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Restaurants

umbrella insurance market
Real Estate, Hospitality & Restaurants, Community Associations, Market Insights, Restaurants

Navigating Today’s Umbrella Insurance Market

In our previous article, we discussed what factors are driving rate increases, capacity restrictions, tighter underwriting, and program structure changes in the Excess Insurance market. It’s important to note that prior to the COVID-19 pandemic, carriers were already tightening underwriting in the Excess/Umbrella market, specifically in the hotel, restaurant, and habitational sectors. In recent months, however, these changes have become even more pronounced. Here we take a more detailed look at the firming market and how COVID-19 has impacted certain industry sectors. We also provide you with advice on how to manage client expectations and navigate the disruptive Excess/Umbrella insurance market.

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number one insurance claim
Real Estate, Hospitality & Restaurants, Community Associations, Cultural Institutions, Risk Insight, Restaurants

Preventing the number-one Insurance Claim: Slips, Trips, and Falls

Year after year, slips, trips, and falls remain the number-one insurance claim for property owners. More than three million people visit the emergency room each year because of falls, according to the CDC (Centers for Disease Control and Prevention). The average hospital visit costs $30,000 to $50,000. Add in factors like ongoing medical bills and lost wages, and the cost of claims mount. Serious slip-and-fall losses, in fact, have plagued the habitational and hospitality sectors, with negligent awards running into the millions. Yet most if not all of these claims are preventable.

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Covid-19 Crime Prevention
Real Estate, Hospitality & Restaurants, Risk Insight, Restaurants

Covid-19 Crime Prevention: The Need to Step Up Security of Unoccupied Establishments, Limited Operations

In response to the COVID-19 pandemic, across the country local and state decrees have mandated non-essential businesses to close or limit operations, including restaurants and bars, in order to help prevent the spread of the virus. In addition to having been hard hit by the loss of income and employee layoffs, a spike in burglaries is also unfortunately another fallout of the COVID-19 crisis for many of these businesses.  

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Illinois hotel grant
Restaurants

Illinois Department of Commerce Offering Hotels State Grants in Wake of COVID-19; Applications Due April 1

Illinois Governor Pritkzer and the state Department of Commerce have announced the creation of the Hospitality Emergency Grant Program to financially help small hotels, motels and other lodging establishments with funds that were originally slated for job training, tourism promotion and other purposes. The $14 million fund will provide grants to help establishments with payroll, rent and other expenses – welcome news considering the hospitality industry is among the hardest hit sectors due to the coronavirus pandemic.

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