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What happens when an association encounters large or unexpected expenses? For example, if the clubhouse roof starts leaking, the pool needs resealing, or worse. Where does the association get the money to repair or replace these? At those times, the association’s reserve fund comes into play.

Adding money to your Association’s reserves is a tough sell to members. However, the reality is that many associations (upward of 70%) are woefully undercapitalized. They can pay the day-to-day bills as long as nothing unexpected happens, but something always comes up.

Every community association should have money set aside “in reserve” to cover the cost of emergencies or major repairs. Reserves are — or should be — an essential part of every community association. An undercapitalized association with inadequate reserves will have no choice but to hit owners with a nasty assessment, increase contributions substantially, borrow money to meet the cash flow shortfall, or some combination of these three options.

There are three requirements for reserves for condo associations – roofs, paving and painting, plus any item that is deemed to be over $10,000 to be replaced. Aside from the three mandatory requirements, you should consider reserves for uninsured/underinsured items, such as landscape and large deductibles.

Typically (that is a dangerous word), most condominium associations should be setting aside 15% – 40% of their assessments towards reserves.

This ratio is lower for associations where each homeowner maintains their own home and the association only is responsible for some minimal common areas.

Obviously, every association has its own unique list of common area assets it is responsible to maintain. Some may have a longer list that force higher reserve contributions (pool, elevator, tennis court, balconies, wood siding, etc.), some may have shorter lists of amenities or more cost-efficient exterior finishes.

Reserves should be capable of covering all known liabilities that the regular budget doesn’t specifically cover.  If another hurricane were to tear through the area tomorrow and you lost nearly everything, what would the association have to come up with to cover it all?

What is the biggest mistake made by wine collectors? Not protecting their investment. A simple slip and fall could turn one of the most precious bottles into a puddle on the floor. When you consider some of the other threats to wine collections (theft, fire, power outage, flooding, etc.), it’s apparent that there is a lot at stake.

Most homeowners’ policies do not cover wine collections, and it’s common for wine collectors to overlook or underestimate the value of what they own. In most cases, you need a distinct policy or rider to protect a collection adequately. Coverage Options:

  • A “blanket” policy features one overall coverage limit and is the best choice if you intend to eventually drink what you have acquired. With this option, you have the flexibility to add and remove bottles without having to notify your insurance provider each time. You’d only have to report a change if the value of an individual bottle grew to exceed the limits on your policy.
  • A “scheduled” policy, in which each bottle or case is itemized or insured separately, is a better choice if you have bottles of the highest-priced vintages or if you intend to hold onto the items in your collection long term.


In addition to coverage solutions, here are other considerations needed:

  • Consider appraising – seek the guidance of third party professionals who are best equipped to assess a one-of-a-kind collection.
  • Store smartly – consider proper store conditions when building or renovating your cellar.
  • Keep track – utilize inventory software or third party vendors that provide cellar inventory solutions to know what you have, where it is located, and when it is the most opportune time to drink it.
  • Utilize qualified vendors – seek out qualified and experienced wine shippers, buyers, off-site storage, security, and more.


By securing the right wine insurance to protect your collection, you’ll be able to replace your bottles should they break, be burned, experience water damage, and more! The Team at Gulfshore Insurance works with  insurers who specialize in protecting these types of investments. We provide the necessary expertise when it comes to insuring valuable wine collections.

OSHA has again extended the deadline for employers to electronically submit injury and illness data — this time to December 15, 2017.

The electronic reporting deadline was set for December 1 after being postponed multiple times, but the agency decided to implement another two-week delay to give affected employers additional time to become familiar with the new electronic reporting system launched on August 1, according to a U.S. Department of Labor statement issued on Wednesday.

OSHA is currently reviewing the other provisions of its final rule and intends to publish a notice of proposed rule-making to reconsider, revise or remove portions of that rule in 2018, according to the statement.

Click here for Gulfshore Insurance’s additional resources and a comprehensive training guide on the new electronic submission process.


Two thousand and seventeen hasn’t been all smooth sailing. This has been a year when many have experienced loss to life or property either from natural disasters or by human atrocities.

Yet there is always so much to be thankful for.

This year, we would especially like to thank our clients for trusting us to help protect what matters most to you.  At the end of the day, that’s always going to be the most rewarding part of what we do here at Gulfshore Insurance – protecting and caring for our clients.

The team at Gulfshore Insurance wishes you a safe and wonderful Thanksgiving.

Happy Holidays!
The Gulfshore Insurance Team

PURE Insurance, the policyholder-owned property and casualty reciprocal insurer designed for high net worth individuals and families, announced the launch of PURE Starling®. The offering provides coverage for individuals and families who suffer financial losses resulting from fraud and cyber fraud.

The threat of fraud and cybercrime is greater today than ever, and high net worth individuals are targets because their home networks are typically less secure than corporate networks and they have substantial balances on their financial accounts.  This new offering from PURE will provide clients with the peace of mind that they are covered should they suffer a loss due to fraud or cyber-attack.

As an optional endorsement to PURE’s Homeowners policy, PURE Starling® provides broad coverage for fraud and cybercrime, including coverage for financial loss resulting from online and offline fraud, services to help assess and respond to cyber extortion threats and coverage to remove malware and reinstall software after an attack. Coverage limits of $100,000 and $250,000 are available. And, recognizing that high net worth individuals may require higher coverage limits to protect their family’s significant assets, PURE will also make available a $1 million coverage limit for PURE members who take steps to reduce their risk by subscribing to a cyber monitoring service that actively monitors their home network and devices. Limits may be subject to underwriting requirements.

Highlights of PURE Starling include:

  • Coverage for Online and Offline Fraud: Members will be reimbursed for their financial loss related to fraud, whether the crime is committed online or offline. Examples include social engineering of an authorized account user, criminal deception, unauthorized transfers, forgery or alteration of checks, acceptance of counterfeit money and more.
  • Coverage for Cyber Extortion: In the event of a cyber extortion incident—a type of attack in which a cybercriminal demands money to prevent the damage or distribution of content or to restore access to the functionality of a device—this coverage will afford immediate access to crisis management advice from a subject matter expert to help best respond to the threat, and in the event a payment is made, reimburses the member for the amount of the payment.
  • Coverage for System Attacks: This policy will provide coverage for the cost of a professional to reinstall damaged software, remove malicious code, reconfigure the device or system and replace electronic data that has been lost or corrupted as the result of a cyber-attack.

This product will be available to PURE members with a target Florida launch date of December 2017.