Part of the fallout of the financial crisis and recession is a drop in business, which can leave warehouses, factories and office buildings vacant, creating new risks, a property insurance expert warns.
“Our experience is that an idle plant gets lost in the shuffle,” said Jonathan W. Hall, an executive vice president with FM Global in Johnston, R.I. “They turn off the water, they basically board it up and walk away, and you shouldn't do that.”
He noted that while a building may have reduced activity, “you can't take it off your list of things you're managing from a risk standpoint.” An idle building still needs security and must be monitored for things that can go wrong–such as frozen pipes.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
