Insurance Coverage to Protect Hotels During Celebrity Events
By John Welty Practice Leader, SUITELIFE, Venture Insurance Programs | March 05, 2017
“Who are you wearing?” will again be asked up and down the red carpet this year during Hollywood’s annual awards season. Big names in the fashion and jewelry world like Gucci, Carolina Herrera, Christian Louboutin, and Cartier are likely to be the answers. This may leave one to wonder - how are these high-value items protected when the celebrities are off the red carpet and back in their hotel rooms? And then, how do non-celebrity hotel guests ensure their higher value items are protected during their vacations and hotel stays?
It’s Awards Season, is Your Hotel Covered for Big-Ticket Guest Items?
It’s Hollywood awards season, and celebrities are parading down red carpets donning designer dresses, suits and fine jewelry worth thousands to millions of dollars. To attend these sought-after events, many are staying in hotels – with suitcases packed to the gills full of high-value items. Admiring all of this luxury from our humble television screens, those of us in the industry may think of what protections hotels have in place to protect these big-ticket items and whether these protections are being properly utilized.
The subject begs several questions. Is the hotel safe deposit box regularly and properly used? To what extent does a hotel use a commercial policy to cover guest property, such as cash and other high-value property? Do hotels need to consider special coverage floaters for high wealth guests staying with them, or do the high wealth guests need to be informed about obtaining their own special coverage?
The subject brings to mind Kim Kardashian’s 2016 Paris hotel theft and what kind of coverage and protections a high-profile celebrity likely traveling with items valued in the hundreds of thousands of dollars (if not more) should have in place for a hotel stay.
In this article, we explore the options hotels have when it comes to insurance for high net worth guests with luxury items, as well as what coverage they should consider to protect their bottom lines.
The Hotel Business Review articles are free to read on a weekly basis, but you must purchase a subscription to access
our library archives. We have more than 5000 best practice articles on hotel management and operations, so our
knowledge bank is an excellent investment! Subscribe today and access the articles in our archives.