Extreme weather conditions are on the increase due to a number of causes, but the most established scientific belief is that the increased intensity of the weather is caused by climate change. Severe weather brings a heightened risk to commercial property, from the damage caused by the winter snows to the more recent summer floods, so it is important for real estate managers and owners to have a comprehensive insurance strategy and a practical reinstatement strategy.
The primary risks to real estate are fire and water - unfortunately, the most damaging incidents tend to happen at night, when small problems that would be detected in the day grow unhindered into a serious incident.
A good strategy should consist of two key elements:
1) A calculated reinstatement cost assessment
2) A plan for responding quickly when reinstatement is needed. With careful forethought and good planning in place, reinstatement procedures can provide the speed, expertise and flexibility you need to deal with an emergency situation successfully and efficiently.
Time is of the essence when disaster strikes, the issue needs to be responded to quickly by someone who understands the insurance process, business planning and building pathology.
Estate managers need to know that their appointed expert understands the following issues:
About the author
Daniel Henn, MRICS, MAPM, is a partner at Tuffin Ferraby Taylor (TFT) and heads TFT's project consultancy group. He specialises in commercial project management and development monitoring, particularly insurance reinstatement works. He also sits on the London Branch Committee of the Association of Project Management and is a member of the British Council for Offices. Dan is a family man with two young children. He enjoys motor-cycling, SCUBA diving and running.
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