Elena Dziuba  

Overview of Insurance Coverage Available for a Hotel in Ukraine

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Ukraine’s hotel industry is the one which has great potential to eventually achieve the European standards of service in the future. While a lot is being done in terms of services quality which would live up to the number of stars hotel boasts, the insurance coverage of hotels still leaves much to be desired.

This article is devoted to the overview of the insurance products available for Ukraine’s hotels to cover the biggest risks which hotel owners and operators are exposed to.

There are several lines of coverage a hotel owner or operator should consider.

1)    Property insurance.

There are a couple nuances in this regard that are worth pointing out. It is wiser to purchase “all risks” property insurance policy enhanced by the business interruption insurance. This allows any Ukraine’s hotel to cover all the bases. “All risks” policy secures the indemnity for any unfortunate occurrence unless, of course, it falls within the list of exceptions stipulated in the insurance agreement. Business interruption coverage guarantees that hotel in Ukraine which has suffered major damage such as fire, for example, will receive enough indemnification to stay afloat in the industry until all the reconstruction is complete and it can reopen its doors to welcome new guests. Needless to say that an extensive insurance program as mentioned above will cost more than the coverage against regular package of named perils, but the outcome is definitely worth it.

2)    Liability insurance

There are several main groups of possible recipients of indemnity under liability insurance policy for a hotel in Ukraine.  They are mostly hotel’s guests, their renters, neighboring facilities and random third parties which might be injured by a fallen sign or am icicle hanging on hotel’s roof. It is worth mentioning that liability insurance policy covering a hotel, as Ukraine’s insurance market has it, is usually a tailored product with a unique wording for every insured object. Hotels in Ukraine, Kyiv-based ones in particular should consider including product liability insurance to their policy which would guarantee that they won’t have to pay out of their own pocket if a guest falls sick with food poisoning or is unwell in any other way as a result of eating at a hotel’s restaurant.

3)    Personnel insurance.

Employees of a hotel can be insured under two types of policies which are health insurance and casualty insurance. Health insurance covers medical expenses for treatment of sudden illnesses while casualty insurance secures a fixed sum of money to be paid upon occurrence of a specific event as stipulated by the policy.

Since health insurance programs are several times more expensive than the casualty ones, majority of hotel owners tend to choose the latter.

 


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