As a hotel management company not only will you usually have the responsibility of ensuring you arrange adequate insurance cover at the best available price for the hotel(s) you have under management but you also need to consider your own risks and insurance requirements.
One of the key areas of cover often overlooked by management companies is that of Professional Indemnity Insurance. This form of cover provides protection for you and your business against claims for wrongful advice which haves resulted in a loss to the owners or investors you are managing the property for.
An example could be the changing of a supplier only to discover they invoke a clause that may have been missed in the contract which ties the hotel into their services for a longer period. Another example is where your services start at the planning and development phase and it was not identified that a significant competitor had purchased land very close by for the development of their own hotel.
As a Director or Officer of a management company today you face unprecedented responsibilities in the current legal environment and also may have unlimited liability for the consequences of decisions that you make in carrying out of your hotel management role.
Some of the risks you face include; Health & Safety prosecution, Tax & VAT Investigation, Environment Agency enforcement, as well as actions from the Food Standards Agency or local Fire Safety Officer. Any number of regulatory and criminal sanctions can all be taken against you, your company or fellow officer.
Management Liability policies cover these risks and form an important aspect of a hotel management companies insurance portfolio.
Trips, Slips & Other Incidents
You will be only too aware that the largest number of claims received from guests, are for smaller incidents including trips and slips. With the right support from your broker’s claims team many of these can be handled, mitigated and resolved before they escalate into litigation against you.
You will also want your broker to have experience in compiling, analysing and reporting on claims incidents and statistics in order to identify problem areas, trends and potential remedies. Here at Cooke & Mason we have dedicated hotels claims handlers and members of the team highly experienced and qualified in dealing with your trips and slips all the way through to a major fire and other incidents.
We are also able to assist with the arrangement of crisis management and public relations assistance in the event of a claim that hits the news or has the potential for reputational damage.
100% of client General Managers rated Cooke & Mason’s Hotel Insurance Division “speed of response” as “Very Good” or “Excellent”. (Customer Satisfaction Survey Oct. 2014)
For more information on how we can protect the hotel(s) under your management as well as your own insurance and risk management requirements simply contact Charlie Best today.