| |
The hospitality industry faces a variety of complex issues that run the spectrum from employment risk to restaurants. Furthermore, there are differences in how these issues affect each client depending on whether they have five star resorts, business hotels, limited service properties, or vacation resorts.
Worldwide Insurance Brokers Hospitality services provide risk and insurance services to this industry.
Insurance Policies
Standard Fire and special perils Policy
This policy covers the loss or damage arising out of fire and allied perils to the Building, furniture and fixtures, machinery, electronic equipment, and other contents in the premises of the Hotel and the office building.
Burglary and Housebreaking (Business premises) Policy
This policy covers loss or damage to property like stock, stock-in-trade, goods in trust, plant and machinery, fixtures, fittings, cash or valuables in strong-rooms or safes by theft following burglary (felonious entry or exit from the premises by violent and forcible means).
Machinery breakdown Policy
This policy is taken for all the machinery (electrical/non electrical) available in a Hotel. This cover is against unforeseen and sudden damages caused to the insured machinery from causes such as
Faulty material, design, construction, erection
-
Vibration, maladjustments, misalignment
-
Defective lubrication, loosening of parts, explosion due to internal pressure, implosion due to external pressure or internal vacuum, abnormal stress
-
Excessive electric pressure, failure of insulation, short circuit, open circuit
-
Failure of connected machinery or protective devices
-
Lack of skill, carelessness or malice of persons
-
Falling, impact, collision and the like,
-
Obstruction or the entry of foreign bodies
Electronic equipment Policy
Electronic equipment - those used for data processing, billing, inventory management, communication and a host of other applications can take this policy to cover the equipment and data media against all the accidental causes.
It is very wide in scope and encompasses risks covered under fire policy, burglary and many contingency risks like accident and vagaries of nature.
Plate glass Insurance
This policy covers all kinds of accidental breakages of fixed plate glass like window glasses, partition glasses, etc. Replacement cost of damaged glass or sum insured whichever is lower, is paid.
Neon sign / Glow sign Insurance
This policy covers accidental damage of the neon sign and glow signboards.
Money Insurance
This policy provides cover against loss of money in transit, by the insured or Insured's authorized employee(s) occasioned by robbery, theft or any other fortuitous cause. It also covers loss by burglary of house breaking whilst money is retained at Insured's premises, in safe(s) or strong room. Organizations can take this policy while in transit from one branch to other branch or while in transit.
Fidelity Guarantee Insurance
This policy reimburses for direct pecuniary loss due to all acts of fraud or dishonesty or forgery or embezzlement committed by any of the Insured's employees in connection with his/her occupation during the uninterrupted continuance of employment.
Business Interruption Insurance
This policy covers loss in business due to interruption for caused due to AOG perils.
Event coverage Insurance
This policy covers the cost incurred for arranging the event and the consequential losses arising out of cancellation of the event.
Public liability Insurance (with extensions to food and beverages)
This policy is taken for indemnify the against legal liability to pay compensations including claimant's costs, fees and expenses in respect of injury/damage arising out of accidents, food and beverage consumption etc.
Workmen's Compensation Insurance
This policy provides cover to employees in the immediate service of any organisation/ site of work who sustain personal injury by accident or disease arising out of and in the course of employment in the business and if the employer are liable to pay compensation for such injury illness under W.C. Act, 1923, Fatal Accidents Act, 1855 or at Common Law.
Directors and Officers Liability Insurance
This policy covers the Legal liability of Directors and Officers of a company holding positions of trust and responsibility to pay damages to shareholders, employees, creditors, etc., of the company for wrongful acts committed by them in the supervision and management of the affairs of the company.
General Exclusions to the policy are Dishonest fraudulent criminal or malicious act
Personal guarantee, Libel and slander and damage to property, Pollution damage
Violation of any Law, and covers the cost incurred for arranging the event and the consequential losses arising out of cancellation of the event. |
|
