The hospitality industry is a very specialized market that demands unique approaches to its existing and emerging insurance problems. Many brokers and agents deal with the insurance programs for luxury and historic hotels, spas and resorts, but the majority of programs do not correspond to growing needs and demands of luxury properties' owners. At the same time, luxury property owners place a high value on the financial stability and prevention of any financial loss.
The RHA is unique and the only resort insurance association that provides specially designed coverage for each individual property. The RHA places a high value on the financial stability and considers that the resort insurance association should find and select only financially stable insurance companies for its programs. The resort insurance association should work actively and in cooperation with its member properties and with insurance brokers, legal counsels, insurance companies and claims adjusters to achieve efficient results in the insurance programs' development and improvement.
The RHA also believes that each luxury property needs an individual approach and an individual insurance plan, developed for this or that particular property type. Before offering the insurance coverage, the resort insurance association should conduct a proper loss control survey in order to find out the weakest points that should be insured as well as to warn the property of potential loss as it could take measures to prevent it in advance.
The RHA conducts loss control surveys that cover general structural data, fire loss estimates and risk grades, occupancy, exposures, hazards (including smoking, housekeeping policies, electrical systems, heating, ventilation and air conditioning), public and private protection grading and other significant aspects of each property. Such a detailed survey is of a great help and value for working out an individual insurance plan in accordance with each property's needs.
The RHA offers a variety of comprehensive insurance programs, aimed to protect a business owner from any financial loss.
• A Property Program is a very efficient insurance program that contains coverage for Flood, Earthquake and Wind, Business Interruption (loss from unusual events on the property, food, contamination, such as E. coli, murder, suicide, contagious diseases, etc.), Boiler and Machinery, Decontamination and Clean-Up Expense for land and water on resort property, Golf Courses, Plants, Trees and Shrubs, Land Improvements, Builder's Risk, And Terrorism Coverage.
• A Casualty Program comprises Comprehensive General Liability, Liquor Liability,
Spa, Saddle Animal/Trail Rides, Business Automobile Liability and Physical Damage
and Umbrella/Excess Liability.
Some other programs consist of Pollution Legal Liability, Employment Practices Liability and
Group Personal Umbrella, specially designed for executives with multiple residences, vehicles, youthful drivers and watercraft, and available worldwide. New programs and coverage are regularly developed and presented on the official website of the RHA, www.resorthotelinsurance.com.