Hilton considers pounds 3.5bn bid venture
HILTON GROUP is considering forming a joint venture to bid for the pounds 3.5bn Granada Compass hotels estate. The group declined to confirm reports it was in talks with Strategic Hotel Capital, a US venture owned by Goldman Sachs; Prudential Corp, the US banking and insurance group; and Spanish hotelier Sol Melia.
One report said Hilton has put pounds 500m into an investment fund, with Sol Melia and Strategic investing pounds 2bn each. Hilton said the group “remains interested in teaming up with other partners” for the hotels
Silver Spring-based Choice Hotels International enters partnership
Silver Spring-based Choice Hotels International, a hotel franchise chain, has entered into a partnership with Star HRG that enables Choice franchisees to provide low-cost, basic medical and dental insurance coverage to their employees. Star, based in Phoenix, Ariz., specializes in offering limited benefit plans for entry level, high turnover, hourly employees.
American Safety Insurance Group, Ltd. Declares Second Cash Dividend and Announces Annual Meeting Date
American Safety Insurance Group, Ltd. (NYSE: ASI) today announced that its Board of Directors has declared a cash dividend of $.12 per common share.
The dividend is payable on June 1, 2002 to shareholders of record on May 15, 2002.
The Annual General Meeting of Shareholders of American Safety Insurance Group, Ltd. will be held at the Southampton Princess Hotel, Southampton, Bermuda on Friday, June 21, 2002, at 10:00 a.m. local time.
American Safety Insurance Group, Ltd. is a specialty insurance holding company which, through its subsidiaries, develops, underwrites, manages and markets primary casualty insurance and reinsurance programs in the alternative insurance market for environmental risks and other specialty risks. The Company is also the owner/developer of the Harbour Village Golf & Yacht Club, a residential condominium, marina, par 3 golf course and beach club in Ponce Inlet, Florida. Additional information about American Safety can be found at http://www.americansafetygroup.com.
This press release contains forward-looking statements within the meaning of United States’ securities laws which are intended to be covered by the safe harbor provisions created thereby. Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially, and are subject to change based on various insurance industry factors, including, without limitation, competitive conditions in the insurance industry, levels of new and renewal insurance business, unpredictable developments in loss trends, adequacy and changes in loss reserves, collectibility of reinsurance receivables, market acceptance of new coverages and enhancements, changes in reinsurance costs and availability, and changes in levels of general business activity and economic conditions. With respect to the development of the Harbour Village property, such forward-looking statements involve risks and uncertainties which may cause actual results to differ materially, and are subject to change based on various real estate development industry factors, including competitive housing conditions in the local market area, risks inherent in real estate development and new construction, increases in construction costs, construction delays, weather, zoning, litigation, changes in interest rates and the availability of mortgage financing for prospective purchasers of condominium units and boat slips, and changes in local and national levels of general business activity and economic conditions. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. The Company expressly disclaims any obligation to update any forward-looking statements except as required by law. For additional factors which could influence the results of the Company’s operating and financial performance, see the Company’s filings with the Securities and Exchange Commission.
MD-based Meristar Hospitality Corp. to be acquired by NY investment
Meristar Hospitality Corp., of Bethesda, a hotel real estate investment trust that has agreed to be acquired by a New York-based investment firm, said in a document filed with the Securities and Exchange Commission that it has entered into a settlement agreement with several insurance companies to collect $82.5 million for damages to hotels in Florida caused by Hurricane Charley in August 2004.
Finding affordable health insurance a challenge for hoteliers
In an election year, the phrase “health insurance crisis” gets tossed around the campaign trail and airwaves with regularity, but small- to medium-sized hotel managers say there is less of a crisis and more coping going on. The same can generally be said about workers’ compensation insurance, with a few exceptions.
The primary health insurance challenge faced by most management companies is that they do business in multiple states. Unless they are able to negotiate a unified policy with the insurer, they end up with several small pools of insurable workers, which require separate policies at a higher cost.
Beyond that, many entry-level employees decline The goal of going the noncomprehensive route would be to bring the cost of health insurance down to where more entry- level employees can afford it, he said.
