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.