November 6, 2013
The hospitality industry relies on insurance coverage to protect against a wide range of risks, from simple slip and falls to devastating hurricane damage. Every entity is different, and selecting the most appropriate insurance coverage for a particular property or company is crucial. Yet it is increasingly common for members of the hospitality industry to have themselves named as “additional insureds” on another entity’s policy, rather than reviewing, comparing and then selecting a policy for itself. While this may make economic sense in the short term - the company delegating responsibility for purchasing insurance saves money on premiums, brokers’ fees and other costs -permitting another company to purchase your insurance is not without risks of its own.