Current proposal
The quoted primary lines are lower, but the total is not all-in. These are the items that materially change the comparison.
Program completeness
IncompleteNo umbrella carrier, excess carrier, attachment point, limit or premium appears in the email, summary, workbook or full proposal. S1-S3
Property pricing
ReconcileThe broker reports premium down 7.26%, TIV up 2.77% and rate down 9.76%. The math works against his aggregate, but the expiring aggregate is $6,165,294 above the last located insured schedule. S2, S4, S13
Business income
ImprovedLimit rises from $38,660,819 to $54,440,639, and extended BI increases from 60 to 90 days. S2
Primary liability
StressedThe primary limit remains $1,000,000 each occurrence, below the incurred amount on the open Rudolfo Garcia claim. S2, S3
The missing excess layer is not an administrative loose end.
The loss history workbook shows a claim already $526,964.03 above the proposed primary limit. That does not prove an uninsured loss because the expiring tower may respond. It does mean the current subtotal cannot be compared with last year's all-in program until the umbrella/excess attachment, limit, continuity and premium are shown. S2
| Line | Broker expiring | Proposed | Change | Change % | Read |
|---|---|---|---|---|---|
| Property | $850,220.00 | $788,502.00 | -$61,718.00 | -7.26% | Best line. Rate savings outpace the higher TIV. |
| GL, liquor, HNOA | $204,352.99 | $193,708.75 | -$10,644.24 | -5.21% | Broker view. Located 15-hotel GL is $197,927.83, so documented savings are $4,219.08, or 2.13%. |
| Workers' compensation | $19,570.00 | $24,081.00 | +$4,511.00 | +23.05% | Increase is more than twice the payroll growth rate. |
| Pollution | $17,643.55 | $19,029.14 | +$1,385.59 | +7.85% | Clean-summary baseline. Full proposal differs by $1,000. |
| Cyber | $8,864.00 | $8,864.00 | $0.00 | 0.00% | Price flat; terms not disclosed. |
| EPL and crime | $34,487.00 | $35,177.00 | +$690.00 | +2.00% | Small increase with a doubled crime limit. |
| Quoted primary program | $1,135,137.54 | $1,069,361.89 | -$65,775.65 | -5.79% | Not all-in |
Values and premiums in one table
Prior TIV uses the last located insured schedule. Prior premium uses the final 2025 allocation for the original 14 hotels and the issued Hookem documents. The broker's extra $25,754.82 expiring adjustment is shown separately because it is not allocated to a hotel.
2025 Travelers schedule plus issued Hookem endorsement.
$6,165,294 above the located schedules.
+5.08% versus located schedules; +2.77% versus broker baseline.
| Hotel | TIV · prior → proposed | Premium · prior → proposed | Property change | GL change |
|---|---|---|---|---|
| Located hotel documents | $274,786,120→$288,735,644+$13,949,524 · +5.08% | $1,109,382.72→$1,069,361.89-$40,020.83 · -3.61% | -$47,725.00 | -$4,219.08 |
| Unallocated expiring adjustment | — | $25,754.82→$0.00-$25,754.82 | -$13,993.00 | -$6,425.16 |
| Broker-reported portfolio | $280,951,414→$288,735,644+$7,784,230 · +2.77% | $1,135,137.54→$1,069,361.89-$65,775.65 · -5.79% | -$61,718.00 | -$10,644.24 |
The $25,754.82 adjustment may include later audits or endorsements, but the supplied documents do not allocate it. The proposed subtotal excludes umbrella and excess. BPP is unchanged at every hotel.
Three rows that need an explanation
- Razi: GL allocation falls 57.6%, while the closest exposure proxy falls only 5.1% and class code 45190 is unchanged. Get the location rating worksheet.
- Vintage Park: premium rises 23.1%; GL rises 87.2%.
- Hookem: premium falls 11.9%, but TIV also falls 10.2% and GL rises 20.7%.
Terms that matter
The property structure is broadly stable and improved on BI duration. The proposal also carries material exclusions and binding conditions that should be part of the sign-off, not left in the attachment footer.
