As a hotel owner, you rely on providing guests with a great experience. However, unique variables may derail things. While insurance protects you in these situations, it doesn't take away from the major inconvenience of potentially closing your hotel until the claims process is completed. Here is a look at some tips to stay one step ahead of the hotel insurance claims process.
Many hotel chains are owned by large brands. It's recommended that you perform thorough research to see if your hotel is part of a chain and also examine the licensing guidelines. Most insurers seek to fulfill their obligations regarding repairing the hotel damages instead of adhering to the standards outlined in the franchise agreements. Your operating agreement could complicate your hotel insurance claims. There could be a delay as a result of failing to meet the franchising standards. This situation may be excluded from your insurance policy, which leaves you unprotected unless you add an exclusion or purchase business interruption insurance.
It's recommended that you enter prevention mode in the aftermath of an incident. Failing to prevent further damage from occurring may cause your claim to be denied. Acting swiftly also helps the repair crew repair the building without having to install necessary coding upgrades, which helps you save money.
It's essential to document everything related to the incident that led to the insurance claim, from the initial report to the final settlement. Make sure to take photos or videos of the damage, write down the names and contact information of any witnesses, and keep track of any conversations with insurance adjusters or other parties involved in the claim process. Having thorough documentation can help ensure that your claim is processed smoothly and that you receive the maximum amount of compensation that you're entitled to.
It's recommended that you look over your insurance policy a few times each year to ensure that you're fully covered if an issue occurs. Perhaps you need to amend your policy to cover your hotel if a natural disaster occurs. Consulting with a public adjuster may benefit you, as they may notify you about potential endorsements to add to your policy.
If you're unsure about how to navigate the insurance claims process, it may be helpful to seek guidance from a professional, such as an insurance attorney or a public adjuster. These individuals can help you understand the language and requirements of your insurance policy, advocate for your interests during the claims process, and ensure that you receive fair compensation for your losses. Be sure to research any professionals you're considering working with and check their credentials and references before hiring them.
Your hotel will inevitably be impacted by an incident in some fashion. Relying on these tips should help the hotel insurance claims process run smoothly. If you have any questions about coverage, contact the team here at GrayStone Insurance Group, and we will assist you.
