Distinguished Programs announced its partnership to with Core Specialty to provide General Liability & Auto Liability coverage for hotels.
Tag: hotel insurance
Distinguished Programs Introduces New $15M Limit Option in Express Hotel Umbrella Program
Distinguished Programs (“Distinguished”), a national insurance program manager, today officially announces the addition of a $15M limit option to its Express Hotel Umbrella insurance program. The program offers broad coverages including General Liability, Liquor Liability and Auto Liability with limits up to $105M. This program caters to well-maintained select-service and midscale hotels. Express Hotel Umbrella… Continue reading Distinguished Programs Introduces New $15M Limit Option in Express Hotel Umbrella Program
SUITELIFE Underwriting Managers Expands Programs to Include Franchise Hotels
SUITELIFE Underwriting Managers, a leading managing general underwriter (MGU) for full-service hotels, premier hotels, boutique hotels, condo-hotels, resorts and hotel management companies, is pleased to announce the addition of the Franchise Hotel Program to their portfolio. SUITELIFE is part of the Ryan Specialty family within the underwriting managers specialty of the firm, Ryan Specialty Underwriting… Continue reading SUITELIFE Underwriting Managers Expands Programs to Include Franchise Hotels
U.S. Life Insurers’ Commercial Mortgages Stable Amid Growing Headwinds
U.S. life insurers’ commercial mortgage fundamentals have largely recovered since the pandemic, with stable property outlooks for hotel, office retail and multifamily sectors, Fitch Ratings says. However, the Fed’s monetary tightening and the current recession will pressure some sectors of commercial mortgages over the midterm, with consistently high inflation and rising interest rates negatively affecting… Continue reading U.S. Life Insurers’ Commercial Mortgages Stable Amid Growing Headwinds
Hub International Partners with Insuraguest to Lower Insurance Premiums, Transfer Risks for Hotel Clients
Hub International Limited, a leading global insurance brokerage, and InsuraGuest Technologies, Inc.®’s wholly-owned subsidiary, InsuraGuest, Inc. (“InsuraGuest”) announce their premier preferred partnership to provide InsuraGuest’s Hospitality Liability coverage to HUB hotel clients in the U.S. with plans to expand to HUB’s clients in Canada by mid-2021. InsuraGuest coverage and platform transfers high frequency small property… Continue reading Hub International Partners with Insuraguest to Lower Insurance Premiums, Transfer Risks for Hotel Clients
Hotel Workers Concerned Over More Furloughs, Lay-Offs
Most mornings, Kat Payne calls a family meeting and talks with her children about how — or if — they are going to be able to pay their bills each month. It’s a routine she began after she was furloughed from her job as a housekeeper at the Philadelphia Marriott Downtown in March. Payne, along… Continue reading Hotel Workers Concerned Over More Furloughs, Lay-Offs
One in Four Hotels Can’t Pay Their Mortgages
In a desperate plea for help, the hotel industry said it faces a default disaster, in which 25% of hotels are at risk of foreclosure. The report, sent to Congress this week and compiled by Trepp, shows that the percentage of hotel loans 30 or more days delinquent is 23.4% as of last month —… Continue reading One in Four Hotels Can’t Pay Their Mortgages
New Legislation Would Help Hotels, Shopping Centers, Commercial Property Owners
Lawmakers are introducing a bill to provide cash to struggling hotels and shopping centers that weren’t able to pause mortgage payments after the coronavirus shut down the U.S. economy. The bill, expected Wednesday, would set up a government-backed funding vehicle businesses could tap to stay current on their mortgages. It is meant in particular to… Continue reading New Legislation Would Help Hotels, Shopping Centers, Commercial Property Owners
COVID-19 Pushes Hospitality Industry to the Edge: Key Considerations for Stakeholders
As reports of confirmed Coronavirus cases increase, travel bans and mass quarantines go into effect, and citizens across the globe avoid all nonessential travel, the hotel industry is being hard hit. Without exaggeration, owners, managers, and brands that were already struggling, and even those that were not, may face existential decisions. To aid in addressing… Continue reading COVID-19 Pushes Hospitality Industry to the Edge: Key Considerations for Stakeholders
Coronavirus Impact on Hospitality: Marriott Begins Furloughing Tens of Thousands of Employees
Marriott International Inc., the world’s largest hotel company with nearly 1.4 million rooms world-wide, said it is starting to furlough what it expects will be tens of thousands of employees as it ramps up hotel closings across the globe. The company began shutting down some of its managed properties last week, a Marriott spokeswoman said.… Continue reading Coronavirus Impact on Hospitality: Marriott Begins Furloughing Tens of Thousands of Employees