Real Estate and Property Owners Risk Management
Travelers Risk Control has many years of experience assessing the various risks faced by property owners and managers and providing pragmatic risk management advice. At the top of the list are the complexities of managing third-party tenants and service providers. Whether tenants’ activities are retail, commercial, industrial or residential, they all present potential risks and we can assist with evaluating and managing these exposures in order to protect property assets and avoid liabilities. Where property owners and managers contract with others to undertake property management and maintenance activities, it is important to ensure that their activities are conducted in a safe manner and, where appropriate, the correct risk transfers are in place.
Property exposures and losses can range from arson, malicious damage and theft, with vacant buildings particularly vulnerable, fires from poor tenant practices and inadequate control of hot work and water damage from severe weather, flooding and burst pipes. Handling and storing of flammables and combustibles used in maintenance operations, the presence of asbestos and lead, and the potential increased reinstatement costs to meet energy performance criteria are among additional potential property issues.
Life safety and emergency evacuation plans are critical and challenging especially for high-rise buildings and multi-tenant properties, where inadequate fire separation and poor tenant co-operation can pose serious issues. Slips, trips and fall hazards are perhaps the most common cause of liability losses and whilst most injuries are minor, the potential risk exists for more serious injuries. Where services are contracted, such as cleaning or ground maintenance, ensuring appropriate risk transfer arrangements are in place is important.
A more unusual exposure is that created by urban explorers who seek to access vacant buildings in order to take and post photographs on sharing websites. Due to the potential dangers these buildings may present, knowing which buildings are targeted and preventing access takes on particular importance.
Depending upon activities, risk exposures to staff could include sprains, strains, cuts and bruises by those undertaking maintenance. Lone work can put workers at risk, particularly when inspecting vacant buildings where trespassers may be present.
For more information, sign up to our Risk Academy, log in to the Risk Control Customer Portal, or email contactriskcontrol@travelers.com
