B Insurance plan

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Assignments

Name of assignment

Insurance plan.

Situation

Not much is actually known about the hotel's insurance policies. The operating review shows that in recent years about € 50,012 insurance and interest costs have been listed as costs. There is nowhere to be traced back exactly which part is insurance, how this is done, nor is there much information on what risks are now covered at what premiums.

Goal

Gain insight into the main risks a hotel like yours faces and be able to make a well-considered choice as to which insurances the hotel should take out.

Task, deliverable

Draw up an advisory report indicating:

• What the main risks are, a hotel of this size and with these activities run. Divide the risks into relevant groups, check the facilities and the three main sources of revenues.
• Advice which of these insurances the hotel should have.
• Give an indication of the premiums this would cost. Make sure the costs are in proportion to the size of the business and also look at the revenues and profit of recent years and the € 50,012 'cost group' of the years passed.
• Give a suggestion as to where to take out which insurances and why exactly there?

If in your advise, the location of the hotel is relevant, the hotel can be situated in any European country of your choice. Do specify the country then.

Assessed elements

• Are the choices made regarding the type of assurances, logical?
• Are the suggested premiums logical and realistic?
• Does the advice make sense, looking at the operating review?
• Are all of the source accounted for?

Additional information

• Insurance
• Operating review
• Common risks in hospitality
• Suggested hotel insurances
• Research on risk coverage in hospitality

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