“We have a lot of entry-level employees and many of them choose not to take the plan for even $5 out of their check,” Petitt said.
Some companies find some success in offering health insurance to a higher percentage of its employees, according to Tom Jackson, president and c.e.o. of Hospitality Hotel Group in Harrisonburg, Va.
“As a company, we made it more accessible to more employees, so we softened a lot of our rules,” he said. Better-insured employees, Jackson reasons, are easier to retain and require less training.
Once a company makes the commitment to offer a broad health benefits package, it can become a matter of vendor management. Seattle-based Dow Hotel Co. was able to unify its health insurance policy in 2002 for the states it does business in. Now, from year to year, it is faced with managing costs while keeping benefits fair and consistent.
Louis Sanford, Dow’s chief financial officer, said he talks to Marsh, which brokered Dow’s Blue Cross/Blue Shield policy, about two or three times a month.
“With vendors, we are as competitive as anybody, and like any company, we want more for less, yet we want this to be a longer-term relationship,” he said.
Sanford said the biggest challenge with providing health insurance is rising costs, of both medical care itself and the insurance. Decisions are made on a year-to-year basis to manage costs or swap benefits. On one hand, the company took vision coverage out of its medical plan, but employees pay half of what other hotel workers in the area pay for their coverage.
The skyrocketing nature of health insurance costs can be seen in a company like Memphis-based Cooper Cos., which manages 22 hotels in nine states.
“We were ahead of the curve when we went self-insured on the entire employee base,” said Pace Cooper, president and c.e.o. “But now, whatever we do, [the cost] keeps getting away from us.”
The company is still self-insured, thus avoiding the pricing whim of brokers and insurers, but this year has had to charge employees for the first time, about $25 per month.
Like many employers, Cooper has found it necessary to offer fewer benefits to keep the cost of providing health insurance down.
“We can’t afford to do as much as we would like to,” he said. “It’s frustrating to try to stay ahead.”
California trends
California hotel owners and managers might be faced with mandated health coverage depending on the outcome of a November referendum. Just before losing the 2002 run-off election to Arnold Schwarzenegger, former California Gov. Gray Davis signed a bill requiring businesses of 20 employees or more to provide health insurance or pay a hefty tax toward a state-run insurance plan.
Jim Abrams, president and c.e.o. of the California Hotel & Lodging Assn., said the bill would be enacted if the referendum fails.
“About 50 percent of Californians want to keep the Gray Davis law intact, which [is a] spooky number,” he said.
California also is the nation’s hotbed for workers’ compensation insurance. Measured in dollars per $100 in salary, California leads the nation in workers’ comp rates, charging an average of $6.33 per $100. Those rates are amplified for hotel workers, whose workplace is fraught with sharp tools, concrete floors and repetitive tasks.
the coverage, sometimes because they are already insured by spouses, sometimes because they don’t want to pay the health insurance premiums, and this, too, reduces the pool of insurable employees, driving up the cost of the policy.
“Obviously, size is a problem, getting enough participants to have a large enough group is always a factor,” according to Gerald Petitt, president and c.e.o. of Creative Hotel Associates, which is based in Rockville, Md. He said the company sends its health insurance out to bid every year, but continues to be covered by one of the largest insurers, Blue Cross/Blue Shield.
Petitt said his preference would be to provide health insurance that stresses catastrophic coverage as opposed to comprehensive, “but that’s swimming upstream in today’s environment.”
A Few of Our Favorite Things ( Lower Homeowners Insurance Rates)
We all want to get the most bang for our buck, no matter what we’re buying. Below you’ll find some factors that can affect how much you’ll pay for homeowners insurance. Pay attention and you just might save some money on your home insurance policy!
Factors that Affect Your Home Insurance Premium
Get the facts. Start by gathering as much information as you can. Find out what kind of building materials were used in your home. What is the age of the wiring, plumbing and other systems? All of this can effect your home insurance premium. In parts of the country that are susceptible to earthquakes, a masonry home could be a liability, but in areas that are more prone to fires, a masonry home could be an asset.
