Part of the fallout of the financial crisis and recession is adrop in business, which can leave warehouses, factories and officebuildings vacant, creating new risks, a property insurance expertwarns.
“Our experience is that an idle plant gets lost in the shuffle,”said Jonathan W. Hall, an executive vice president with FM Globalin Johnston, R.I. “They turn off the water, they basically board itup and walk away, and you shouldn't do that.”
He noted that while a building may have reduced activity, “youcan't take it off your list of things you're managing from a riskstandpoint.” An idle building still needs security and must bemonitored for things that can go wrong–such as frozenpipes.
Continue Reading for Free
Register and gain access to:
- 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
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
