The hospitality business has a number of features that give it a high degree of risk. Various troubles can occur with any hotel, regardless of how many stars it has, including terrorist attacks, natural disaster, fire, injuries and accidents. In this case, insurance is a guarantee that the consequences of all these troubles can be reduced to a minimum
In terms of risk assessment, hotels are subject to physical damage including the types that are inherent to any type of real estate and those that are related to the specifics of the business. The hotel business is associated with rather high risks and the potential exists for a major insurance claim event and great material losses.
Some of the key risks that hotel owners face are:
The specific risks inherent in the hotel business are due to the high traffic of customers and guests as well as the presence of fitness centers, swimming pools, restaurants and laundries. Hotel business insurance protects you and your business from the risks inherent to the industry.
There are plenty of property insurance options, which cover various types of risk and objects of insurance, but the insurance programs may be very different. For hotel insurance, the optimal type of hotel insurance is All Risk protection.
As a result of the types of accidents mentioned earlier, not only do losses arise associated with direct damage/loss of tangible assets, but also interruptions in service, and thus, income. Therefore, hotel owners should consider expanding their insurance coverage to include insurance against business interruption.
No less important is insuring liability in relation to third parties. This type of insurance is also important for hotel operators, as the size of claims made by guests and other third parties in connection with an injury to life, health or property can run into the hundreds of thousands of dollars. Specially for the hospitality industry, AIG has developed a number of special extensions to the contract for the insurance of civil liability to third parties.
All-risk corporate property insurance is the best way to protect property against a multitude of adverse events. The client is insured against any type of events, except for exclusions specified in the policy. The list of exclusions is governed by the insurance rules and the policy.
The steadily growing international trade volumes and the increasing number of companies tapping into the global market require the cargo owners’ scrupulous attention not only to the scope of coverage, but also to the quality of services rendered by an insurance company. In cargo insurance, the quality of claims settlement is the key indicator of the insurer’s performance.
Cyber threats can have serious consequences. Risks range from loss of information on a single laptop to threats posed by cloud computing. Businesses may also face issues regarding denial of service or defacement and disruption to their web presence.
AIG is the D&O market leader in Russia, having unrivalled experience in this field/ •Any breach of duties, mismanagement, negligence, omission, error, misstatement or misleading statement by the director or any officer. Coverage against: •Any actions performed by the director as part of his or her regularly assigned duties •Any duties performed by the director or any other officer while serving at an outside entity
Employers liability insurance against damage suffered by employees. Employer’s liability insurance protects the property interests of the employer against claims of bodily injury, fatal illness or illness of employees as well as property damage to employees in the course of performing their duties under an employment
Insurance of property owned by legal entities is a basic type of insurance. Nevertheless, long-time experience of AIG in property insurance makes us confident in our services and programs offered to clients with consideration for all details of their business and specifics of their assets.
Liability Insurance of Owners of Hazardous Facilities. AIG, JSC is a member of the National Union of Liability Insurers. AIG, JSC was granted a license for the provision of compulsory liability insurance to owners of hazardous facilities. Our underwriters are ready to consult on and assist in concluding compulsory liability insurance contracts
Fire, explosion and other perils such as water damage, windstorm and earthquake can cause serious property damage. These events pose a threat to structures, equipment, business continuity, and, most importantly, the lives of employees and the general public. Property site inspections by insurers are routinely conducted as part of insurance programs.
AIG offers insurance of property against the risk of Terrorism. Our capacities allow underwriting insurance against the largest risks with the benefit of reinsurance on the international market. Besides traditional types of insurance, AIG offers special types of insurance in Russia such as against crisis situations. AIG CJSC offers terrorism insurance under a separate classification. AIG insures property against terrorism.
Business interruption insurance is not sold as a standalone policy. It can be added to a property insurance policy. The main objective of coverage is to protect the financial stability of the client during the suspension of business operations resulting from any unforeseeable property damage.
It can be hard to accept that your own staff might be stealing from you. Unfortunately, the truth is that it may be the most trusted and senior staff who have the knowledge to skirt round security and set up insidious, well-concealed fraud systems.
The insurance covers internal damage of production and electronic machinery. Extra Expense coverage (clean-up and removal of debris after the insured event, the payment service provider of professional experts, limiting In/Out, etc.).
Directors and Officers (D&O) insurance provides coverage to small and medium business leaders against claims made against its directors and officers as well as against the company in connection with financial losses alleged by: •Companies •Shareholders, employees •Other third parties (including competitors’ clients, etc.)
AIG offers a comprehensive insurance product that supports the insured’s property interests associated with injury to the environment and losses resulting from such pollution
This type of insurance protects the insured’s property interests connected with its obligations arising due to infliction of harm to third parties
Insurance of general civil liability for the goods produced, work performed, services rendered. Liability Insurance for Producers, Contractors and Service Providers
Professional indemnity insurance is especially important for the companies providing contracting and consulting services in different areas, as it offers protection against financial losses that may result from lawful liability to a third party