Geography. Where you live effects your home insurance premium. You will pay more for homeowners insurance if you live in an area prone to natural disasters such as hurricanes. According to the Insurance Information Institute, the states paying the most insurance in recent years are Texas, Louisiana and Florida.
Your neighborhood can also affect your homeowners insurance policy. For example, being close to a fire department may lower your premium. Living in a high crime area will probably raise it.
Is Enough Enough? Many homeowners are under insured. They have not bought enough insurance to cover the replacement value of their home. Many are over insured because they calculated their insurance needs by including the value of the land. Make sure you’re adequately insured for the rates you pay.
Personal Articles Floater. You may need to add a personal articles floater to your standard homeowners insurance policy if you have valuable items that exceed your policy limits.
Protect Your Financial Assets. Increased liability coverage is especially important for pool owners. Other injurious items such as trampolines can drive your insurance up by 10% or more.
Consider Your Comfort Level. To some extent, you can determine your deductible level. A higher deductible can significantly lower your monthly premiums. However, you may feel more comfortable paying higher rates just in case disaster strikes. Your best bet is to choose the highest deductible you can afford. But remember, the downside to this is that smaller claims such as broken windows will have to be covered by you, the homeowner.
Embrace Preventive Maintenance. Making repeated claims for minor problems will raise your premium. Consider implementing a regular maintenance schedule for your home. Repairing small problems in a timely manner will help you avoid big losses down the road.
Review and Compare Policies Regularly. It’s a good idea to review your homeowners insurance policy regularly and compare it to other policies. As you review your existing policy, you should note any changes to the property that could lower your premium. For example, if you have paid off your mortgage or removed the trampoline and you can provide proof of these changes, your insurance company will lower your premium. Changes in your neighborhood can also reduce rates. For example, if a fire hall has been built next door to you, this will lower your premium.
Pay Off Your Mortgage. If you pay off your mortgage, you will likely see your home insurance premium drop because insurance companies figure that once you own a property outright you’ll take better care of it.
Allowable Discounts. When you start making calls to find the best home insurance coverage, you should know what kinds of discounts you are entitled to. Home security systems and dead bolts will also help you save on your insurance. Here’s a list of common discounts:
* Impact-resistant roofs
* Noncombustible roofs
* Burglar, fire, and smoke alarm systems. These can lower your premiums by as much as 5%.
* Installing smoke detectors in older homes can save you as much as 10% on your policy.
* Fire extinguishers
*
Home security devices
* Age of house (companies set their own standard)
* Premises in good condition (companies set their own standards)
* Home insured to full replacement cost
* Good claims history for three years
* Marking personal property with an identifying number (inspection required)
* Other policies with same company
* Senior citizens discount
* Age and Condition of Home
The age and condition of your home will be considered. Companies cannot refuse to insure homes in poor conditions, but they can deny solely because of a home’s age or value.
Cost to Replace. Premiums are more expensive for homes with high replacement costs.
Construction Material. The materials a home is constructed of will effect your premium. For example, homes built primarily of brick are less expensive to insure than wood frame homes are.
Plan Ahead for Construction. If you are planning on adding to your home, consider that highly flammable materials such as wood, cost more to insure. If you choose cement or steel-frame construction, it will cost less to insure because it is less likely to be damaged by fire or adverse weather conditions.
Claims History. Companies will charge more if you have made claims in the past. Keep your deductible in mind. It may be less costly in the long run to make the repair yourself instead of filing a claim.
Your Credit Score. Companies may take into account your credit rating to determine your premium. However, a company cannot refuse you based solely on your credit rating.
Remove Potential Risks. Check your property for potential risks such as heavy tree limbs. Remove all potential risks.
Watch Out for Crime. Of course you cannot stop crime yourself, but you can make yourself less vulnerable. The following precautions can help lower your premium:
* Have crime prevention officers inspect your home and give you advice on protection.
* Start a Neighborhood Watch Program. The local police department can help.
* Install a burglar alarm system.
