Welcoming Holiday Travelers While Managing Hospitality Risk Exposures: ACE Advisory Spells Out Potential Liability Risks for ...
December 22 2014 - 5:27PM
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:
- Food-Borne Illness
- Indoor air quality
- Liquor liability
- Transportation access for disabled
customers
- Cyber security
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 Travel
http://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.
ACE North America CommunicationsCarla Ferrara,
215-640-4744carla.ferrara@acegroup.com
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