Business Insurance Update
Most every association owns business property, which may include the building in which you run your operations. Property insurance protects the physical assets your business owns – such as computers, office equipment, buildings, furniture, fixtures, and other property. Every business should have a comprehensive property insurance portfolio to respond to the many risks associated with property ownership.
We hope to help you indemnify a proactive plan in the event of a fire, theft, storm, or some other kind of damage that might involve your business insurance policy. There are a number of actions you can
take to help get the best possible settlement from the insurance company.
Pre-Loss Practices
- Maintain vital records
- Have photos of all buildings, major equipment, etc.
- Blueprints- keep complete sets
- Keep at least 5 to 10 years of financial records
- Appoint key individuals as communicators
- Have emergency response plan
- Secondary locations identified
During The Loss
- Notify your broker and/or insurance company
- Protect the property
- Track claim costs
- Separate budget line items
- Keep records of all internal and external costs
- Make temporary repairs
- If you hire the repair contractors or consultants, get the insurer’s approval if you want the costs to be considered under your insurance policy.
- Meet regularly with your broker and the Insurer
- List and address key issues and concerns
- Note any changes from original design
- Will you rebuild or not?
- What might cause delays?
The Armstrong Timeshare Association was formed to provide the timeshare and HOA industries a single resource facility for risk management related items; including, a commercial insurance program, loss control services, claim management services, and restoration services through our partnership with the worldwide leader in disaster recovery and property restoration.