On the FrontLine, the global thought leadership magazine published by Crawford & Company, has just published its special report on the leisure and hospitality sector.
From hotels and resorts, to casinos, restaurants and concert venues, businesses across the leisure and hospitality sector are navigating an evolving risk landscape. In this special report we explore how the sector dealt with last year’s hurricanes and whether insurance is ﬁt for purpose in an increasingly intangible, interconnected world.
From the tangible to the intangible
In a franchise-oriented environment, intangible assets now make up an increasingly large proportion of the value of leisure and hospitality firms. On the FrontLine looks at how reputation and brand protection are now front of mind, and examine the ever-expanding range of threats that have the potential to put these at risk, including cyber-attacks, the growth in online travel service providers and the evolving terror risk.
Policies under review
Insurance continues to form a central tenet of measures to reduce exposure and enhance resilience in the leisure and hospitality sector, but as the risk focus shifts from tangible to more intangible risks, we ask whether insurers are keeping pace. What more can be done around areas such as cyber security, non-damage-related BI and the introduction of broader, all-risks policies to overcome the challenges of multiple different sub-limits.
Responding to a terrible trio
The multitude of large scale, complex claims made by the hospitality sector in the aftermath of hurricanes Harvey, Irma and Maria spawned a multitude of contentious issues. Terry Hunt, senior vice president & head of Global Technical Services U.S. and Jenna Morgan, director of Crawford Forensic Accounting Services outline some of the policy deficiencies that were exposed and details some of the hard lessons the industry must learn if it to emerge more resilient from these events.