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Vacant Property Risk Mitigation
2013
Tony Kelly
Managing Consultant
Manchester
tony.r.kelly@marsh.com
MARSH RISK CONSULTING 109 October 2013
Understanding The Risk – Vacant Properties
• Attract unwanted attention
• Can fall into disrepair
• Fire
• Flood
• Theft
• Vandalism
• Squatting
MARSH RISK CONSULTING 209 October 2013
Implications
• Insurers class as high risk, therefore high
premium
• Effective risk mitigation can reduce this hike in
premium
• Still have ‘duty of care’ to protect visitors on
site, welcome or not
• Effective ‘mothballing’ will allow quick
reinstatement
• Well maintained sites are easier to market
• Clients require reassurance
• Good risk management avoids negative
publicity
• Values are maintained
MARSH RISK CONSULTING 309 October 2013
So - what do we do?
MARSH RISK CONSULTING 409 October 2013
Tell your insurer
• Becoming vacant is a significant
change
• This change is a ‘material fact’
• Vacant premises are viewed as ‘high
risk’
• Probability of loss increases
• Focussed risk management is
required
MARSH RISK CONSULTING 509 October 2013
Risk Mitigation
• Assess the specific risks
• Evaluate relevancy
• Implement mitigation plans
• Measure effectiveness
MARSH RISK CONSULTING 609 October 2013
Security
• Ensure the property is secure
• Lock all openings
• Seal all letterboxes
• Account for all keys
• External doors must have BS3621
mortice deadlocks
• Consider boarding up doors and windows
MARSH RISK CONSULTING 709 October 2013
Prevention & Protection
• Isolate all services where possible
• Drain plumbing
• Leave sprinklers, fire detection, CCTV & intruder alarms in service
• Protect systems remaining live from extreme weather
• Employ water ‘leak detection’ technology
MARSH RISK CONSULTING 809 October 2013
Eliminate
• Clear all combustible materials internally
and externally
• Remove all items considered attractive to
thieves
MARSH RISK CONSULTING 909 October 2013
Guarding
• Review your security arrangements
• Ensure an appropriate level of security is
maintained as agreed with your insurer
MARSH RISK CONSULTING 1009 October 2013
Regular Inspection
• Inspect the property daily if possible, or at
least weekly
• Inspect all internal and external areas
• Inspect using a specific checklist
• Keep a detailed log of all visits
• Keep a log of all deficiencies
• Rectify all deficiencies promptly
MARSH RISK CONSULTING 1109 October 2013
Summary
• Risk management / new acquisition surveys
• Risk ‘Health Checks’
• Business Resilience
• Corporate Defence (Risk Management)
• Project Review
• Sprinkler design and Request For Tender generation
• Valuation
• Training
…..and if so, please get in touch!
tony.r.kelly@marsh.com
Please think about whether you need assistance with:
Camelot Seminar Manchester - Tony kelly

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Camelot Seminar Manchester - Tony kelly

  • 1. Vacant Property Risk Mitigation 2013 Tony Kelly Managing Consultant Manchester tony.r.kelly@marsh.com
  • 2. MARSH RISK CONSULTING 109 October 2013 Understanding The Risk – Vacant Properties • Attract unwanted attention • Can fall into disrepair • Fire • Flood • Theft • Vandalism • Squatting
  • 3. MARSH RISK CONSULTING 209 October 2013 Implications • Insurers class as high risk, therefore high premium • Effective risk mitigation can reduce this hike in premium • Still have ‘duty of care’ to protect visitors on site, welcome or not • Effective ‘mothballing’ will allow quick reinstatement • Well maintained sites are easier to market • Clients require reassurance • Good risk management avoids negative publicity • Values are maintained
  • 4. MARSH RISK CONSULTING 309 October 2013 So - what do we do?
  • 5. MARSH RISK CONSULTING 409 October 2013 Tell your insurer • Becoming vacant is a significant change • This change is a ‘material fact’ • Vacant premises are viewed as ‘high risk’ • Probability of loss increases • Focussed risk management is required
  • 6. MARSH RISK CONSULTING 509 October 2013 Risk Mitigation • Assess the specific risks • Evaluate relevancy • Implement mitigation plans • Measure effectiveness
  • 7. MARSH RISK CONSULTING 609 October 2013 Security • Ensure the property is secure • Lock all openings • Seal all letterboxes • Account for all keys • External doors must have BS3621 mortice deadlocks • Consider boarding up doors and windows
  • 8. MARSH RISK CONSULTING 709 October 2013 Prevention & Protection • Isolate all services where possible • Drain plumbing • Leave sprinklers, fire detection, CCTV & intruder alarms in service • Protect systems remaining live from extreme weather • Employ water ‘leak detection’ technology
  • 9. MARSH RISK CONSULTING 809 October 2013 Eliminate • Clear all combustible materials internally and externally • Remove all items considered attractive to thieves
  • 10. MARSH RISK CONSULTING 909 October 2013 Guarding • Review your security arrangements • Ensure an appropriate level of security is maintained as agreed with your insurer
  • 11. MARSH RISK CONSULTING 1009 October 2013 Regular Inspection • Inspect the property daily if possible, or at least weekly • Inspect all internal and external areas • Inspect using a specific checklist • Keep a detailed log of all visits • Keep a log of all deficiencies • Rectify all deficiencies promptly
  • 12. MARSH RISK CONSULTING 1109 October 2013 Summary • Risk management / new acquisition surveys • Risk ‘Health Checks’ • Business Resilience • Corporate Defence (Risk Management) • Project Review • Sprinkler design and Request For Tender generation • Valuation • Training …..and if so, please get in touch! tony.r.kelly@marsh.com Please think about whether you need assistance with: