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David Mims – Senior Vice President, Risk Management, LQ Management LLC

Establishing a Property Loss Response Program: Hospitality and Lodging Industry Wednesday April 30, 2014 9:00am – 11:00am IND005. David Mims – Senior Vice President, Risk Management, LQ Management LLC John Wink – Senior Vice President, Alliant Insurance Services

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David Mims – Senior Vice President, Risk Management, LQ Management LLC

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  1. Establishing a Property Loss Response Program: Hospitality and Lodging IndustryWednesday April 30, 20149:00am – 11:00amIND005

  2. David Mims – Senior Vice President, Risk Management, LQ Management LLC • John Wink – Senior Vice President, Alliant Insurance Services • Kenneth Ritter – Principal, Quantum Global Advisors, LLC • Stacy Mazur – CEO / President, Interstate Restoration

  3. Presentation Goals • To keep everyone awake!

  4. Understand the importance and key components of a Property Loss Response Program • Establish internal and external claim handling procedures

  5. Why develop and implement a Property Loss Response Program?

  6. “Well begun is half done.” - Aristotle

  7. Provide control in the chaotic aftermath of a loss • Organizational • Informed decision making Functions / Benefits of a Program • Manage insured’s concerns & needs • Physical Facilitated repairs & expedited resumption of operations • Coordinated claim process • Claim • Efficient collection & exchange of information • Effective & timely claim resolutions

  8. Pre-Loss Planning

  9. Coverage Forms • Accurate Schedule of Locations / Values • Build insurer & adjuster relationships Underwriting Needs & Priorities (Pre-Loss)

  10. Pre-Loss Planning

  11. Establish insured’s internal Response Team • Select external team members Response Team (Pre-Loss)

  12. Example of Internal Team General Counsel Risk Management Purchasing Accounting Operations Facilities / Asset Management Fire & Life Safety Regional Asset Managers Energy & Lighting Architect & Design Hotel Management

  13. Example of Property Loss Response Team Insured Risk Management Broker Insurance Carrier(s) Adjuster Insured Internal Departments Claim Consultant Insurer’s Experts Insured’s Experts

  14. Pre-Loss Planning

  15. Facility Level • Communication Protocol • Internal & External Develop Procedures (Pre-Loss) • Business Needs • Employees & Guests • Insurance Claim Requirements • Documentation & Cost Tracking

  16. U.S. Disaster Risk Map

  17. What Types of Incidents Can You Prepare For? • River Flooding • Wildfires • Winter Storms • Hurricanes

  18. 1 • Mitigate Damage & Stabilize Asset Post-Loss Response

  19. Assessment from site • Logistical challenges Mitigate Damage & Stabilize Asset • Obtain & review COPE data • Temporary repairs • Other points to consider

  20. 1 • Mitigate Damage & Stabilize Asset Post-Loss Response • 2 • Assess Damage & Repair Asset

  21. Damage Assessment & Repair of Assets

  22. 1 • Mitigate Damage & Stabilize Asset Post-Loss Response • 2 • Assess Damage & Repair Asset • 3 • BI Considerations

  23. BI Considerations > Explore creative ways to mitigate BI loss * Explore use of other company-owned facilities * Provide incentives to maintain business * Partner with other hotels > Public relations campaign / advertising > Track cancellations / walked guests

  24. 1 • Mitigate Damage & Stabilize Asset Post-Loss Response • 2 • Assess Damage & Repair Asset • 3 • BI Considerations • 4 • Resolve Claim

  25. Claim Resolution Manage expectations Facilitate exchange of information Maintain open dialogue with insurer Partial adjustment & payment of claim Develop exhaustive claim document

  26. Questions? Contact Us! • David Mims – Senior Vice President, Risk Management, LQ Management LLC David.Mims@LaQuinta.com • John Wink – Senior Vice President, Alliant Insurance Services jwink@alliant.com • Kenneth Ritter – Principal, Quantum Global Advisors, LLC kritter@quantumglobaladvisors.com • Stacy Mazur – CEO / President, Interstate Restoration stacym@interstaterestoration.com

  27. EVALUATE US! • Don’t forget to Rate this Session on the RIMS ’14 Mobile App!! • The app is available on iPhone (including iPad and iPod Touch), BlackBerry and Android mobile devices.

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