PHILADELPHIA--(BUSINESS WIRE)--With the holiday season approaching, the hospitality industry is preparing itself for more patrons, as long-distance travel is expected to increase by more than half during this holiday season, according to U.S. Department of Transportation data1. ACE Group today released a new advisory that examines a unique set of exposures faced by owners and operators of hotels, motels, resorts and casinos. The paper also provides guidance on how to ensure a comprehensive risk management strategy, with the appropriate level of primary and excess insurance coverage, in order for the hospitality industry to meet these current challenges.
“Hospitality Risks: Keeping Pace with Emerging Exposures,” was co-authored by Joseph Fobert, Senior Vice President, ACE Excess Casualty, and Brooks W. Chase, President, National Specialty Underwriters Hospitality. This advisory is the latest installment in ACE’s series of insurance and risk management perspectives for risk managers.
“As regulations and trends change, owners and managers of hospitality properties constantly face a number of liability risks, and even familiar exposures may present heightened challenges,” observed Mr. Fobert. “It is important for hospitality owners to review their primary and excess insurance coverage and develop a proactive, comprehensive risk management strategy in order to protect customers as well as their business and reputation.”
The emerging exposures examined in the ACE advisory include the following risks, among others:
To read the full advisory, click here.
ACE Excess Casualty offers enhanced coverage options for hospitality and real estate clients in the form of robust, easy-to-use endorsements for ACE Umbrella policies. ACE has the underwriting and claims management specialists to provide tailored solutions for these specialized industry segments. The material presented in this report is not intended to provide legal or other expert advice. It is presented for informational use only. Readers should consult legal counsel or other technical experts, as applicable, to answer any specific questions they may have.
1United States Department of Transportation. U.S. Holiday Travelhttp://www.rita.dot.gov/bts/sites/rita.dot.gov.bts/files/publications/america_on_the_go/us_holiday_travel/html/entire.html
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at www.acegroup.com, or follow ACE on Twitter, https://twitter.com/ACEGroupNA.