Fort Young Hotel after Hurricane Maria
Caribbean hoteliers should plan now for an increase in insurance premiums anticipated to range from 10 to 40 percent following two Category 5 hurricanes, which struck several destinations in the region in September.
Scott Stollmeyer, managing director, Barbados and Eastern Caribbean for CGM Gallagher Insurance Brokers, made the recommendation during a Caribbean Hotel and Tourism Association (CHTA) webinar earlier this month entitled ‘Hotel Property Insurance after the Storms’.
He and other panelists advised that now is the time to review coverage to ensure it is adequate to insure against possible future damages, and without compromising coverage, to look at ways to minimize the expected premium increases
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