Establishing a Property Loss Response Program: Hospitality and Lodging Industry
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Establishing a Property Loss Response Program: Hospitality and Lodging Industry Wednesday April 30, 2014 9:00am – 11:00am IND005. David Mims – Senior Vice President, Risk Management, LQ Management LLC John Wink – Senior Vice President, Alliant Insurance Services

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David Mims – Senior Vice President, Risk Management, LQ Management LLC

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David mims senior vice president risk management lq management llc

Establishing a Property Loss Response Program: Hospitality and Lodging IndustryWednesday April 30, 20149:00am – 11:00amIND005


David mims senior vice president risk management lq management llc

  • David Mims – Senior Vice President, Risk Management, LQ Management LLC

  • John Wink – Senior Vice President, Alliant Insurance Services

  • Kenneth Ritter – Principal, Quantum Global Advisors, LLC

  • Stacy Mazur – CEO / President, Interstate Restoration


David mims senior vice president risk management lq management llc

  • Presentation Goals

  • To keep everyone awake!


David mims senior vice president risk management lq management llc

  • Understand the importance and key components of a Property Loss Response Program

  • Establish internal and external claim handling procedures


Why develop and implement a property loss response program

Why develop and implement a Property Loss Response Program?


David mims senior vice president risk management lq management llc

“Well begun is half done.”

- Aristotle


Functions benefits of a program

  • Provide control in the chaotic aftermath of a loss

  • Organizational

  • Informed decision making

Functions / Benefits of a Program

  • Manage insured’s concerns & needs

  • Physical

Facilitated repairs & expedited resumption of operations

  • Coordinated claim process

  • Claim

  • Efficient collection & exchange of information

  • Effective & timely claim resolutions


Pre loss planning

Pre-Loss Planning


Underwriting needs priorities pre loss

  • Coverage Forms

  • Accurate Schedule of Locations / Values

  • Build insurer & adjuster relationships

Underwriting Needs & Priorities (Pre-Loss)


Pre loss planning1

Pre-Loss Planning


Response team pre loss

  • Establish insured’s internal Response Team

  • Select external team members

Response Team (Pre-Loss)


David mims senior vice president risk management lq management llc

  • Example of Internal Team

General

Counsel

Risk

Management

Purchasing

Accounting

Operations

Facilities / Asset Management

Fire

&

Life Safety

Regional Asset Managers

Energy

&

Lighting

Architect & Design

Hotel Management


David mims senior vice president risk management lq management llc

  • Example of Property Loss Response Team

Insured Risk

Management

Broker

Insurance Carrier(s)

Adjuster

Insured

Internal

Departments

Claim Consultant

Insurer’s

Experts

Insured’s

Experts


Pre loss planning2

Pre-Loss Planning


Develop procedures pre loss

  • Facility Level

  • Communication Protocol

    • Internal & External

Develop Procedures (Pre-Loss)

  • Business Needs

    • Employees & Guests

  • Insurance Claim Requirements

    • Documentation & Cost Tracking


U s disaster risk map

U.S. Disaster Risk Map


What types of incidents can you prepare for

What Types of Incidents Can You Prepare For?

  • River Flooding

  • Wildfires

  • Winter Storms

  • Hurricanes


Post loss response

  • 1

  • Mitigate Damage & Stabilize Asset

Post-Loss Response


Mitigate damage stabilize asset

  • Assessment from site

  • Logistical challenges

Mitigate Damage & Stabilize Asset

  • Obtain & review COPE data

  • Temporary repairs

  • Other points to consider


Post loss response1

  • 1

  • Mitigate Damage & Stabilize Asset

Post-Loss Response

  • 2

  • Assess Damage & Repair Asset


Damage assessment repair of assets

Damage Assessment & Repair of Assets


Post loss response2

  • 1

  • Mitigate Damage & Stabilize Asset

Post-Loss Response

  • 2

  • Assess Damage & Repair Asset

  • 3

  • BI Considerations


Bi considerations

BI Considerations

> Explore creative ways to mitigate BI loss

* Explore use of other company-owned facilities

* Provide incentives to maintain business

* Partner with other hotels

> Public relations campaign / advertising

> Track cancellations / walked guests


Post loss response3

  • 1

  • Mitigate Damage & Stabilize Asset

Post-Loss Response

  • 2

  • Assess Damage & Repair Asset

  • 3

  • BI Considerations

  • 4

  • Resolve Claim


Claim resolution

Claim Resolution

Manage expectations

Facilitate exchange of information

Maintain open dialogue with insurer

Partial adjustment & payment of claim

Develop exhaustive claim document


Questions contact us

Questions? Contact Us!

  • David Mims – Senior Vice President, Risk Management, LQ Management LLC [email protected]

  • John Wink – Senior Vice President, Alliant Insurance Services [email protected]

  • Kenneth Ritter – Principal, Quantum Global Advisors, LLC [email protected]

  • Stacy Mazur – CEO / President, Interstate Restoration [email protected]


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