The United States economy remains fragile after the worst economic period since the Great Depression. The hospitality industry has been hit particularly hard, experiencing decreasing occupancy and steeply declining REVPAR. Staffing levels and staff hours reduced - and employees are being asked to forgo pay raises while their workloads are increasing. These factors are creating “the perfect storm”. Hotel employees are apprehensive and concerned about their job security. Their uncertainty, coupled with personal financial strains is resulting in the prevalence of numerous fraud triangles. This article details the most common liabilities with this issue for the hospitality industry and how to best address your risk exposure.
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Legionnaires’ disease, a type of pneumonia, is caused by the legionella bacterium. These bacteria are commonly found in natural environments such as lakes, streams, rivers and moist soil. Typically, the levels of the bacteria are low in natural settings and will not cause illness. More commonly, Legionnaires’ disease is contracted from bacteria found in man-made bodies of water and in potable water systems. Common locations for the presence and growth of the legionella bacteria include hotel plumbing systems, air conditioning units (cooling towers) and indoor fountains and hot tubs. For these reasons and more, it’s easily understandable as to why the hospitality industry is at high risk for Legionnaires. This article details exposure situations and how to help prevent them in hotels and resorts.
Workers compensation issues are a challenge for nearly every business, but given the activities for trucking employees, the risk could be even higher. A large privately held trucking company was facing a difficult high deductible workers compensation renewal with their insurance broker of 15 years. Forty days before the renewal, the broker delivered a 15% rate increase to their workers compensation premium with no alternative options or additional discussion anticipated with the company to bind their coverage. Were there better options?
When a large privately held transportation company was forming an “asset light” division to utilize independent contractors - instead of company drivers, they needed a comprehensive insurance coverage program to minimize their risk exposure. However, during the due diligence process of developing this new strategy, the company shared some of their challenges with additional coverage and service issues they were having with their broker of 25 years. Was there an alternative that could effectively support their new operations while addressing their client service concerns?
We all know that collateral plays a major part in negotiating an insurance program. The key is to not only focus on the collateral when you are putting the program together but to focus on the collateral requirements down the road. Consider our client’s “lessons learned” when exploring your own coverages.
For law firms, it’s all about the details, and your insurance policy should be too. Here are key aspects of how to evaluate your insurance broker from your application structure, to brokering and identifying the right policy to address your risk exposures.
Author Cline Young explains, “…risk that is often overlooked and many times left unmanaged…can leave profits and equity exposed and the very future of the company in jeopardy. This risk is a company’s ability to recruit, retain and reward its executive and management personnel.”
A productive environment for accountable care starts with a comprehensive and robust data warehouse that tracks claims data as well as financial, engagement and quality data.
Marketplace factors and economic forces are coming together to position medical homes at the center of the U.S. healthcare delivery system, creating efficiencies that help produce a healthier population and reduce expenditures to contain costs.
Healthcare reform is going to change the payor mix. It's important for providers to create an action plan to better understand who their customers will be, what these customers want and how to deliver outcomes to meet those expectations.