* Keep shrubs and trees trimmed around windows and entryways. Overgrown shrubbery is a good hiding place for vandals.
* Keep the area around your home well-lit.
* Permanently mark personal property with an identifying number to aid in identification if the item is stolen and then recovered. A good time to do this is while you are doing your home inventory.
Maintain Your Home and Yard. Companies want to avoid losses from injuries or accidents. A cluttered yard and a peeling house could imply an unsafe home. If your house is peeling, consider repainting. Remove anything from your property that could cause harm. Fix any obvious signs of damage such as rotting boards and sagging screens. Replace damaged roofs. Keep your yard trim and neat.
Multiple Policy Discounts. Many insurance companies will give you a 10% discount if you also buy other insurance from them, such as auto or life.
Get to know these factors that can lower your homeowners insurance premiums - and then put them to work saving money for you!
How to Get Low Cost Homeowners Insurance in Vermont
Homeowners insurance covers your home against damage from fire, vandalism, theft, and Vermont storms and winters. Without it, you risk losing everything you own. Here’s how to get low cost Vermont homeowners insurance.
What Homeowners Insurance Covers
Homeowners insurance covers:
Your home - Homeowners insurance will pay to repair or rebuild you home after its been damaged or destroyed by a fire, by a plumbing leak, by vandalism, or by snow or storm damage. Standard policies do not cover flooding, but you can get it from the Federal Insurance Administration (fema.gov).
To estimate the amount of home coverage you need, multiply the square footage of your home by local building costs per square foot. You can get the local building costs in your area from an insurance agent, a real estate agent, or a builder.
There are two types of homeowners coverage - 1. Actual cash value coverage, which pays to replace your home or personal possessions minus a deduction for depreciation, and 2. Replacement cost coverage, which pays the actual cost of replacing your home or personal possessions.
Your possessions - Homeowners insurance will pay to replace your personal possessions after they’ve been stolen, or damaged. Standard policies provide personal property coverage equal to 50% to 70% of your home insurance coverage. To determine if this is enough coverage, add up the value of all your possessions. If you need more coverage you can purchase it from your insurance company.
Standard policies limit the amount of coverage on expensive items like jewelry, furs, and computers. Check your policy to see what the limit is and purchase more coverage if you need to.
Additional living expenses - Homeowners insurance will reimburse you for your living expenses - hotel, motel, and restaurant bills - when your home is being repaired due to a fire, a plumbing leak, vandalism, or by snow or storm damage. Standard policies provide additional living expense coverage equal to 20% of your home insurance coverage. If you feel you need more you can purchase additional coverage.
Personal liability - Homeowners insurance will pay your legal fees and court costs when you’re found liable for injuring someone or damaging their property. Standard policies provide $100,000 worth of liability coverage, but you can purchase more coverage if you feel you need it.
Homeowners Insurance
Homeowner’s insurance is a type of insurance policy that combines many different types of protection applied to your home. The types of protection built into these policies include losses occurring to your home and its contents, loss of use, loss of other personal possessions of the home owner, cost of additional living expenses such as hotel costs, as well as liability insurance for accidents that may happen in the home.
Costs
The cost of obtaining homeowner’s insurance depends on what it would cost to replace the house, as well as other items that are insured. The payment from the insured person to the insurer is called a premium. If you are the one purchasing insurance, you must pay the premium to the insurance company according to the type of payment schedule in your contract.
When calculating the amount of premium you must pay, the insurers take into consideration the likelihood of potential major damage or costs. Most insurers generally charge a lower premium if it appears that the insured property is less likely to be destroyed or damaged. For example, if your house is situated next to a fire station or is equipped with a sprinkler system and fire alarms, your premium will likely be lower than houses without those products and houses located far away from fire stations.
Required insurance for homeowners
Most home buyers borrow the cost to purchase their home in the form of a mortgage. In most cases, the mortgage lender requires the buyer to purchase homeowner’s insurance as a condition of the loan in order to protect the bank if the home were to be destroyed. Anyone with an interest in the property should be listed on the insurance policy in order to protect his interest in it. If not, his assets will not be covered in case of damage or loss.