Property terms
- $100,000,000 any one occurrence policy limit.
- $25,000 all-other-perils and water damage deductible per affected location.
- Wind/hail: 5% in high-hazard areas and 3% elsewhere, with a $250,000 minimum per unit.
- $10,000,000 flood and earthquake limits; Zone A flood $1,000,000.
- $25,000,000 Ordinance and Law limit.
- Business income waiting period 24 hours; extra expense 48 hours.
Liability and proposal controls
- Primary GL $1,000,000 each occurrence / $2,000,000 aggregate; designated-location aggregate cap $5,000,000.
- GL deductible $10,000; liquor deductible $5,000.
- Material exclusions include construction/renovation beyond routine maintenance, human trafficking, punitive damages, communicable disease, PFAS, wildfire and total pollution.
- Binding requires signed ACORD/TRIA, vendor certificates, an updated HNOA application and confirmation of no shelter locations.
- GL is 25% minimum earned; fees are fully earned; GL and WC are subject to audit.
Source: S3.
How last year's renewal actually moved
Marsh gave THM a credible switch option. THM forwarded Marsh's full proposal to Travis, and Travelers ultimately cut another $102,000 from its own opening property quote. Marsh helped materially, but its claim that it created more than $500,000 of savings mixes baselines and is not supported as incremental causation.
Property premium shown in Travis's August 12 proposal.
Already $199,397 below original expiring before Marsh's presentation.
Property plus terrorism after Liberty internalized the wind layer.
Another $102,000 below its opening and nominally $22,249 below Marsh.
Sources: S4, S7, S8. The Marsh and Travelers values were not identical. Marsh's revised TIV was $262,570,131, while the Travelers opening schedule totaled $254,076,120. Final Ellard allocation did not include a final SOV, so nominal price does not prove same-value equivalence.
What last year proves
- THM forwarded Marsh's proposal to Travis, and Travelers moved another $102,000 from its own opening property quote.
- Marsh's $500,000+ claim only works against its revised-expiring baseline. It is not proven incremental savings.
- Travelers finished $22,249 below Marsh's documented price and had a $25,000 water deductible versus Marsh's $250,000, but the quotes used different TIVs.
- The first final allocation omitted pollution and swapped two entities; Ellard corrected it the next day. Payment flexibility existed, but no written finance agreement surfaced.
The coverage lesson
The updated August 2025 SOV carried $51,438,408.22 of BI/EE, but the issued Travelers property policy still capped BI at $33,333,525. That was a documented $18,104,883.22 shortfall. The current proposal's $54,440,639 BI limit is a meaningful correction on paper, but the final 2026 binder must carry that exact amount. S4, S10, S2
The issued firearms restoration was also limited at the primary level. The record does not establish that the full excess tower followed that sublimit.
What's missing to finish the analysis
These inputs would resolve the remaining baseline, allocation and coverage questions.
Expiring per-location SOV
Reconcile the $6,165,294 TIV gap and show building, BPP and BI by hotel for both years.
Complete liability tower
Provide umbrella and excess carriers, limits, attachment, exclusions, premium and continuity over the open $1.527M claim.
Location rating worksheet
Explain Razi's 57.6% GL drop, Vintage Park's 87.2% GL increase and the other allocation shifts.
Expiring audit and endorsement bridge
Allocate the unexplained $25,754.82, including $13,993 of property and $6,425.16 of GL.
WC rating bridge
Show payroll, class codes, experience modifier and schedule credits behind the 23.05% increase.
Corrected supporting terms
Resolve the $1,000 pollution baseline discrepancy and provide cyber declarations, retention and sublimits.
Evidence and method
Mailbox analysis used the live Spark threads and original attachments. Spreadsheet figures were reconciled to formulas and totals. "Proven" means supported by the listed source. Causal conclusions are labeled as inference where the record does not state the reason directly.
- S1. Travis Ellard, "Texas Hotel Management 26-27 Renewal - Program Summary - Playbook," Spark message 442003, August 13, 2026.
