As the Hospitality industry continues to experience growing activity amidst a strong economy, there are, inherently, challenges that must be continuously addressed and improved on to ensure customers keep coming back. Identifying challenges and solutions to those challenges is one aspect of avoiding pitfalls, but an often overlooked perspective is the risk(s) to which those challenges could, ultimately, lead.
I came across an interesting case that illustrates how critical it is to properly notice a “downstream party” of a claim (or potential claim) and require proof that notice was filed with their insurer.
There are industries that entail managing insurance compliance among large numbers of vendors/contractors, which challenges even the most organized firm to manage the compliance properly. If done right, it’s a process which requires diligence and specialized knowledge:
Topics: COI Compliance
Situation & Issue
A NY-based organization (acting as tax syndicator) with over 350 properties engaged us to review and modify the lender requirements and to ensure insurance compliance with the requirements from the various parties involved in a deal
When most businesses think cyber crime, they imagine brute force threats from foreign agents or highly advanced hacker teams. Executives tend to think that external forces well beyond their control make up the vast majority of security loopholes.
In our previous posts on Enterprise Risk Management (ERM), we defined ERM and addressed how to set up the program and use it to assess and treat risks. We have come a long way! In this post, we evaluate the program.
ERM is not a static program. An effective approach to evaluating and enhancing the performance is a three-part one: measure, monitor and, most importantly, evolve.
What does the new order do?
On May 11th 2017, President Trump issued the new, signed cybersecurity executive order that demands each federal agency and department head will be held accountable for cybersecurity risk to their enterprises; an initiative to better protect the federal government's critical data and systems. It outlines the cyber-risk reporting requirements that they must adhere to and names the framework that they'll use as the standard.
Obtaining the clarity with both a contract and the related insurance compliance has turned into one of the more daunting tasks for "upstream" counter-parties such as Landlords, Owners, etc. When reviewing vendor contracts there are several issues that Landlords, Owners, etc. should be mindful of, such as:
The cyber security world evolves at a breakneck pace. For those not following closely, new developments can be unexpected and downright scary.