How to Get Inexpensive Homeowners Insurance in Oklahoma
Contrary to what you may think, inexpensive homeowners insurance in Oklahoma is not a thing of the past. You can still get an inexpensive rate if you know how. Here’s a brief rundown on how to do it.
What Homeowners Insurance Covers
Homeowners insurance does more than just protect your home, it also protects your personal possessions, and protects you from liability lawsuits. Here’s what it covers:
Your home - Homeowners insurance will pay to repair or rebuild your home after it’s been damaged by fire, smoke, vandalism, or acts of nature. It does not pay for damages caused by flooding or earthquakes, so if you live in an earthquake or flood zone you should consider purchasing additional coverage for these perils.
Your possessions - It will pay to replace personal possessions like furniture, appliances, clothing, TVs, stereos, tools and sporting goods. There are payout limits on expensive items for jewelry and computers, but you can purchase additional coverage for these items if you need to.
Your assets - It will pay your legal fees, your court costs, and any damages awarded to anyone who sues you for bodily injury or property damage. Standard policies provide a minimum of $100,000 worth of liability coverage, but if you have a lot of assets you need to protect you can purchase more.
Off premises living expenses - In the event your home needs repairs from damages caused by fire, smoke, vandalism, or storms, homeowners insurance will pay for your hotel, motel, and restaurant bill plus any other additional living expenses you incur.
Where to Get Inexpensive Insurance
Getting inexpensive homeowners insurance in Oklahoma is a matter of getting rate quotes from a number of companies, comparing those quotes, and choosing the cheapest one.
Thanks to the Internet, what used to take half a day or more can now be done in a matter of minutes at an insurance comparison website. All you do is fill out a simple onine questionnaire with your insurance information and the amount of coverage you want, submit the questionnaire, and wait for your quotes.
The best comparison sites even offer a chat service that allows you to get answers to you all your questions from an insurance expert.
How to Lower Your Rate Even Further
The first step in lowering your rate is to raise your deductible, the amount you pay toward a claim before your insurer will pay. For example, raising it from $500 to $1,000 will save you 15% to 25% on your premium. Just make sure you can afford to pay the higher deductible should you need to.
Atlanta Hotel Employment
Atlanta hotels extend all possible benefits to their employees, including pension, life insurance plans, and health insurance programs. Compensation at Atlanta hotels is based on the federal pay scale. Facilities in Atlanta hotel employment are covered by the Federal Employees Retirement System (FERS). The system offers disability coverage and survivor benefits along with future retirement benefits.
The health insurance programs of Atlanta hotels protect employees and their families against the costs of illness and accident. The government pays about 70% of the amount for health benefits premiums. Employees can also purchase group life insurance coverage, to be used in case of accidental death or dismemberment.
Atlanta hotel employment has a well-organized selection procedure that varies from job to job. The common selection process incorporates pre-screening applications, reading comprehension tests, criminal history checks, driving history checks, video tests, written psychological tests, oral psychological interviews, polygraphs, and medical or physical tests.
Working days at Atlanta hotels are of two types: core time and flexible time. Core time is the designated period during which all employees should be present. Flexible time is defined as a part of the scheduled working hours within which employees can choose their times of arrival and departure. Atlanta hotel employment offers its staff annual leave, sick leave, and leave for involvement in adoption-related activities. Annual leave is approved absence from work for rest and relaxation. Sick leave is approved absence from work due to illness, medical examination, or posing a health threat from communicable diseases. A limited amount of sick leave can be used to take care of family members or in the event of the death of a family member. Fitness centers in Atlanta hotels help employees maintain and improve their overall health.
Atlanta hotels provide on-the-job-training for new employees. Atlanta hotel employment training covers all essential knowledge and skills in a clerical, technical, or managerial capacity. Atlanta hotels offer many honorary, monetary, and time-off awards in recognition of superior accomplishments. An employee-assistance program that incorporates direct counseling, management consultation, supervisory training, and employee education is another feature of Atlanta hotel employment.