- S2. THM_2627_Renewal_Summary_FINAL.pdf, pages 1-3, SHA-256 51931608f3f2ba839855350b2d41ada9657cb7f3bbde89ca05e0d4857275028a; and THM_2627_Playbook_FINAL.xlsx, sheets YoY Summary, Property Schedule, Pricing Per Location and Loss History.
- S3. 26 27 TEXAS HOTEL MGMT - PROPOSAL[57].pdf, physical pages 4-33, SHA-256 208070d7dc47da572c4d2e78c29bc80284eff4251ca8e1b2ab38663214be5b02.
- S4. Travis Ellard, "Texas Hotel Management 25/26 Insurance," Spark message 68919, August 12, 2025; attached Travelers/Trisura proposal, property schedule physical pages 3-5, SHA-256 1714cbc941a747bcdb2022f029cbb65bdbccd5ae1a9d13830e14404835864970; and Copy of SOV - THM 2025.xlsx, SHA-256 e52f78d22fb8cebedbe4124fe0b4cc89ec1c0488e2b644f693e42813d31e0392.
- S5. Bradley / Marsh McLennan Agency, "Presentation Follow Up," Spark message 68766, August 20, 2025; attached executive summary, SHA-256 d8dceb3606878d38942c0950ff17eaa92f02db062e1d60272c010dc874b0e171.
- S6. Rahil forward to Travis, "Travis - see attached," Spark message 68774, August 21, 2025.
- S7. Stephen / Marsh McLennan Agency revision, Spark message 68407, August 26, 2025; attached revised executive summary, SHA-256 2f34d14ccdbf705750bee40a4b24225f5bd38d4a5a2ed87c4e6d752c846395d8.
- S8. Ellard final premium allocation and invoices, Spark messages 68420 and 68473, August 26-27, 2025; final workbook SHA-256 526ebb04e54496376431e760060d0865dc5bdc6533e6859c56b218be54a4a67f.
- S9. Bradley objection and Rahil response, Spark messages 68422 and 68423, August 26, 2025.
- S10. Issued 2025-26 Travelers property and pollution policies, Spark message 66126, October 24, 2025; property policy KTL-CMB-1X55185-2-25, physical pages 4-9.
- S11. Separate Howdy excess-flood proposal, Spark message 81495, $2,500,000 building limit and $6,136.07 premium, effective August 31, 2025.
- S12. August 27, 2025 financing exchange in the Ellard renewal thread and September 26, 2025 payment evidence, Spark message 67305.
- S13. Lauri Deyo, "Texas Hotel Management - Policy Endorsements Adding Hookem Hotel," Spark message 66129, October 24, 2025. Issued Travelers property Endorsement 2, SHA-256 d3db579bc5ee16e6284b2565301729e06e4fa9b614e6014edfe0ccdafaaac9f5; Trisura GL Endorsement 1, SHA-256 b8056cd226dd347642113b628b0ab8fc892735460d8b1abe84d00d8f02fa1153; Texas Mutual WC Endorsement 4, SHA-256 5be0e709cb7c0808cab6339f147355673b1259b09a2477ad5e558dfcd291687c; Travelers EPL endorsement, SHA-256 e753a47e0ca5aa1788bf2c5fa933cbbbef159397e33ae178e1f5f3275f24a715.
- S14. HOOKEM HOTELS - INVOICE.pdf, September 9, 2025, in THM - Accounting / 9- THM Insurance data / 31.08.25 Insurance Renewal, SHA-256 ac1ee0e6ea0c1f64313428d7b35b5b25a41fa519c3928450ae067e51da5a597c.
Important comparability notes. The hotel comparison uses primary core lines only. Hookem uses its documented September invoice plus the issued WC endorsement. The broker's expiring primary total is $25,754.82 above the rounded location rows, so the difference remains unallocated. Prior TIV uses the last located insured schedule, not the unreconciled broker aggregate. Marsh and Travelers also quoted different insured values in 2025, so nominal price does not prove same-value equivalence.