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Hospitality and Tourism
According to the American Hotel and Lodging Association, “Tourism is the fastest growing industry on the planet, with international tourism expected to grow at an average of 4.1% through 2020.” Businesses that are involved in or those who provide services to the hospitality industry are very susceptible to issues such as business interruption, physical damages and extra expenses that can impact their ability to serve their customers.
HIRE US
MDD has extensive experience working with professionals and attorneys who represent clients in this sector. MDD’s professionals have the credentials and training required to perform accurate, and credible quantifications of economic losses.
Equally important, we have a solid understanding of seasonality, market conditions and other factors related to the hospitality industry that need to be taken into account when assessing damages.
Recently, we helped an independent adjuster quantify the lost revenue associated with a natural disaster that crippled the tourism industry in a major metropolitan area. We also assisted the adjuster by examining property damage invoices and cost estimates with local building consultants and engineers.
When required, MDD can provide expert witness testimony that will stand up to the scrutiny of cross-examination. We have provided litigation support services to our hospitality clients – including writing reports and other forms of documentation – on numerous occasions.
MDD provides hospitality services such as:
- Calculating lost profits, business interruption losses and extra expenses incurred
- Assessing the company’s operational financial records
- Interviewing key management, staff
- Analyzing industry data to determine the event’s impact on profits
- Performing comparative analysis of the company’s projected performance to its actual performance before, during and after the impacted period
- Examining non-loss-related events and conditions that may have affected actual sales during the impacted period
- Calculating damages solely attributable to the incident and identifying/verifying extra expenses that served to mitigate the loss of business income
- Analyzing demands of loss of income arising from personal injury claims.
- Providing expert witness testimony and litigation support services when necessary
Experience
Experience
Contact one of our experts below or filter experience based on region.
ARTICLES
RELEVANT ARTICLES
Our experts are extremely knowledgeable about thier subject areas and often write educational material and commentary on topical issues they come across.
Business Interruption Considerations for Hotel Losses
Irrespective of the industry in which an Insured operates, the basic intent of business interruption (“BI”) coverage is to place the Insured back into the same position they would have been in had the insured peril not occurred. Those of...
Property Damage and Derechos
On 29th June 2023, a rare type of storm called a "derecho" swept across the Midwest region of the United States, mostly impacting the states of Missouri, Illinois and Iowa. The derecho began as a rotating supercell thunderstorm that spawned...
Claim Considerations Related to the Beirut Port Explosion – Part 1
In this two-part series, we write about the claim considerations related to the Beirut port explosion on 4 August 2020. On 4 August 2020 at approximately 18:00 local time, an explosion measuring 3.3 on the Richter scale ripped through Beirut...
COVID-19: A Forensic Accountant’s Perspective on How Coverage Issues Could Impact Quantification
The current outbreak of coronavirus disease (COVID-19) was first reported from Wuhan, China, on 31 December 2019. According to the World Health Organization (“WHO”), by 26 February, China had reported over 78,000 cases of COVID-19 resulting in over 2,700 deaths....
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