How more loss prevention leads to a lower cost of risk
- Martin Fox-Foster
- Director of Coverage & Insurance
SuiteLife Underwriting Managers recently published its Q2 2020 Program Executive Report summarizing loss prevention and claims trends for the hospitality industry.
As hotels and resorts continue to navigate the complexities of safety issues related to COVID-19 and natural disasters, hotels and resorts face unprecedented challenges. SuiteLife’s report highlights interesting claim trends during the past 12 months that inform shifting loss prevention priorities:
25% of all property claims were weather related
Only 0.3% of all claims were greater than $250,000, but those claims account for more than 25% of incurred dollars
Trending claim topics include bed bugs and pool umbrellas
SuiteLife’s report suggests prioritizing the following loss prevention efforts:
- Automatic sprinkler maintenance programs, testing and design
- Slip, trip and fall risk areas
- AED – formal program, training, maintenance
- Deficiencies with cooking equipment that could cause fires
- Driver requirements and fleet issues
- Emergency drills, phones, generators, lights and exits
- Infrared testing
- Pool equipment and markings
- Roof drains and roofing
- General electrical problems
Learn more by downloading the entire report below: