Group rates for resorts
Richmond-based association buys insurance for its members
- November 30, 2011
High-end, independently owned resorts rely on the Resort Hotel Association to keep a careful eye on insurance rates. The Richmond-based organization buys insurance on a group basis for its members.
“We provide the same buying power as big hotel chains,” says Brooks Chase, the association’s president and CEO. “We spend time helping members with claims management and loss control. We help them reduce the exposures that are inherent in the resort business.”
For example, many resorts that are trying to find ways to generate more revenue are bringing in a variety of activities for guests such as zip lines, rope courses and even dog sleds. “We work with them to manage those exposures,” Chase says.
As an added benefit to members, the association recently established an executive liability program that provides resorts with directors and officers coverage, fiduciary liability and employment practices liability.
The association, formed 25 years ago by a group of 13 resorts, now has approximately 95 members and represents more than 130 properties in the U.S. and Mexico with $7.5 billion in total insured value. Resorts such as The Tides Inn, and Colonial Williamsburg Foundation in Virginia; The Greenbrier in West Virginia; Pebble Beach in California; and The Breakers in Florida are all members. This year the organization added 10 members, including The Peninsula Beverly Hills in California and The Tides Zihuatanejo in Mexico.
To celebrate its 25th anniversary, the association has launched a $25,000 scholarship program for full-time students who work or have worked in a member property and are interested in furthering their careers in the hospitality industry. The program will distribute the scholarship funds during the next five years, beginning with two $2,500 scholarships in 2012. “We want to support the next generation of hoteliers,” Chase says.