Hospitality Coverage Sketchy, Clients Vulnerable
Once considered an extremely desirable class of business, hospitality accounts are now difficult to place and face exorbitant price increases. Available supply has declined as many carriers have exited the marketplace, ceased writing certain classes of business, limited coverages they offer or increased underwriting requirements.
As a result, many financially sound accounts have turned to alternative insurance solutions such as self-insurance, large deductibles and rent-a-captive structures to mitigate their risk. Those with substandard financials are left with few alternatives, including state funds, assigned-risk pools and higher deductibles or guaranteed cost options.
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