Why hotels and resorts should buy more Umbrella coverage now.
- Martin Fox-Foster
- Director of Coverage & Insurance
The cost of Umbrella coverage is increasing, but here is why you should buy more now.
Hotels and resorts are inherently full of risk, even in the best of times. With the addition of the ever-evolving COVID-19, the risks are exponentially more complicated and difficult to mitigate.
To protect your guests, employees, balance sheet and reputation, our friends at Distinguished Programs recommend increasing your Umbrella insurance limits to respond to a rising number of high-value lawsuits.
Here are some recent examples of incidents:
- A man was awarded $5 million after he suffered permanent spinal damage from an elevator malfunction at a luxury hotel.
- A woman sued a hotel and its parent company for $100 million last year claiming one of its employees secretly recorded her while she was naked in the shower and tried to blackmail her after posting the video to more than a dozen pornographic websites.
- A $4.1 million settlement was reached with a teenager who suffered a closed head trauma and a facial laceration from a boating accident at a resort hotel in Florida.
To read more about why it is important to review your Umbrella limits, click the button below: