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

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 and Lodging Industry– 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


David mims senior vice president risk management lq management llc

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

  • Establish internal and external claim handling procedures



David mims senior vice president risk management lq management llc

“Well and Lodging Industrybegun is half done.”

- Aristotle


Functions benefits of a program

  • 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 and Lodging Industry


Underwriting needs priorities pre loss

  • Accurate Schedule of Locations / Values

  • Build insurer & adjuster relationships

Underwriting Needs & Priorities (Pre-Loss)


Pre loss planning1

Pre-Loss Planning and Lodging Industry


Response team pre loss

  • Select external team members

Response Team (Pre-Loss)


David mims senior vice president risk management lq management llc

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

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 and Lodging Industry


Develop procedures pre loss

  • 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 and Lodging Industry


What types of incidents can you prepare for

What Types of Incidents Can You Prepare For? and Lodging Industry

  • River Flooding

  • Wildfires

  • Winter Storms

  • Hurricanes


Post loss response

  • 1 and Lodging Industry

  • Mitigate Damage & Stabilize Asset

Post-Loss Response


Mitigate damage stabilize asset

  • Logistical challenges

Mitigate Damage & Stabilize Asset

  • Obtain & review COPE data

  • Temporary repairs

  • Other points to consider


Post loss response1

  • 1 and Lodging Industry

  • Mitigate Damage & Stabilize Asset

Post-Loss Response

  • 2

  • Assess Damage & Repair Asset



Post loss response2

  • 1 and Lodging Industry

  • Mitigate Damage & Stabilize Asset

Post-Loss Response

  • 2

  • Assess Damage & Repair Asset

  • 3

  • BI Considerations


Bi considerations

BI Considerations and Lodging Industry

> 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 and Lodging Industry

  • Mitigate Damage & Stabilize Asset

Post-Loss Response

  • 2

  • Assess Damage & Repair Asset

  • 3

  • BI Considerations

  • 4

  • Resolve Claim


Claim resolution

Claim Resolution and Lodging Industry

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! and Lodging Industry

  • David Mims – Senior Vice President, Risk Management, LQ Management LLC David.Mims@LaQuinta.com

  • John Wink – Senior Vice President, Alliant Insurance Services jwink@alliant.com

  • Kenneth Ritter – Principal, Quantum Global Advisors, LLC kritter@quantumglobaladvisors.com

  • Stacy Mazur – CEO / President, Interstate Restoration stacym@interstaterestoration.com


Evaluate us
EVALUATE US! and Lodging Industry

  • Don’t forget to Rate this Session on the RIMS ’14 Mobile App!!

  • The app is available on iPhone (including iPad and iPod Touch), BlackBerry and Android mobile devices.