Marsh UK Launches New Hotel Cover

Marsh UK has launched a new hotel facility for individual hotels and small chains. The broker described its “Specialized Products Hotel Facility” as the “first product of its kind in the market” with “exceptionally broad” coverage – all lines cover, including property, casualty and terrorism, for global territories outside of North America.

Among its key features are the folowing:
— Property capacity can be as high as $80 million for any one location.
— Additional excess layers above those available from the facility can be provided if required.
— Property cover is based on an all-risk London Property Wording, which offers a comprehensive level of protection.
— The coverage for casualty and terrorism is based on competitive London forms.
— Risks are submitted individually for rating purposes and full risk information is required with each submission.

Ian Macartney, Head of Specialized Products, commented: “While understanding and proactively managing risk is an established concept in the US and Europe, many firms in Latin America, the Middle East, Asia and Eastern Europe are just beginning to realize the benefits that strategic risk management can bring to their organizations. The Specialized Products Hotel Facility has been developed specifically with these territories in mind.

He noted that while the coverage is quite broad, it is also simple. “It ensures that individual hotels and small chains have comprehensive cover, yet it retains the flexibility required to meet the unique needs and risk profiles of each client and the territories in which they operate,” Macartney added.

Marsh’s “Specialized Products team” worked closely with “clients, key markets and colleagues around the world over the past 12 months to develop the hotel facility,” he continued. “As a result, we have created a unique offering which provides clients with even greater choice, and more importantly, increased leverage in the market.”