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

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

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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
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Presentation Goals

  • To keep everyone awake!
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Understand the importance and key components of a Property Loss Response Program

  • Establish internal and external claim handling procedures
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
underwriting needs priorities pre loss

Coverage Forms

  • Accurate Schedule of Locations / Values
  • Build insurer & adjuster relationships

Underwriting Needs & Priorities (Pre-Loss)

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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

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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

develop procedures pre loss

Facility Level

  • Communication Protocol
    • Internal & External

Develop Procedures (Pre-Loss)

  • Business Needs
    • Employees & Guests
  • Insurance Claim Requirements
    • Documentation & Cost Tracking
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
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
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