Altium Insurance coverage Introduces Hospitality Pandemic Insurance coverage

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NEW YORK – Altium Insurance coverage Providers is introducing a first-of-its-kind pandemic insurance coverage product for the hospitality business, underwritten by one of many world’s largest insurance coverage carriers. Accessible solely to lodge franchisors, franchisees, administration firms, REITS, and operators of multi-property enterprises, this Hospitality Pandemic Insurance coverage addresses the nuances and traits of the lodging sector and protects towards the lack of income skilled when a pandemic strikes.

Along with Belmonte Consulting LLC, AIS collaborated with the worldwide underwriter for greater than a 12 months to design this product particular to inns. As we speak, HPI is being offered solely by AlS Founder Invoice Coluccio, and marketed to hoteliers by Steven Belmonte, CEO of Belmonte Consulting LLC and Govt Director, Hospitality Division, Amdel Associates, a New York-based funding banking agency specializing in mergers and acquisitions.

“The devastation of COVID-19 on our business underscored the significance of managing threats in Capital Construction Planning. This Pandemic Insurance coverage poses a viable resolution to this downside,” Belmonte mentioned. “HPI is progressive. Contemplating how arduous our business was impacted by COVID-19, it’s so vital to guard ourselves from this occurring once more — and sadly, the scientists say it might occur. This insurance coverage protects the income stream for a lodge firm or franchisee. It’s the largest ‘no-brainer’ you possible will see this 12 months.”

“Invoice Coluccio is a long-time business buddy,” Belmonte mentioned. “His experience in custom-made insurance coverage and threat mitigation merchandise spans the skilled legal responsibility, life, property, casualty, and transaction insurance coverage markets, makes him the correct man to pioneer this product. Primarily based on suggestions from a really delicate launch amongst business colleagues, we predict now we have an actual winner. As we speak, HPI is accessible to any franchise proprietor/operator or multi-property lodge firm searching for future pandemic safety.”

Listed here are just a few highlights of the Hospitality Pandemic Insurance coverage:

  • The indemnity period of HPI is 180 calendar days.
  • HPI pays claims instantly, with no adjuster delays.
  • For publicly traded firms, HPI supplies a stage of safety to shareholders.
  • Carrying HPI might present assist for decrease borrowing and capital prices.
  • HPI supplies liquidity and doubtlessly can improve credit score rankings.
  • HPI minimizes reputational harm.

“When homeowners started realizing the impression of the pandemic, they closed their doorways and filed enterprise interruption claims with their insurance coverage carriers,” Coluccio mentioned. “Sadly, pandemic exclusions in typical enterprise interruption insurance coverage insurance policies make them contractually resistant to a loss associated to a COVID-19 prevalence, so not a single lodge obtained a payout. We designed HPI in collaboration with Belmonte Consulting LLC particularly for the wants of these working a lodge franchise or multi-property enterprise when the subsequent pandemic happens.”

Right here’s how HPI works: Ought to a civil or authorities authority lockdown happen, and the World Well being Group points a public well being emergency of worldwide concern — which primarily shuts down journey — or a state or native authorities points restrictions on entry to a location or enterprise, or the same denial of buyer entry state of affairs happens, or a restriction of airline exercise happens, HPI pays hoteliers instantly to cowl as much as 80% of income that they’d obtain from any affected property, for as much as six months. As well as, if a declare is filed by a franchisee/proprietor, the franchisor would even have its franchise charges, advertising charges, administration charges, and so on. paid from the declare.

“That is straight ahead insurance coverage protection for what counts,” Coluccio mentioned. “The product is totally customizable and options liberal triggers and easy claims processes. Franchisors can leverage HPI for their very own safety and supply it to their franchisees, who can both choose in or choose out, whichever is preferable. The premium can be paid by the franchisee and the franchise firm might be named as a further insured, or we will add language to the coverage that when any declare funds are made, they’re to cowl any present franchise charges that might be owed referring to a declare cost. If there’s something we’ve discovered during the last 20 months, it’s that there isn’t a life raft ready on the market. HPI may presumably be the closest factor.”

For extra data on the Hospitality Pandemic Insurance coverage from Altium Insurance coverage Providers or to arrange a cellphone name with Invoice Coluccio, e-mail Amanda Belmonte at [email protected] or name her at 610-291-1209.

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