Camelot Seminar Manchester - Tony kelly
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The document discusses risks associated with vacant properties and provides recommendations to mitigate those risks. It notes that vacant properties are at higher risk of fire, flooding, theft, vandalism and squatting. Insurers view vacant properties as high risk and premiums increase. The document recommends notifying insurers when a property becomes vacant, assessing specific risks, implementing risk mitigation plans, and regularly inspecting vacant properties to identify and address deficiencies. Security measures like locking doors, sealing letterboxes and installing deadbolts are also advised.
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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: