Establishing a Property Loss Response Program

Report
Establishing a Property Loss
Response Program:
Hospitality and Lodging
Industry
Wednesday April 30, 2014
9:00am – 11:00am
IND005
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Page 1
• David Mims – Senior Vice President, Risk
Management, LQ Management LLC
• John Wink – Senior Vice President, Alliant
Insurance Services
• Kenneth Ritter – Principal, Quantum Global
Advisors, LLC
• Stacy Mazur – CEO / President, Interstate
Restoration
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Presentation
Goals
To keep everyone
awake!
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 Understand the importance and key
components of a Property Loss
Response Program
 Establish internal and external claim
handling procedures
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Why develop and implement a
Property Loss Response Program?
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“Well begun is half
done.”
- Aristotle
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Functions / Benefits of a Program
Provide control in the chaotic aftermath of a loss
Organizational
Informed decision making
Manage insured’s concerns & needs
Physical
Facilitated repairs & expedited resumption of operations
Coordinated claim process
Claim
Efficient collection & exchange of information
Effective & timely claim resolutions
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Pre-Loss Planning
1
2
3
• Identify & Address
Underwriting Needs & Priorities
• Establish the Response Team
• Develop Procedures
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Page 8
Underwriting Needs & Priorities (Pre-Loss)
Coverage
Forms
Accurate
Schedule of
Locations /
Values
Build insurer
& adjuster
relationships
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Page 9
Recording of this session via any media type is strictly prohibited.
Page 10
Pre-Loss Planning
1
2
3
• Identify & Address Underwriting
Needs & Priorities
• Establish the Response Team
• Develop Procedures
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Page 11
Response Team (Pre-Loss)
Establish
insured’s internal
Response Team
Select external
team members
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Example of Internal Team
General
Counsel
Operations
Fire
&
Life Safety
Facilities / Asset
Management
Regional Asset
Managers
Risk
Management
Accounting
Purchasing
Hotel
Management
Architect &
Design
Energy
&
Lighting
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Example of Property Loss Response Team
Insured Risk
Management
Insured
Internal
Departments
Broker
Claim Consultant
Insured’s
Experts
Insurance
Carrier(s)
Adjuster
Insurer’s
Experts
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Page 14
Pre-Loss Planning
1
2
3
• Identify & Address Underwriting
Needs & Priorities
• Establish the Response Team
• Develop Procedures
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Develop Procedures (Pre-Loss)
Facility Level
Communication Protocol
• Internal & External
Business Needs
• Employees & Guests
Insurance Claim Requirements
• Documentation & Cost Tracking
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Page 16
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U.S. Disaster Risk Map
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What Types of Incidents Can You
Prepare For?
River
Flooding
Wildfires
Winter
Storms
Hurricanes
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Page 19
Post-Loss Response
1
• Mitigate Damage & Stabilize Asset
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Mitigate Damage & Stabilize Asset
• Assessment from site
• Logistical challenges
• Obtain & review COPE data
• Temporary repairs
• Other points to consider
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Page 21
Post-Loss Response
1
2
• Mitigate Damage & Stabilize Asset
• Assess Damage & Repair Asset
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Damage Assessment & Repair of Assets
Comprehensive site inspections
Coordination with insurer reps
Organization & analysis of claim
information
Coordination of property loss with BI
analysis
Consider opportunity for elective
changes
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Page 23
Post-Loss Response
1
2
3
• Mitigate Damage & Stabilize Asset
• Assess Damage & Repair Asset
• BI Considerations
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BI Considerations
> Explore creative ways to mitigate BI loss
* Explore use of other company-owned facilities
* Provide incentives to maintain business
* Partner with other hotels
•
> Public relations campaign / advertising
> Track cancellations / walked guests
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Post-Loss Response
1
2
3
4
• Mitigate Damage & Stabilize Asset
• Assess Damage & Repair Asset
• BI Considerations
• Resolve Claim
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Claim Resolution
• Manage expectations
• Facilitate exchange of
information
• Maintain open dialogue with
insurer
• Partial adjustment &
payment of claim
• Develop exhaustive claim
document
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Page 27
Recording of this session via any media type is strictly prohibited.
Page 28
Questions? Contact Us!
•
David Mims – Senior Vice President, Risk Management, LQ
Management LLC [email protected]
•
John Wink – Senior Vice President, Alliant Insurance Services
[email protected]
•
Kenneth Ritter – Principal, Quantum Global Advisors, LLC
[email protected]
•
Stacy Mazur – CEO / President, Interstate Restoration
[email protected]
Recording of this session via any media type is strictly prohibited.
Page 29
EVALUATE US!
Don’t forget to Rate this
Session on the RIMS ’14
Mobile App!!
The app is available on iPhone
(including iPad and iPod
Touch), BlackBerry and Android
mobile devices.
Recording of this session via any media type is strictly prohibited.
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