Risk Management & Insurance
Business disputes are virtually impossible to avoid, so we have assembled a team of experts within the Cayuga Hospitality Consultants network to assist in developing policies and risk management strategies to prevent disagreements from becoming a costly and potentially harmful legal event. Cayuga Hospitality Consultants include attorneys with specific experience in the hospitality industry, dispute resolution experts, engineering and facilities management professionals, and insurance specialists to ensure developers, owners and operators have the necessary support through the development process.
Risk Management Loss Control Consulting
Evaluating hotel risk management in any hospitality business enterprise can be a daunting notion for many management professionals. Cayuga Hospitality Consultants not only have the practical experience, but also the skills to provide a full analysis of operational and facilities management areas of risk and offer solutions for prevention.
Whether a developer/investor is planning a development on vacant land or an existing building, implementing systems, strategies and controls with the guidance of Cayuga’s professionals allows for the safeguarding of physical assets and people.
In addition, with distinct expertise in wide-ranging areas within the hospitality industry, our consultants are able to:
Hospitality Insurance Consulting
Insurance across the hospitality industry is varied and complicated. Having an expert to guide you through the critical steps to ensure adequate coverage, while at the same time managing costs is essential. Cayuga’s insurance specialists bring both operational experience and decades of skill managing the ever-changing landscape of liability coverage.
Our experts will evaluate commercial insurance policies and costs. They will also assist owners and operators in managing the complex business of ensuring your asset, guests, and staff are fully covered in the event of an incident. They will help make sure that your insurance policies satisfy all stakeholders, and that your costs are fair and reasonable.
For more information about Cayuga Hospitality’s hotel risk management consulting services, contact us today.
It’s not a secret, if you don’t have adequate insurance coverage, and deductibles in line for the risks you can’t afford to bear, you could jeopardize your hotel. Risks Include:
- Property damage
- Business interruption
- And more
Just like the case with your personal home and auto insurance policies, a higher deductible will result in a decrease in premium. It then becomes a question of how likely and how frequently you believe a loss is likely to occur, then weighing the insurance premium savings against your willingness and capability to absorb those losses.
Be sure to shop your policies. Even if your management agreement provides for insurance to be obtained by the manager, you should get quotes to provide the required policies directly from at least one hospitality insurance professional. Sometimes, you will find you can get better coverage for less money. Bring the differences to the attention of your Manager and persuade him to change carriers or negotiate.
Keep in mind that insurance premiums tend to follow a cycle, escalating after notable national losses until competition leads to reductions. Do not fail to test the market every time your policies come up for renewal, or you may miss a major opportunity for cost savings.
If complete and well-crafted contingency plans are in place, the hotel manager will be able to deal routinely with these anything-but-routine situations, when and if they do occur.
Nobody voluntarily participates in high-risk situations. The right contingency plans, quickly and properly put into effect, will assure that your hotel does not do so to the extent of its “fair share.”
Our Risk Management & Insurance Consultants
I provide commercial business insurance and risk management to hospitality and real estate businesses. I make insurance simple.
Robert Gary Dodds
Decades of experience as a VP Human Resources, and 50 years working with global and regional brands in luxury to full-service Hotels in the Asia Pacific, The Americas, Europe, and the Middle East and Africa regions, as well as the Caribbean and Latin America.
Hospitality fraud investigator (recovering millions) and internal control/compliance consultant specializing in developing and assessing fraud prevention and internal controls for hotels.
Ethics and Compliance, Anti-Fraud and Anti-Corruption, and Global Internal Investigations program development and implementation specialist.
Valuation and Cost Segregation Professional – Providing Accredited Real & Personal Property Valuations and Quality Tax Saving Cost Segregation Services to the Hospitality Industry.
A multi-faceted leader with extensive chief executive and legal experience in hospitality operations and risk management/insurance, expert witness, mediation, arbitration and dispute resolution.