area of management liability cover and professional indemnity. This ensures that should the advice you receive from them cause you to suffer a loss, then you know they are adequately covered should you have to make a claim against them.
During your period of investment you will want to ensure that you continue to receive income from your management company and that it is protected through a relevant loss of rent cover.
You will also want to see your investment recover as quickly as possible in the event of a substantial loss and thus will need the assurance that any major claims or incidents are handled quickly and effectively by experienced members of your insurance brokers claims team.
If you would like to understand more about the details of risk management programmes and insurance covers specifically relating to hotel investment companies or simply look to review your existing arrangements please contact Charlie Best.
87% of Hotel clients rated Cooke & Mason’s service as “excellent” whilst the remaining 12.5% rated it as “very good” (Customer Satisfaction Survey of General Managers Oct. 2014)