Hospitality & Entertainment
ICA services the hospitality industry across the United States as this is one of ICA’s largest practice groups. ICA functions on behalf of some Clients as their complete outsourced risk management department. In other instances, ICA works hand-in-hand with those Clients that have a risk management department by providing additional staffing or services that are not contained in-house or require ICA to perform services on a per-project basis. ICA’s Clients include some of the largest and prominent hotel chains in the world, national restaurant chains, casinos, clubs, music and entertainment venues, sports associations and other entertainment organizations, which attest to both the breadth and value of ICA’s services provided to organizations in the hospitality industry.
Hospitality industry risks, which are extremely diverse and sometimes overwhelmingly complex, cause management to seek ICA’s support. This is often due to varying location-specific first and third-party exposures, compliance and regulation issues or changes in law (i.e. dram shop / liquor liability laws), workplace risks that include security of both guests and employees, which now encompass complex issues like COVID-19 transmission and personal injury suits brought against the business, among other issues. Because hospitality businesses serve the general public, certain exposures typical to the hospitality industry give rise to claims from cyber intrusion, theft of information or personal property, contamination or public health hazards, slip and fall or other public liability, special event or security guard risks, automobile liability or exposures from transportation services provided and recreational facilities included on premises. In recent years, first-party property losses from extreme weather and other catastrophic perils have caused very significant business interruption losses. In some cases, severe damage to the building(s) resulted in the building becoming unusable, inaccessible or unsafe for occupancy.
As the hospitality industry constantly evolves, with new entrants to the marketplace and established businesses are merged or sold, hospitality businesses have the need for Mergers and Acquisitions services and call on ICA’s Mergers and Acquisitions Consulting service. ICA has provided M&A services to two of the largest destination resort organizations by helping them combine their very complex individual insurance programs with the merger of their company into the other.
ICA’s professional advocacy team dedicated to serving only the hospitality entity, provides onsite training of management and staff, which educates them on important risk management issues and concerns that translate into reduced claims, better preparation of information when claims occur as well as resources in dealing with third-party claimants. In some cases, ICA has been hired to review the Client’s insurance policy language, even after the claim was denied by the Client’s insurance company, which resulted in that claim being reversed for payment to be made to ICA’s Client. For claims advocacy and expense recovery information, please visit ICA’s Third Party Claims Management service.
The following excerpt describes one Hospitality client’s acknowledgement of ICA’s value provided to them throughout a lengthy relationship, prior to the acquisition of that client’s business:
“Throughout our many years together, [you] have worked diligently on our account and saved my Company millions of dollars. Your servicing of the account was impeccable and… were truly one of our favorite business partners. We will recommend ICA to future Business Partners and Professional Acquaintances as we know what a phenomenal job you do. Thank you… for all your hard work on our behalf.”
– Hospitality Client
Contact ICA for a comprehensive list of client references.