A Case for Forensic Accounting

As hotel operators and asset managers, Dakota Ridge has dealt with numerous property losses and business-interruption claims, but never a loss as large, as complicated and as enduring as the one that involved our New Orleans hotel, the Renaissance Pere Marquette, after Hurricane Katrina.

Combined property and contents damages, as well as business interruption losses, exceeded $35 million. And while many parties were responsible for negotiating the settlement, the guidance provided by forensic accountant Bob Glasser, a forensic accountant and managing director at BDO Consulting, a division of BDO Seidman, was paramount.

Dealing with a catastrophic loss is complicated and time-consuming. Forensic accountants help to bridge the knowledge gap and smooth the claims process for the owner in several ways: Foremost, forensic accountants understand the dynamics of your policy and its coverage better than you, something which is critical in preparing and negotiating the claim; forensic accountants also assist owners and operators by assuring loss-related items whether consumables, operating supplies or equipment are properly accounted for under the policy, thus assuring maximum reimbursement; and forensic accountants are your advocates in dealing with adjusters: They will, if necessary, challenge calculations and loss estimates prepared by the adjuster's forensic accountant (In cases involving a complicated loss, adjusters always employ their own forensic accountants.)

While many hotel owners never experience a catastrophic loss, a little preparation can go a long way in the event your property should become a casualty:

  • Review your policy for coverage attributable to windstorms (i.e., hurricanes and tornados), flooding, earthquakes and business interruption, along with the associated values and deductibles for each.

  • Gift Cards

    Make certain your policy provides for reimbursement of claim preparation and accounting fees so you can engage an experienced forensic accountant.

  • Electronic Locks

    Finally, if faced with a loss, consult with a forensic accountant in advance of any conversations or negotiations with the adjuster. He or she can prepare you with background history on similar losses, assist with setting reasonable expectations for reimbursement on your loss and set the stage for successful negotiations with the adjuster. Circle 104

Beds

Chip Wilson, managing partner of Denver-based Dakota Ridge Real Estate Advisors, has more than 22 years experience in operations, asset management and real estate investment advisory services, representing institutional and private clients.

Jacquard Fabric

Best Buy gift cards can help with recruiting and retaining the best employees. The cards are easy to use and can be given in any denomination from $5 and up. Quick order processing helps reduce the cost and complexity of maintaining a large gift card inventory. Circle 105

Textbook

Kaba Ilco's new Oracode 460K electronic deadbolt lock replaces existing deadbolts and installs in minutes with only a single screw hole needed (and no wires). The lock stores the last 1,000 entries in an audit trail, showing date, time, user and code. The pin-based keyless system allows property managers to generate time-sensitive codes via the Internet. Circle 106

Telephones

The new Sealy Posturepedic Monogram series of beds are designed to eliminate pressure points that cause tossing and turning, says the manufacturer. Designed in conjunction with orthopedic surgeons, the beds feature components that provide push-back support and pressure relief, two elements of orthopedically correct design. Circle 107

Table Linens

Damask HD is a new jacquard fabric from Milliken & Co. that combines a soft, natural feel with durability and performance, says the company. The product's high luster designs create a bolder, more distinct pattern effect and higher contrast. Damask HD is available in 24 standard colors and an array of custom colors. Circle 108

Reprints and Licensing
© 2014 Penton Media Inc.


Acceptable Use Policy
blog comments powered by Disqus

Most Recent

More Recent Articles

Career Center

Quick Job Search
Enter Keyword(s):
Enter a City:

Select a State:

Select a Category:



http://lhonline.com/images/bulk_tv_logo.jpg
Franchise Fact File Top Brands
Brand Company Basics Top Management Companies
Owners & Operators Industry Consultants
Industry Associations Industry Events
Design Firms Purchasing Companies
Top Ownership Groups  







Free Product Information
News and Trends for the Hotel, Motel, and Hospitality Markets.

Lodging Hospitality eReport
Lodging Hospitality electronic newsletters are FREE to requested subscribers.

Lodging Hospitality Resource Center
The Lodging Hospitality Resource Center is the ultimate resource to find products and services to build, equip, and renovate hotels, motels and resorts.

Subscribe / Renew
Visit our subscription center to subscribe or renew your subscription to Lodging Hospitality.

Webinars
Visit our webinars page to view all our upcoming and on demand webinars.

Whitepapers
Visit our White Papers page to view all our current White Papers.