Community and condo association insurance and risk management best practices for handling the COVID-19 pandemic courtesy of Gulfshore Insurance To view our complete risk management library of articles for community associations, click here. Jon White is Client Advisor at Gulfshore Insurance specializing in community and condominium associations. Jon works with a wide range of business clients to deliver strategic risk…
To view our complete risk management library of articles for community associations, click here. Jeff Sanders, TRIP is Client Advisor at Gulfshore Insurance specializing in community and condominium associations. Jeff works with a wide range of business clients to deliver strategic risk analysis and guidance. Comments and questions are welcome at jsanders@gulfshoreinsurance.com
To view our complete risk management library of articles for community associations, click here. Jeff Sanders, TRIP is Client Advisor at Gulfshore Insurance specializing in community and condominium associations. Jeff works with a wide range of business clients to deliver strategic risk analysis and guidance. Comments and questions are welcome at jsanders@gulfshoreinsurance.com
Insurance premiums, for many associations, are their largest overhead cost; which is why it is very important to accurately forecast any changes for the upcoming year. Many factors in the marketplace effect insurance premiums making it challenging to budget this line item.
In this article, we list out 8 market conditions and trends that impact your insurance renewal premiums and provide you with an educated look at how it will increase or decrease the amount you budget for in 2015.
Our goal is to properly protect the assets of the association with financially viable insurance at the most competitive cost. Budgeting, requires that we take a closer look at your policies, coverages, appraisals, and market conditions and then project our best estimate of where the costs will be at your next renewal.
Factors to Consider When Budgeting for Insurance
1. Property Rates Stabilized in 2014 and are expected to remain soft in 2015. A select set of risks are even beginning to show decreased rates. Since many factors impact the final property rates, we suggest budgeting around 5% increase for property insurance premiums. Assuming a “flat” renewal rate, this would include some consideration for replacement cost values beginning to go up.
Summer has come to an end and right around the corner is high-season for many Florida companies. High-season extends from November thru April and for many that means increased business due to the snow birds and tourists returning for the warm weather. Businesses can expect to be serving a population that is nearly 22% larger during these months. The Florida winter season brings with it great reward for business owners, but not without risk. Preparing your business for the influx in population is imperative for a successful season.
Here are the top 5 ways to manage your company’s risk before high-season is here.
Client Executive, Private Risk Services 239.435.7103 Direct 239.213.2897 Fax bbellairs@gulfshoreinsurance.com Beth Bellairs is a Client Executive at Gulfshore Insurance. She is a licensed property and casualty insurance agent and has earned five professional designations (AAI, ACSR, AIAM, CPIA, CPIW). Beth earned a Bachelor’s degree in Early Childhood Education from Southern Conneticut State University. Beth strikes a balance between managing the…
Extended Deadline for Pool Lifts is May 15 Responding to concerns expressed by the hotel, pool and spa manufacturing industries, and those of a number of U.S. Congressmen, on March 15, the White House plunged into the swimming pool access controversy by issuing a 60-day extension to implement the 2010 ADA Standards for pool lifts. As a result of this…