Policybazaar sheds light on insurance framework for lux hotels
As India's luxury hotels increasingly become prone to complex risks and threats, Policybazaar for Business has released a comprehensive whitepaper titled Securing Luxury Hospitality: Mitigating Risks for High-End Hotels. The whitepaper highlights the growing need for custom-built property insurance as risks like natural calamities, liability claims from guests, valet service liability, cyber breaches and operational liabilities become more frequent and financially damaging. From heritage properties to modern resorts, the paper outlines how standard insurance policies often fall short of protecting the complex assets and reputational value tied to premium hospitality.
With the luxury hospitality sector projected to grow at a CAGR of 10.10 per cent over the next seven years, the report indicates that this growth is also accompanied by heightened vulnerability. Cyclones along the coast, landslides in hill stations, legal claims arising from service lapses and data breaches affecting millions of guests are no longer rare occurrences but recurring realities. In such an environment, conventional insurance falls short of adequate coverage.
Sajja Praveen Chowdary, Head, Policybazaar For Business, said, 'Luxury hotels today are more than just service providers. They are brands built on experience, exclusivity and guest trust. But when a single crisis can undo years of reputation, standard practices simply won't suffice. Our approach is to match the complexity of these establishments with equally nuanced, adaptive coverage that protects what truly sets them apart.'
The whitepaper cites the 26/11 terrorist attacks as a pivotal moment for the industry, where comprehensive property insurance helped iconic hotels like the Taj and Oberoi mitigate financial losses and resume operations with minimal delay. In contrast, recent examples of service disputes resulting in Rs2 crore compensation, and cyberattacks targeting sensitive guest data show that these newer risk vectors can be equally disruptive.
Keeping up with these new-age risks, Policybazaar for Business offers tailored insurance solutions that go beyond standard protection. These include all-risks policies, modular add-ons, and IoT-enabled coverage that evolves with a hotel's risk profile. The aim is not just to insure against disaster, but to enable faster recovery, protect guest experience and safeguard long-term brand value.
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