InsuraGuest launches limited-service hospitality liability product
InsuraGuest launched a new product called Limited-Service Hospitality Liability coverages, which will be offered to franchise limited-service hotels that have less than 100 rooms and an average daily rate (ADR) that is less than US$100 per night.
According to the American Hotel and Lodging Association, the U.S. has over 55,900 properties nationwide, of which 33,000 are limited-service hotels. Additionally, there are 5.3 million guest rooms, which accommodate 1.3 billion guest nights annually. The U.S. hotel industry employed one in 25 workers and added $660 billion to the U.S. GDP in 2019.
“Franchised limited-service hotels make up 59% of the U.S. market, so we have designed a solution at a price point that meets their needs while protecting their properties on a primary basis,” states Douglas Anderson, chairman and CEO of InsuraGuest Technologies, Inc.
InsuraGuest now integrates with 82 different property management systems through its proprietary API, which enables an organization to transfer certain liability exposures to the InsuraGuest carrier. By transferring certain liabilities to InsuraGuest Hospitality Liability coverages, the covered hotel or vacation rental property can lower its claim ratio and risk profile, which may decrease the property’s general liability premiums.
Created specifically for InsuraGuest, the Hospitality Liability policy is issued by InsuraGuest Risk Purchasing Group, LLC, and is administered by InsuraGuest Insurance Agency.