Insuring Las Vegas’s Constant Need for Change
By: Mary Thompson, Capstone Brokerage President, February 2, 2016
There are unique careers and jobs here that mirror the cities constant need for change. So much has changed since I arrived to the “city of sin” in 1986 and I think Las Vegas will forever be “re-created.” I have seen more buildings and establishments change owners, be torn down and of course rehabbed. There is no where else in America with the insurance needs that Las Vegas has; it’s one of the reasons I love the insurance industry here. Tourism, Hospitality, Gambling and Night Life all create unique and constantly evolving insurance needs in Las Vegas.
Insuring Unique Tourist Destinations
Tourism is a vital part of the economy here in Las Vegas. Known for its carefree lifestyle and 24-hour establishments, of course it’s the place many come to spend money and party like no where else in the world. In recent years, Las Vegas has expanded its destination perks far beyond a place to gamble. You can zip line through the city, ride a rollercoaster on top of a building, go hiking, visit a spa, and party the night away all in one day. There is something for everyone, even those who would rather not press their luck at a casino. Insuring tourist hot spots proves to be anything but ordinary. For example, determining the risk for the largest Farris wheel in the country that also serves alcohol and can be used to host a party?
Insuring Las Vegas’s Night Life Industry
Nightclubs are so popular here. Almost every large casino has one if not several venues to enjoy dancing, drinking and gathering. There is a new standard; bigger, better, and unique nightclubs are sprouting up every year. Las Vegas Night life is truly unrivaled for its nightlife scene; nearly every celebrity comes here for elaborate birthday celebrations where they host late night parties at nightclubs that can only be described as legendary. Insuring nightclubs against risks has become extremely interesting over the years when you have dancers suspended from ropes, fire being shot into the crowd and, my personal favorite, the confetti dropping from
the sky at all hours of the night.
Casino/ Gambling and Perks
Back in the 80’s when I first arrived, almost anyone could go out to dinner for a decent meal and pay next to nothing for it. If you gambled, it was easy to get comps for local shows and even rooms. Prices have continued to rise since then, and the old Vegas mentality seems to be slowly fading away. Perhaps having to compete with other cities or maybe just because the demand has changed, either way it is harder to get things “on the house”. In fact recently it was announced that MGM Properties will begging to charge for parking. Yep, that’s right, one of the last few free perks of Las Vegas seems to have an expiration date. This brings more changes to how insurance is provided for these facilities. The parking services may be outsourced now and no longer handled by the casino, rather a third party company which would shift liability for damage to vehicles parked through valet.
Having an insurance agent who has experience writing and providing coverage to all of Las Vegas’s unique insurance needs is vital to a businesses success. An out of the box agent can help you navigate the necessary coverage for anything Las Vegas has to offer. After all, Las Vegas is anything but ordinary so be sure your coverage is unique and tailored to all your businesses needs. Insurance risk and needs should be reviewed regularly to ensure proper coverage is always in place.
